Trading
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.
January loss for Parker FX
STAMFORD, CT - The Parker FX index produced a 0.33% loss in January, as extreme volatility hit funds using trend-following strategies.
Trend strategies pay off in February
LONDON - Currency managers running trend strategies were the top performers in February, according to research by ABN Amro.
FX supports profits at HSBC
LONDON - The global banking and markets business at HSBC reported pre-tax profits up 5% to $6.1 billion for 2007, despite severe disruption in the global credit markets.
Merrill Lynch reshuffles EMEA FICC
LONDON & NEW YORK - Merrill Lynch named David Gu sole head of Europe, Middle East and Africa fixed-income currencies and commodities (EMEA FICC) in London last week, after the resignation of co-head Dimitrios Psyllidis.
BNP names global options chief
LONDON & SINGAPORE - Simon Nursey has been appointed as BNP Paribas's global head of foreign exchange options trading, effective last Monday (March 3).
Eurobase Siena launches liquidity aggregation tool
LONDON - Eurobase Banking Solutions will offer a liquidity aggregation module later this month, in response to customer demand.
EBS's February volumes eclipse 2007 levels
Last month's average daily volume of spot FX traded on Icap's electronic spot broking platform EBS Spot increased 34% on February 2007, to $217.2 billion. The interdealer broker reported average daily spot FX trading was also up 32% for the year ending…