Trading
FXMS embarks on global push
LONDON, CHICAGO & NEW YORK – Eight new roles have been created at Reuters and CME joint venture FXMarketSpace (FXMS), to drive the platform's continued global expansion.
JP Morgan rewarded by yen view
A weak position on the Japanese currency helped JP Morgan reach second place in this week's one-month currency forecast.
Parker index rises on risk-adjusted basis
STAMFORD, CONNECTICUT – The Parker FX index saw a 1.99% return in April, with three-quarters of indexed programmes recording positive results, the remainder reporting losses.
Exchange-traded rupee futures contract to launch
DUBAI – On June 7, the Dubai Gold and Commodities Exchange (DGCX) will launch the first exchange-traded Indian rupee futures contract.
Banks strike landmark deal in Vietnam
HONG KONG – HSBC and Standard Chartered last week entered into the first interbank Vietnamese dong interest rate swap, marking a landmark deal for the local currency derivatives market.
Sensible, flexible, stable: meet the GBP
Despite dropping all talk of euro membership, the UK has achieved exactly what it needed: a stable and sensibly priced currency while maintaining a flexible monetary policy, says Simon Derrick , head of currency research at Bank of New York in London
GFT reigns on long-term optimism
Astute longer-term predictions have ensured GFT’s continued reign over the 12-month currency forecast table.
CFTC charges Florida firm with FX options fraud
The Commodity Futures Trading Commission last week (May 25) charged Addison Enterprise with illegally selling FX options and defrauding customers.
Trading Places
HSBC, Joseph De Feo, Merril, Nixon, Citi, Bear Sterns, Credit Suisse, Calyon, RZB, WestLB, ANZ, CMC
Algorithmic trading:the race for better value
The rocketing popularity of algo trading is examined byMark Akass, chief technology officer of BT Global Financial Services
Reaction to China’s wider trading band
In the week after China’s triple response on monetary policy, sentiment on the groundis confident, according to two experts at JP Morgan in Singapore: David Fernandez,head of emerging Asian economic research, and Claudio Piron, head of Asian FX research
Credit Suisse expands asset management coverage
LONDON – Credit Suisse has made three senior London-based hires, in a continued push to grow its institutional distribution efforts.
Survey reveals forex risk as a major concern
EDINBURGH – The majority of corporate treasurers view FX risk as their biggest concern, according to a survey released earlier this month.
BIS review reveals slowing growth in OTC derivatives
BASEL – Growth in over-the-counter FX derivatives slowed in the second half of 2006, rising only 5% versus 21% in the first half of the year, according to research released last week.
Credit Agricole and Macquarie post mixed results
PARIS & SYDNEY – Credit Agricole and Macquarie Bank posted differing results earlier this month, with the former experiencing buoyant gains in its FX business, the latter a decline.
EBS acquisition drives Icap results
LONDON – Interdealer broker Icap’s profits for the year ending March 31 rose 11%, largely on the back of last year’s acquisition of electronic broker EBS.
GCC currency uncertain after Kuwait abandons dollar peg
SAFAT, KUWAIT – The decision to abandon the Kuwaiti dinar’s peg to the US dollar in favour of a basket of major currencies has brought into question plans to introduce a single currency for the six Gulf Cooperation Council (GCC) states.
UniCredit strengthens forex in London and New York
LONDON & NEW YORK – UniCredit has strengthened its selling power by making additional FX sales hires in two areas.
FXCM: tough questions for Deutsche
The fact that four banks have shown interest in acquiring a 35% stake in online currency trading platform FXCM has led many to question what this means for Deutsche Bank, which is understood not to be bidding for FXCM despite the white-label deal for…
EBS puts key stations in front of buy side
LONDON – Interdealer broker Icap is to begin piloting an extension to EBS Prime, to enable manual keyboard access to the EBS platform for the buy side in coming weeks.
Progress offers algo platform as a customised
BEDFORD, MASSACHUSETTS – Progress Software Corporation has packaged its Apama algorithmic trading platform for sell-side banks to offer as a complete web-based service to buy-side clients.
NFA suspends two FX FCM principals
The National Futures Association (NFA) has suspended the membership of two FX futures commission merchant (FCM) principals.
Forex traders face greater pressure from e-trading
LONDON – The surge in electronic trading and advances in derivatives structuring is putting greater demands on FX traders, say market participants.
BNP hires in structuring
LONDON – BNP Paribas has created four fixed-income structurer roles in London as part of a drive to build this area of the bank's business.