Trading
Saxo increases spot FX margins
COPENHAGEN - Saxo Bank increased spot foreign exchange margins for 11 currencies on Wednesday (March 19) as capital was pulled out of certain emerging market currencies.
Lehman Bros comes under fire in Asia
SINGAPORE - Attempts by Lehman Brothers to quash rumours that DBS Bank, Singapore's largest bank, had ceased trading with it last Monday (March 17) failed to reassure traders in Asia.
Nedbank signs up WSS
JOHANNESBURG - Nedbank Capital has begun deploying a real-time trade processing system, Wallstreet FX, to support developments in its forex and money markets operations.
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Top order changes at UBS
ZURICH & SINGAPORE - UBS has seen a reshuffle at the top of its FX business, after establishing a new FX trading unit at the end of January.
US banks give poor performance in Q1
NEW YORK - Strong results in foreign exchange failed to offset a first quarter blighted by continued credit market turmoil, with US investment banks reporting significant declines in fixed-income revenues last week.
JP Morgan takes low road to the top
LONDON - A bullish view on the yen has placed JP Morgan at the top of the one- and three-month currency forecast rankings, as the dollar remains at record levels of weakness versus the yen.
Small US retail forex firms set to "suffer"
NEW YORK - New legislation passing through the US government is likely to consolidate the retail foreign exchange industry, as proposals to dramatically increase minimum adjusted net capital requirements squeeze small operators from the market.
US dollar plummets against the yen
LONDON - Despite USD/JPY hitting 12-year lows last Thursday, traders are expecting a further collapse of the US unit versus the yen.
Patience pays off for Danske on USD
A long-held bearish USD view returned Danske Bank to the top of the three-month currency forecast rankings this week.
Retail FX might go down, but it's not out
Last week's turbulence in the currency markets certainly gave those considering a strategy to enter the retail foreign exchange market pause for thought.
Citi reassesses forex options
LONDON - Citi has made three hires in foreign exchange options, under its new head of G-10 options trading, Nigel Khakoo, in London.
Debate on SWFs heats up
LONDON - Calls for greater transparency by sovereign wealth funds were matched by demands from the funds themselves for fair regulatory treatment, at last week's Sovereign Wealth Management conference in London.
Crash and carry
Lena Komileva, head of G-7 market economics at Tullett Prebon, predicts a sharp reversal of the global carry trade
Calyon makes Nutland head of Asia forex
LONDON - Steve Nutland, London-based global head of foreign exchange trading for spot, options and emerging markets at Calyon, will shortly become head of FX for Asia.
S&P launches real-time currency indexes
LONDON - Rating agency Standard & Poor's launched the industry's first real-time currency indexes, the S&P Chinese Renminbi index and Indian Rupee index, last week.
US dollar plummets against the yen
LONDON - Despite USD/JPY hitting 12-year lows last Thursday, traders are expecting a further collapse of the US unit versus the yen.
Platforms fight for electronic liquidity
Despite the seemingly relentless proliferation of trading platforms in the past few years, many in the industry still believe it's unlikely they will all survive.
Aegis ups algo capability for AthenaTrader 4.0
NEW YORK - Trading technology vendor Aegis Software has increased the number of algorithmic trading models available on the latest version of its execution system, AthenaTrader.
Market seeks substance
Teis Knuthsen, head of foreign exchange research at Danske Bank in Copenhagen, discusses the increasing significance of commodity exposure and domestic demand over the allure of high interest rates
HotspotFX in white-label talks for retail offer
JERSEY CITY - HotspotFX is in talks with an undisclosed number of banks for the use of its retail electronic communications network (ECN) platform, HotspotFXr, following a global rollout of the platform at the beginning of this year.
Baht convergence limited
BANGKOK - The convergence of onshore and offshore baht trading may be short-lived, as new capital controls come into force on Saturday (March 15), say some analysts.
Flow data forecasts success for banks
Banks made a near clean sweep of this week's top forecast rankings, but said access to flow data is only of short-term help in the currency forecasting game.