Trading
Yen rise triggers PRDC hedging
TOKYO - The sharp appreciation of the yen in March has left dealers jostling to hedge exposures to power-reverse dual currency notes (PRDCs) and other similar structured products.
Merk offers Asian currency fund
PALO ALTO, CA - Merk Investments launched the Merk Asian Currency Fund (MACF) on Tuesday (April 1), a mutual fund that invests in a basket of Asian currencies, aimed at retail investors.
Siena Gateway gets Fix adaptor
LONDON - Eurobase last week (April 4) launched a Fix adaptor for its e-trading connectivity product, Siena Gateway.
Asian SWFs increase global share
LONDON - Asian sovereign wealth funds (SWF) are growing at a faster rate than their Middle Eastern counterparts, due to larger balance of payment surpluses, according to a report by the private sector industry body International Financial Services London…
Caplin wins three new clients
LONDON - London-based web technology vendor Caplin Systems has gained three new clients for its multi-product web-based client connectivity platform, Caplin Trader, said an official at the company.
Icap grows in Middle East
BAHRAIN - Interdealer broker Icap is expanding its footprint in the Middle East by adding the Bank of Bahrain and Kuwait (BBK) as an EBS Prime customer.
Small retail FX firms face extinction
Felix Shipkevich, general counsel, and Anna Vidiaev, staff attorney, at online foreign exchange trading company Capital Market Services in New York say a proposed rise in capital requirements for retail brokers will result in an anticompetitive market
EUR/USD breakout benefits TMS Brokers
TMS Brokers topped this week's one-month currency forecast rankings by predicting a sharp move higher in EUR/USD, after the currency pair ended three months of range trading in February.
Handelsbanken shuts down New York desk
NEW YORK - Handelsbanken Capital Markets is closing down its New York FX proprietary trading operation and concentrating this activity in Stockholm, where it is based, as part of a move to reduce earnings volatility.
A matter of preference
Jeffrey Todd Lins, director of quantitative analysis at Saxo Bank in Copenhagen, advances the tired debate over hedging versus alpha generation in wealth management.
US trading revenues plummet in 2007
NEW YORK - US commercial banks recorded $5.5 billion in trading revenues in 2007, down $13.3 billion from the record of $18.8 billion set in 2006, according to a report published by the Office of the Comptroller of the Currency last week (April 2).
Can the buy side deliver on prices?
This Wednesday FX Week is hosting its second annual FX Invest USA congress at the Mid-America Club in Chicago. The event follows the successful launch last year of this series of conferences, which act as a forum to discuss issues facing the industry…
Gambling on stability
The dollar's downward slide against the euro can't continue. Neil Mellor, currency strategist at The Bank of New York Mellon in London, suggests a trade to take advantage of an expected period of stability in the EUR/USD
BoA and Deutsche shake-up e-FX
NEW YORK - Bank of America (BoA) and Deutsche Bank have realigned the senior management of their electronic foreign exchange businesses, and have seen senior departures from the banks in New York and London.
USD hits lows, but no recovery until H2
Michael Ramon Klawitter, senior foreign exchange strategist at Dresdner Kleinwort in Frankfurt, says massive Fed liquidity injections will buy the US government enough time to develop a far-reaching rescue package for the economy and the financial sector
SocGen reshuffles FICC
LONDON & PARIS - Société Générale restructured its fixed income, currencies and commodities (FICC) division last week (April 3).
UBS loses euro options head to Goldman Sachs
LONDON - Goldman Sachs is said to have hired Amol Devani, former European head of foreign exchange options at UBS, in London.
Dresdner enhances risk appetite tool
LONDON - Dresdner Kleinwort has enhanced its proprietary multi-asset class risk appetite measurement tool, ARPI (aggregate risk perception index), ahead of a strong global push later this year.
FXMS enters CLS market
LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.
HSBC promotes Gupta
SINGAPORE - HSBC has promoted Amit Gupta to head of global markets in Singapore, with effect from April 1. He was previously head of sales for global markets and succeeds John McGowan, who will retire in June.
Banks continue to target retail forex
SALT LAKE CITY - Two major banks have made moves to benefit from the burgeoning retail foreign exchange market.
Goldberg departs BNP Paribas
NEW YORK - Andrew Goldberg, New York head of foreign exchange trading, left the bank last week.