Trading
CNY: No clear reason for NDF retreat
SINGAPORE - Mispricing seen in the Chinese renminbi non-deliverable forwards (NDF) market in recent weeks will be short-lived, say analysts.
FX has record Q1 at writedown-hit UBS
ZURICH & LONDON - High volatility drove a record quarter for UBS's foreign exchange business, but could only partially offset the effects of $19 billion-worth of US mortgage- and structured credit-related losses in its fixed-income, currencies and…
SEC cracks down on Ponzi scheme
WASHINGTON, DC - The Securities and Exchange Commission is cracking down on an alleged $27.9 million Ponzi scheme involving foreign exchange trading firm Gold-Quest International (GQI).
Citi holds firm with negative US outlook
NEW YORK - Expectations for further weakness in the US economy has seen this week's top-ranked three-month forecaster, Citi, take a cautious approach to the recent dollar revival.
CBA reshuffles forex
SYDNEY - The Commonwealth Bank of Australia (CBA) has made two key hires for its foreign exchange trading team in Sydney and has restructured its global sales group.
Czech forex volumes double in six months
PRAGUE - The credit crisis led to a sharp rise in Czech koruna forwards and foreign exchange swaps volumes in April, according to statistics released last week.
Saxo in $18.8m acquisition
SYDNEY - Saxo Bank is expanding its footprint in the Asia-Pacific region, with plans to acquire a 35% stake in Sydney-based broker Tricom.
Efficient correlation
Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York, shows how a study of correlations can reveal valuable information about the shifting relationship between global currencies
UniCredit hires Craven to drive Asia expansion
HONG KONG - UniCredit has hired Joe Craven to head the bank's fixed-income, currencies and commodities (FICC) sales and trading business in Asia.
Credit Suisse names global head of forex
NEW YORK - Credit Suisse has made Steve Yanez head of its global foreign exchange business in New York as of May 1.
Risks for Anglo-Saxon currencies
Mike Gallagher , director of research at IDEAglobal in London, evaluates the prospects for currency markets during a break in the intensity of negative credit or economic news
Bawag Bank licenses GFI's Fenics FX
PRAGUE - The Czech Republic's Bawag Bank has taken a three-year licence for pricing and risk management software Fenics FX, to price foreign exchange.
GCC currency pairs live on ACM
GENEVA - Six new Gulf Co-operation Council (GCC) currency pairs are now available to traders on Geneva-based online currency trading platform AC Markets (ACM).
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
Short volatility strategies best earners in April
LONDON - A short volatility strategy would have gained currency managers the highest returns in April, according to strategy research carried out by ABN Amro.
Scotia profits from eurozone's escape
Scotia Capital topped this week's three-month forecast rankings with a bullish euro forecast as the eurozone, and the European Central Bank (ECB), held firm in the face of the US downturn.
New governor overhauls South Korea's FSS
SEOUL - Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS), has initiated a shake-up of the financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.
Credit Suisse and Currenex switch on to Fidessa
LONDON - Buy-side technology provider Fidessa LatentZero is set to add interfaces to Credit Suisse, Currenex and Dublin-based foreign exchange broker Baxter-FX to its Minerva OEMS (order and execution management system) by the third quarter.
RBI releases details of rupee futures plans
MUMBAI - The Reserve Bank of India (RBI) has recommended a single dollar-rupee contract of $1,000 for the introduction of exchange-traded futures into the country.
HSBC expands single-bank platform's reach
LONDON - HSBC is expanding its foreign exchange presence in southern and eastern Europe and the Middle East by rolling out its single-bank platform HSBCnet FX and MM Trading locally.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
Tide of writedowns rolls on for banks
NEW YORK, LONDON & ZURICH - Foreign exchange results continue to provide much-needed good news for investment banks, as major players announced a fresh wave of billion-dollar credit-related writedowns last week.