Trading
All eyes on Asia
Divyang Shah, chief strategist at the Commonwealth Bank of Australia in London, says Asian equities and commodity markets hold clues on the AUD/USD parity debate
Banks slow to prepare for Mifid
PARIS – Investment banks have spent 20–25% less than initial estimates on preparations for the Markets in Financial Instruments Directive (Mifid), according to research from Paris-based IT service provider Atos Origin.
Handelsbanken live with D-3 pricing system
Stockholm-based Handelsbanken Capital Markets has begun using Digitec’s D-3 system to calculate and distribute FX and money market rates.
Thomson launches online news service
Thomson Financial has launched Thomson FX Hub, an online news service for retail FX traders.
Merrill suffers $5.6 billion FICC losses
NEW YORK – Merrill Lynch last week reported record results in interest rates and currencies during the third quarter, but gains were wiped out by big losses in credit and mortgage markets.
Dresdner rises from dollar fall
Dresdner Kleinwort beat Bank of America and Barclays Capital to secure second place in FX Week’s one-month currency forecast rankings this week.
Calyon profits from euro position
Calyon has held its position in the top quarter of the 12-month FX Week currency forecast rankings with its strong euro view.
FXCM launches systems selector
NEW YORK - Online broker FXCM has created a new systems trading platform, Forex System Selector (FSS), which allows clients to customise and manage their own trading systems.
The value of a fall
The dollar might be in serious trouble, but its fall could also be its salvation, according to David Bloom and Paul Mackel of HSBC's FX strategy team in London
South Korean forex reaches record high
SEOUL - FX turnover hit a record high in South Korea in the third quarter.
IDC global data available on XE.com
NEW YORK - Financial market data and analytics firm Interactive Data Corporation is rolling out its global foreign exchange data to FX website XE.com.
IMF turns against the dollar
U-turn on USD value dashes hopes for G-7 statement on dollar weakness
Citi posts double-digit FX growth
YORK - Citigroup last week reported double-digit percentage growth in foreign exchange revenues during the third quarter, but FX gains were overshadowed by massive losses in the credit and mortgage markets.
Philippines to continue FX deregulation
MANILA - The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is set to liberalise the foreign exchange market at the end of October, said the bank's deputy governor, Diwa Guinigundo, last week. The central bank will lift documentary…
Deutsche dbFX now in Arabic
MANAMA - Deutsche Bank has launched an Arabic version of its margin trading platform dbFX, to capture the burgeoning retail foreign exchange market in the Middle East.
GFT adds new currency pairs
ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.
London forex faces 130 job cuts
LONDON - Foreign exchange workers in London should brace themselves for 130 job cuts in 2008 as the interbank market crisis forces banks to reduce staff levels, according to estimates by London's Centre for Economics and Business Research (CEBR).
Market demands multi-asset solutions
SINGAPORE - Hedge funds are driving demand for multi-asset platforms in Asia, said Michele Wee, director and head of electronic FX at Deutsche Bank in Singapore.
Icap breaks into post-trade forex
LONDON & NEW YORK - Icap's agreed acquisition of post-trade technology vendor Traiana signals a push by the industry to tackle post-trade processing strains brought on by surging ticket volumes.
GFT hits high as currencies weaken
GFT hit a high in this week's three-month forecast rankings, with a prediction that a weak USD would be outdone by a relatively weaker EUR and GBP.
Carry strategies are thriving in Asia
SINGAPORE - Carry models have proliferated in Asia as alpha-generating strategies over the past four years, according to Thomas Harr, senior FX strategist at Standard Chartered in Singapore.
Asian corporates hungry for new FX products
SINGAPORE - Asian corporates typically have a bigger appetite for new and innovative structured FX products than their European counterparts, according to Selene Chong, head of FX structuring at HSBC in Hong Kong, speaking at the FX Week Asia congress in…
Market innovation threatens platforms
SINGAPORE - Growth in the Asian FX market is leading to big operational changes in the way buy- and sell-side institutions do business, according to Justyn Trenner, chief executive at market research company ClientKnowledge.
EBS nabs Saudi business
LONDON & RIYADH - Spot broker EBS has signed its first Middle Eastern banking customer onto EBS Prime, its professional foreign exchange prime-brokerage solution.