Trading
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
Japanese retail forex boom expected to continue
TOKYO – The boom in retail margin foreign exchange trading in Japan is likely to continue, according to research by Boston-based consultancy Celent.
Westpac wins with element of Surprise
Westpac tops this week’s one-month forecast rankings by accurately predicting a turning point in USD, despite the challenge presented by extreme moves in the currency during March and April.
Reuters’ RTFX offers algo strategies
LONDON – Thomson Reuters is teaming up with Credit Suisse to introduce algorithmic trading strategies on the Reuters Trading for Foreign Exchange (RTFX) product next month.
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Icap revenues soar on back of volatile forex markets
LONDON & NEW YORK – Volatile currency markets led to a 23% increase in annual foreign exchange revenue at interdealer broker Icap, according to results released last week (May 20).
Death by association
The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…
Five go to Deutsche in North America
NEW YORK – Deutsche Bank Securities has made five hires in its foreign exchange sales and trading team for North America.
CLS live with Israeli shekel and Mexican peso
LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.
Non-bank firms to get China look-in
BEIJING - China plans to lower barriers to entering the country's interbank FX market to enable non-bank institutions to participate, said Wang Xiaoyi, deputy head of regulatory body, the State Administration of Foreign Exchange (Safe).
Pakistan warns against FX speculation
ISLAMABAD - Pakistan's finance minister, Muhammad Ishaq Dar, has warned of "stern action" against currency speculators.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Why you should know your customers
If market rumours are anything to go by, Currenex, Fixi and an FX prime broker could be locked in bitter recriminations after an algorithmic trading client of London-based investment house Fixi blew up last month.
Cfets-CME partnership to aid China trade
BEIJING - The China Foreign Exchange Trade System (Cfets) and the Chicago Mercantile Exchange (CME) are in the final stages of launching FX and interest rate futures trading in the Chinese market, said a senior official.
St George picks USD recovery for first-time win
Picking the right time in the US economic cycle for a modest dollar recovery has seen St George Bank rise to the top of the one-month currency forecast rankings for the first time.
China's FX derivatives protocols 'must be clarified', say speakers
BEIJING - China's FX derivatives market must find a way to clarify differences and overlaps between the country's two major protocols on entering into derivatives transactions, said industry observers.
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.