Trading
Credit Suisse signs up more algo clients
LONDON - Nine new clients signed up to use Credit Suisse's algorithmic trading models for foreign exchange in January, according to a senior official at the bank in London.
Banks bet on yen amid subprime fallout
Continued fallout from the US subprime mortgage crisis was a key influence on a yen view that took National Australia Bank (NAB) to the top of the one-month forecast rankings this week.
Fenics Enterprise extends GFI's options data reach
LONDON - GFI Group plans to further embed itself in the trading process with a bespoke version of its Fenics FX options pricing, risk management and trading tool, Fenics Enterprise.
Looking beyond the US dollar
If 2007 was the year the US sneezed, 2008 promises to be the year in which the rest of the world catches a cold, says Cameron Umetsu, currency strategist at Nomura International in London
Schiff quits Newedge
CHICAGO & NEW YORK - Ryan Schiff, recently appointed Chicago-based global head of liquidity at the newly merged Fimat and Calyon Financial entity, Newedge, has quit the company to join rival institutional broker MF Global.
Goldman Sachs launches new Redi FX platform
LONDON - Goldman Sachs has launched Redi FX, a stand-alone, single-bank foreign exchange trading platform.
CLS calls for operations change
LONDON - Four banks are in discussions to use a warehouse solution by settlement system CLS, in a push to reduce capacity constraints at their back offices brought on by surging ticket volumes.
FX-linked investments rise as US dollar weakens
NEW YORK - Forex-linked investments enjoyed rapid growth in the US last year, as the dollar experienced further decline.
US recession prompts call for recoupling
LONDON - A US recession this year would prompt a "recoupling" of non-US growth on an absolute if not relative basis, according to speakers at Goldman Sachs' annual foreign exchange conference in London last Wednesday (February 6).
Parker FX down in December
STAMFORD, CT - The Parker FX index produced a 0.39% loss in December, as managers were hit by increased volatility in the currency markets.
US dollar expected to bottom out in second half
LONDON - The US dollar will bottom out against the euro, pound and other European currencies in the first half of this year, according to an audience poll at Goldman Sachs' annual foreign exchange conference in London last Wednesday (February 6).
Speculation mounts over exotic FX hedge ban in India
MUMBAI - Mounting concerns over the mis-selling of exotic foreign exchange derivatives to small and medium-sized enterprises (SMEs) in India has sparked speculation of a ban on sales of the products by the Reserve Bank of India (RBI).
How to get more from your basket
Duncan Farnsworth, director, currency structuring group, at the Royal Bank of Scotland in London, explains how to improve the performance of basket structures
City Index seeks a retail FX solution
City Index's acquisition of online foreign exchange trading company FX Solutions last Wednesday (February 6) marks a significant push by the company to gain traction in the global retail FX market, particularly given the price!
Pimco reaps "great" currency returns
LONDON & MUNICH - Fixed-income specialist fund manager Pacific Investment Management Company (Pimco) is confident to reap "great" returns from its first currency fund, according to Thomas Kressin, a Munich-based senior portfolio manager at the firm.
Bonuses disappoint
LONDON & NEW YORK - Banks are looking out for up-and-coming foreign exchange sales and trading stars in this year's bonus round, according to a survey of leading recruitment specialists in the FX industry.
Morroccan bank BCP signs up to FenicsFX
CASABLANCA - Casablanca-based La Banque Centrale Populaire (BCP) is implementing foreign exchange options pricing and risk management system FenicsFX this month, in a bid to maintain its position in an increasingly "sophisticated" market, the bank said.
New global head of sales for Deutsche
NEW YORK - Richard D'Albert is set to become global head of sales at Deutsche Bank, based in New York.
Dresdner hits top with deadly accuracy
Dresdner Kleinwort tops the one- and 12-month forecast rankings this week, with a view that the US dollar was bottoming out, while the UK economy was slowing.
Choosing the right carry strategy
Nikki Marmery reports on the proliferation of carry trade indexes and outlines the key differences between the main banks' offerings
Merrill Lynch culls global head of forex position
LONDON - Merrill Lynch embarked on yet another change in strategy for foreign exchange by making the global head of foreign exchange role, held by Harry Culham in London, redundant last week.
NFA bans retail FX broker after failed cover-up
CHICAGO & LONDON - The US National Futures Association (NFA) has permanently barred Florida-based retail foreign exchange broker World Trade Financial (WTF) from NFA membership for a failed cover-up.
Saxo Bank adds JP Morgan to its prime broker list
COPENHAGEN - Saxo Bank is using US bank JP Morgan as its prime broker to trade anonymously over electronic spot foreign exchange trading system, Reuters Spot Matching.
Three simple steps towards risk immunisation
Société Générale - there but for the grace of God? Justyn Trenner and David Poole, principals of client strategy firm ClientKnowledge in London, offer a short check-list of factors to protect against a similar occurrence