Trading
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week .
Trading levels show growth of forex as asset class
LONDON & CHICAGO - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) reported record foreign exchange trading volumes in 2007, demonstrating the continued adoption of forex as an asset class.
SWFs look beyond the US dollar
NEW YORK & HONG KONG - The greenback is likely to be the main loser as sovereign wealth funds (SWFs) diversify into yen and other non-euro currencies, say analysts.
Forex results strong in Q4
NEW YORK - Goldman Sachs and Morgan Stanley reported strong results for foreign exchange in the fourth quarter of 2007, despite challenging market conditions.
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week.
Goldman Sachs launches FX algos
LONDON - Goldman Sachs plans to debut foreign exchange trading algorithms in the first half of 2008, as part of a strategy to gain market share.
BGC loses FX chief but gains e-commerce head
LONDON - Interdealer broker BGC Partners has lost its London-based managing director of foreign exchange, but has strengthened its e-commerce capabilities with a key hire in the City.
ANZ triumphs with bearish USD view
A bearish view on USD has helped ANZ climb to the top of FX Week 's one-month forecast rankings.
G-10 currencies face a grim 2008
John Hydeskov , senior FX analyst at Danske Markets in Copenhagen, predicts the road ahead for G-10 currencies in light of an ongoing financial crisis
Lehman gains from CBA split
SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank.
Lehman sees forex up but fixed income down in Q4
NEW YORK - Lehman Brothers has achieved strong foreign exchange revenues for the fourth quarter, despite suffering big losses in fixed income.
Subprime crisis drains FX bonus pool
LONDON - Staff at banks worst hit by the subprime crisis are due to face reductions in cash payouts, sources tell FX Week .
Banks brace for algo trading boom in 2008
As the industry continues to digest the credit market's meltdown, foreign exchange trading volumes continue to boom. Representatives of the major FX banks, Credit Suisse, HSBC and Saxo Bank, discuss the main technology trends in e-FX trading to watch in…
Short-dated RMB forwards curve widens
HONG KONG - Short-term renminbi non-deliverable forwards (NDFs) will remain priced higher than onshore forwards into year end, as a US dollar liquidity squeeze causes onshore market participants to hold onto the greenback, say analysts.
Saxo in executive shake-up
COPENHAGEN - Christian Frahm, senior executive director and head of Europe, excluding UK and the Middle East, at Saxo Bank in Copenhagen, left the bank last month.
CIB boosts voice-trading tech
SHANGHAI - China Industrial Bank (CIB) has enhanced its voice-trading operations, adopting Orange Business Services Trading Solutions' dealing telephony.
Scotia and Danske reach top spots
Bullish EUR/GBP views have pushed Scotia Capital and Danske Bank to the top of FX Week 's three-month and one-month currency forecast rankings, respectively.
CLS launches NDF settlement
LONDON - ABN Amro, Credit Suisse, Fortis, HSBC and the Royal Bank of Scotland became the first settlement banks to go live with non-deliverable for-wards settlement over settlement system CLS last week.
Pegging hopes on GCC currency reform
Marios Maratheftis, Dubai-based regional head of research for Middle East, North Africa and Pakistan at Standard Chartered, calls for currency reform by the GCC
Hotspot FXi revamp means faster trades
JERSEY CITY, NJ - Electronic communications network (ECN) Hotspot FXi plans to implement a multiple-server matching engine architecture to replace its single matching engine in January 2008, to improve the platform's performance.
Credit Suisse e-trades exotics
LONDON - Credit Suisse has enabled trading in structured exotic foreign exchange options on its proprietary electronic trading platform, Merlin, with select institutional clients globally, the Swiss dealer said last week.
Wayward US forex brokers struck off the register
WASHINGTON, DC - The US Commodity Futures Trading Commission has revoked the introducing broker registrations of Next Financial Services Unlimited and New World Trading, due to fraudulent FX activities.