Trading
Merrill's defensive play proves profitable
LONDON - A forecasted market retreat into the safe havens of the yen and the Swiss franc has taken Merrill Lynch to the top of FX Week 's three-month rankings this week.
NFA cracks down on AMI
CHICAGO & LONDON - The US National Futures Association (NFA) has set a precedent by ordering one of its brokerage members to only solicit promotional material from companies registered with the Commodity Futures Trading Commission (CFTC) and the NFA.
Fed cuts may lead to Qatari de-peg
DOHA & LONDON - Two Federal Reserve rate cuts totalling 1.25% to 3% in the past two weeks have raised speculation that the Qatari riyal's dollar peg might be about to break.
Nordea signs up with SuperD
COPENHAGEN - Nordea will use data and software vendor SuperDerivatives' market data feed to ensure price transparency, and assist with accounting and regulatory compliance.
London still top of the forex markets
LONDON, NEW YORK, TORONTO & SINGAPORE - London holds firm as the leader of the foreign exchange world, as year-on-year forex growth in the UK continues to outstrip that of the US, according to the latest figures released by regional trade bodies.
EM indexes stand strong
LONDON & NEW YORK - Indexes linked to emerging market currencies have withstood market shocks, as products launched in the past year show steady returns.
Nothing beats a good trading scandal
The past week has produced a frenzy of headlines, from the FTSE index hitting seven-year lows and the Federal Reserve's surprise 75 basis point rate cut, to the billions of dollars in writedowns at major dealers. But nothing grabs the attention as much…
Saxo Bank sells 5% stake for $92m
COPENHAGEN, LISBON & LONDON - Espirito Santo Financial Group (ESFG) and subsidiary Banco Espirito Santo Group (BESG) have bought a 5% shareholding in Saxo Bank, in a move to expand the bank's electronic capabilities.
Icap speeds up price info on EBS
LONDON - Interdealer broker Icap has cut latency on spot-broking system EBS Spot and market data service EBS Live, according to a letter to EBS Prime bank customers seen by FX Week .
HK bank Wing Lung licenses Fenics FX
HONG KONG & LONDON - A growth in Hong Kong bank Wing Lung's foreign exchange options business has prompted it to license GFI Group's options pricing and risk management system, Fenics FX.
Strong yen and franc boost Lehman to top
LONDON - A big-picture outlook for the yen and Swiss franc took Lehman Brothers to the top both of the one-month and three-month currency forecast rankings this week.
SWFs under pressure to disclose
Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York, looks at why the issue of sovereign wealth fund transparency is such a heated one
Seeking a sterling collapse
By Pete Luxton, global markets adviser, and Dave Willmer, foreign exchange options market strategist, at Informa Global Markets in London
BoA scales back global FX
LONDON, NEW YORK & SINGAPORE -Bank of America (BoA) is continuing to scale back its global foreign exchange operations, with senior-level departures and desk closures last week.
Deutsche cuts forex in London
LONDON - Deutsche Bank has made five cuts to its foreign exchange team in London, as part of wider redundancies in the global markets business.
Ex-BNP FX head joins Bear
LONDON - Bear Stearns has realigned senior foreign exchange management in Europe, with Loïc Meinnel, former global head of FX at BNP Paribas, taking the helm in London.
Carrying a mixed bag
Analysts polled by FX Week reveal an industry split on the sustainability of resurging risk appetite and the future of yen-based carry trades. Compiled by Wendy Mock
Platforms see record trading in volatile markets
LONDON - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) posted record trading volumes last Tuesday (Jan 22), amid an upswing in market volatility.
FX thrives in South Korea
SEOUL - Foreign exchange derivatives were behind the large gains posted by banks operating in South Korea in the third quarter of 2007, according to official statistics.
Calyon chief heads Newedge
LONDON, NEW YORK, PARIS - Newedge, the joint venture institutional brokerage formed through the merger of Calyon Financial and Fimat, last week, announced its new foreign exchange line up.
Reduced growth will fuel FX competition
As the market gears up for a fresh year of activity, Patrick Lefler, FX consultant at Wall Street Systems, predicts the key FX market developments in 2008
FX adds shine to banks' Q4 results
BOSTON & NEW YORK - State Street's acquisition of Currenex led the US bank to a strong 2007 fourth-quarter performance, despite the year's subprime woes.
UK pension funds face cashflow crisis
LONDON - A predicted GBP downturn means pension funds in the UK need to be prepared to pay out "real money" on losses from passive currency hedges on their overseas investments, warned currency managers.
Citi launches Japan desk in India
NEW DELHI - Citigroup is launching a Japan-focused desk in New Delhi at the end of January, to cater to a growing number of Japanese corporate clients in the country.