Trading
Hungary cautious over rate cuts
Eszter Gargyan, Citi’s economist for Hungary in Budapest, says rate cuts in Hungary are likely to be delayed in the second half of this year, but could accelerate in 2009
China forms new department for forex
BEIJING – China’s central bank has created a new department focused on managing exchange rate reforms and monitoring cross-border short-term capital flows.
UBS suffers $4.3bn FICC losses in Q2
ZURICH – Revenues from the fixed-income, currencies and commodities (FICC) business at UBS collapsed in the second quarter of this year, generating Sfr4.72 billion ($4.33 billion) in losses.
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Hotspot expands footprint in Russia
IZHEVSK - Hotspot FX expanding its footprint in the Russian retail foreign exchange market by streaming liquidity to Izhevsk-based Izhcombank's margin forex trading platform.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.
Emerging market ETFs booming
ROCKVILLE, MD - Rockville-based Rydex Investments is set to launch four currency exchange-traded products linked to emerging market currencies at the end of the month, as the market for these products grows.
Merger could shake up e-FX options
NEW YORK - The potential merger of Tullett Prebon and GFI Group could boost competition for market share in the electronic forex options market, according to analysts.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Credit Suisse adds EM currencies to algos
LONDON - Credit Suisse has added six emerging market currencies to its algorithmic trading models for foreign exchange.
HSBC number one as US recovers
A bullish dollar view based on an improved performance by the US economy relative to other regions raised HSBC to the top of this week's one-month currency forecast rankings.
Dresdner bulks up trading
LONDON - Constantinos Constantinou is to rejoin Dresdner Kleinwort after decamping to its US competitor Merrill Lynch last year, the German dealer has confirmed with FX Week .
Trend followers suffer losses
LONDON - Currency managers employing trend strategies are likely to be nursing heavy losses after the past 12 months, according to research by ABN Amro.
Europe's banks up in forex
LONDON - European banks had a bumper first half of the year in foreign exchange, which was driven by higher customer volumes.
Credit Suisse raids rivals to boost London sales
LONDON - Credit Suisse made a bid to strengthen its salesforce in London with three new hires from top-tier rivals Goldman Sachs and Barclays Capital.
StanChart reshuffles e-FX division in Singapore
SINGAPORE - Standard Chartered is restructuring its electronic foreign exchange business with the creation of a new global FX electronic pricing and trading division.
China's central bank launches forex payment system
BEIJING - China's central bank has launched a foreign exchange payment system to ease transfers between banks on behalf of corporates in the country.
USD labour market hits bottom
Michael Woolfolk, an economist at Bank of New York Mellon in New York, analyses the latest US employment report, examines how the FX markets have reacted to its contents, and reflects on the future of the US dollar
New board at FXall
NEW YORK - Jerry Putnam and Eddie Wen have joined FXall's board of directors, replacing Martin Spurr and Henri Foch who did not run for re-election.
FX thrives in challenging times
FRANKFURT, MEXICO CITY & MONTREAL - International banks are claiming strong foreign exchange revenue gains against challenging overall market conditions in earnings released last week.