Trading
CBA wins out, exploiting yen weakness
The Commonwealth Bank of Australia (CBA) topped this week's one- and three-month rankings with its non-consensus view on the yen coming through.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
CME, Reuters finalise FXMarketSpace
CHICAGO & LONDON – The Chicago Mercantile Exchange (CME) and Reuters are making final preparations for the launch of their joint-venture platform, FXMarketSpace.
EIIB launches Islamic money-market instrument
LONDON – The European Islamic Investment Bank (EIIB) has begun accepting funds under Wakala placements, following approval by the Financial Services Authority (FSA) in the UK.
Charting the rise of the ruble
Dmitri Fedotkin, economist at VTB Bank Europe, says the Russian ruble is set to rise further against the dollar and euro this year
CME forex volumes rose 29% in January
CHICAGO – The Chicago Mercantile Exchange daily FX volume averaged 494,000 contracts in January, up 29% from the same period last year.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
Forex gap widens between London and New York
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the boom in mergers and acquisitions (M&A) and proximity to emerging markets provides a boost to the UK capital.
SG CIB names forex line-up
LONDON & PARIS – Société Générale Corporate and Investment Banking (SG CIB) has named three managers to head its global FX business, in its fixed income, currencies and commodities (FICC) division.
The importance of best execution
The biggest piece of news to come out of last week is the sale of Currenex to State Street for $564 million.
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
BarCap index fund gains traction
LONDON – The Barclays Intelligent Carry Index (ICI) fund has received "substantial interest" two weeks after launch, according to officials at the bank in London.
RBS breaks into Russian market
LONDON & MOSCOW – RBS Global Banking and Markets has signed an exclusive agreement with Russian investment bank Renaissance Capital to sell derivatives solutions in the country.
Fimat MD takes top US forex post at SGCIB
NEW YORK – Vincent Bonamy, Fimat's managing director of financial products and services for the Americas, is to become head of FX for Société Générale Corporate and Investment Bank (SG CIB) for the region.
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
CFTC to adapt rules governing futures traders
WASHINGTON DC – The Commodity Futures Trading Commission (CFTC) last week said futures traders will be required to become registered members of a self-regulatory trade association from February.
Watching interest rates reaps rewards
Paying close attention to interest rates and their likely movements has helped Investors Bank & Trust repeatedly feature at the top end of the short-term forecast rankings.
Sterling to run out of steam
LONDON – Despite excitement in the markets as sterling approaches the iconic value of $2, market analysts surveyed by FX Week are unconvinced the currency will breach that level.
Margin FX offer for Japanese traders
TOKYO – Online securities house Monex is going live this week with Monex FX Pro, an internet-delivered trading system.
US banks report strength in last quarter of 2006
NEW YORK – US banks have reported a positive set of results from their currencies business for Q4 2006. The currencies business helped to push revenues higher in most of the banks, but dented the fixed-income revenues at Goldman Sachs.
Currenex builds out order types
LONDON – Currenex has released version 9.0 of its trading software, which sees the inclusion of advanced order types.
Parker Global launches investable forex index
STAMFORD, CONNECTICUT – Investment consultant Parker Global Strategies (PGS) has launched PGS FX Alpha Edge, an investable foreign exchange index.
Banks gear up for emerging markets push
The competition for emerging market business is hotting up, with US banks preparing for a push.
CMC's aggressive strategy pays off
Over the past few weeks, CMC Markets has been doing well on its short-term predictions. This week, the online trading company has again managed to come out top of the one-month rankings and one-month historical index ( FX Week , January 15).