Trading
RBC Capital Markets cuts London forex
LONDON - RBC Capital Markets has made cuts to its London foreign exchange team in the wake of a fall-off in second-quarter results.
Saxo opens in Tokyo
TOKYO - Saxo Bank has announced it is opening a Tokyo office, Saxo Bank Japan, to expand its trading presence in the Asia-Pacific region.
Funds becoming more reliant on e-FX
STAMFORD, CT - Requirements to prove best execution have led to an increased reliance on electronic trading by fund managers and pension funds, according to research released on June 2.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
Cultural change needed post-crisis
BOSTON - As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.
SPDR Gold Trust to trade futures and options
WASHINGTON, DC - US regulators approved trading and clearing for futures and options based on the Standard & Poor's Depositary Receipts (SPDR) Gold Trust, an exchange-traded fund (ETF), on June 2.
Forex volumes on CME up in May
CHICAGO - Average daily foreign exchange volumes at the Chicago Mercantile Exchange reached 621,334 contracts with a notional value of $87.92 billion in May, up 29% and 48% respectively on the same period last year.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
OSE to launch FX margin trading market
OSAKA - The Osaka Securities Exchange (OSE) will launch a foreign exchange margin trading market in March next year.
Hedge funds keen on FX
STAMFORD, CT - Hedge funds increased their forex trading volumes by 180% in 2007, as global FX trading volumes rose 36% to $99 trillion, according to statistics released May 28.
Gold producer hedging drops to record lows
LONDON - Gold hedging plunged by another 18% in the first quarter of 2008, shrinking the global delta-adjusted hedge positions to 22 million troy ounces (Moz).
Between a rock and a hard place
Patrick Lefler, foreign exchange consultant at Wall Street Systems in New York, looks at the future of CLS as demand grows for bilateral netting
Top-ranked Calyon bets against USD
Calyon topped this week's one-month forecast rankings by predicting that the dollar's advance against the euro would be short lived, with more dollar-negative news yet to be absorbed.
Global heads quit StanChart
SINGAPORE - Standard Chartered has been hit by senior management departures in Singapore, amid the bank's continuing restructuring, launched at the end of last year.
Up, up and Nikkei
Andrew Capon, editor-in-chief at State Street Global Markets research in London, shines a spotlight on Japanese equities
Saxo Bank gains French foothold
PARIS - Saxo Bank plans to acquire Paris-based online foreign exchange broker Cambiste in a seven-figure deal, in anticipation of demand for forex and contracts-for-differences (CFDs) trading in the local French market.
Hotspot FX set to launch gold and silver spot trading
JERSEY CITY, NJ - Hotspot FXi is launching trading in spot gold and silver on the electronic communications network (ECN) on June 10.
ABP prunes USD hedge
AMSTERDAM - Europe's largest pension fund, ABP, is changing its long-term policy of hedging 100% of its US dollar exposure, to 80%.
Ex-EBS chief now at SuperD
LONDON - Jack Jeffery, former chief executive at electronic spot broker EBS, has resurfaced at options pricing and risk management software vendor SuperDerivatives.
The end of the beginning
David Mann, head of research, at Standard Chartered in Hong Kong looks at the key drivers for the major foreign exchange markets
Indian banks demand clarity on forex tax
MUMBAI – Institutional banks in India are requesting clarification from the country’s Central Board of Direct Taxes (CBDT) over whether a new levy on foreign exchange transactions applies to wholesale and interbank trades.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering