Trading
USD weakness means positive Gain
A bearish position on USD has helped retail trading company Gain Capital reach top spot in FX Week 's 12-month currency forecast rankings.
Plain vanilla no longer flavour of the month
LONDON & NEW YORK - Foreign exchange staff working in plain vanilla trading and sales will need to look out for their jobs in 2008, as banks reduce hires, recruitment consultants tell FX Week .
StanChart names flow head
SINGAPORE - Standard Chartered has named its new global head of flow foreign exchange options trading, a year after Richard Leighton was promoted to London-based global head of FX from a role as global head of FX options.
Automated trading to make up 90% of futures by 2010
NEW YORK - Pit trading is fading fast. An estimated 50% of all futures markets transactions in 2007 occurred through automated trading strategies - including market-making and quantitative black-box trading activities - and this proportion will rise to…
VAR exceptions rise in third quarter
NEW YORK & ZURICH - Volatility in financial markets led investment banks to far exceed thresholds for trading losses in the third quarter, casting doubt on their risk modelling.
Commerzbank loses sales chief
LONDON - Commerzbank has seen the departure of Hugues de la Marnierre, London-based global head of sales, amid a restructure at the bank.
Safety in numbers
Global FX strategists Niels From and Sebastien Galy at Dresdner Kleinwort in Frankfurt and London illustrate the perils of strategy diversification with a strategy based on current account extremes
Fincad launches in the UK
DUBLIN - Financial analytics software and service provider Fincad has expanded its international operations by establishing an EMEA headquarters in Dublin.
Volatility profits Icap
LONDON - High volatility in currency markets led to a 35% rise in first-half foreign exchange revenues at interdealer broker Icap, according to results released last week.
New Deutsche indexes map currency correlation in Asia
SINGAPORE - Deutsche Bank has launched a set of indexes designed to capture returns generated by the apparent growing co-ordination of currency policy among Asian central banks.
BGC departs retail FX
LONDON - Interdealer broker BGC Partners is exiting the retail foreign exchange market to focus on core interdealer broking business, a source has told FX Week .
Woe is USD
The US financial crisis needs to deepen to realise a structural super-bearish USD view, says Mike Gallagher, director of research at IDEAglobal in London
Citi and Goldman break into retail FX
NEW YORK & COPENHAGEN - Citi and Goldman Sachs are breaking into the retail foreign exchange market by launching an online FX margin trading platform and buying a 10% stake in an online retail CFD company, respectively.
India to trade rupee futures
MUMBAI - The Reserve Bank of India (RBI) is preparing to introduce rupee futures to create more hedging tools in light of rising capital inflows.
Sterling effort from Lehman Brothers
A consistently bearish position on sterling has helped Lehman Brothers reach third place in FX Week 's one-month currency forecast this week.
Banks expand Asia research
SINGAPORE & HONG KONG - Asian analysts are in hot demand as a number of banks build up Asian research teams to match client interest in the region's emerging economies.
Icap follows new pricing model for EBS
LONDON - Interdealer broker Icap is introducing a volume-based pricing model for electronic spot broking system EBS, as it evolves to fit the changing landscape.
Former Fimat e-forex chief joins Hotspot FX
JERSEY CITY - Chris DeFilippo, former New York-based head of electronic foreign exchange at institutional brokerage firm Fimat is today (November 26) starting at electronic communications network (ECN) Hotspot FX.
Constantia upgrades
SAN FRANCISCO - Calypso Technology has been licensed by Austria's Constantia Privatbank to provide a cross-asset class platform for front, middle and back office.
BarCap strengthened by weak USD
A bearish USD view has helped Barclays Capital beat rivals Citi, Informa Capital Markets and HSBC in this week's one-month currency forecast rankings.
Mifid spurs e-trading growth
LONDON - Best execution requirements under Mifid could boost growth in electronic foreign exchange volume, according to a keynote address at last week's FX Week Europe event.
New Swift solution aims for better processing
NEW YORK - Bloomberg is teaming up with industry messaging co-operative Swift to tackle the division between the front, middle and back offices when processing foreign exchange trades.
Retail sets the pace for future of forex
LONDON - The retail market is likely to set the standard for the future of foreign exchange, said panelists at the FX Week Europe conference last Tuesday.
StanChart introduces electronic NDF trading
LONDON - Standard Chartered began offering electronic trading in emerging market non-deliverable forwards (NDFs) over proprietary electronic platform Straight2Bank Web and through multi-bank platform FXall on November 13.