Trading
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).
FXMarketSpace to spur consolidation
WESTBOROUGH, MASSACHUSETTS – FXMarketSpace will facilitate consolidation in e-FX, according to Robert Iati, partner at research and advisory company TABB Group.
Deutsche and RBC appoint senior currency strategists
TOKYO & TORONTO – Currency strategists are en vogue this month, with banks building up FX research teams in Tokyo and Toronto.
EBS pushes out netting service
LONDON – EBS has begun rolling out its new netting service to prime broking banks, after completing a pilot with ABN Amro.
The forint faces an imminent setback
Meg Browne, senior currency strategist at Brown Brothers Harriman in New York, warns of the perils facing the Hungarian currency
G10: a roadmap for 2007
Teis Knuthsen, head of FX research at Danske Bank in Copenhagen, outlines a roadmap for G10 currencies in the first half of 2007
BNP Paribas overhauls e-business
PARIS & NEW YORK – BNP Paribas has overhauled its electronic foreign exchange business as it looks to establish itself as a leading player in the arena.
Société Générale CIB names new FICC heads
PARIS – Société Générale Corporate and Investment Banking (SGCIB) has appointed Marc Breillout and Gregoire Varenne to head the new fixed income, currencies and commodities division in Paris.
Tradition poaches Tullett Prebon personnel
LONDON & JOHANNESBURG – Interdealer broker Tradition has raided Tullett Prebon, as it expands its emerg- ing markets capabilities in London and Johannesburg.
Consolidation is the key theme
The theme of consolidation in the brokerage industry continues this year, with Société Générale and Calyon confirming exclusive negotiations to merge their brokerages Fimat and Calyon Financial. But what happened to all that talk about consolidation in…
ABN Amro cuts back London forex staff
LONDON – ABN Amro has made cuts to its London FX team, resulting in the departure of John Marley, European head of sales.
JP Morgan launches Bloomberg IR options
LONDON – JP Morgan has begun trad- ing over-the-counter interest rate options on Bloomberg's multi-dealer trading platform.
FXall volumes surged 45% in 2006 on growing market
LONDON – Trading volumes on multibank platform FXall surged 45% in 2006, with over $9.8 trillion traded on a single-count basis.
Oregon state, CFTC fines Orion founder
OREGON – The US Commodity Futures Trading Commission (CFTC) and the District Court of Oregon have fined Russell Cline, founder of foreign currency trading firm, Orion International $33 million.
Dollar rally likely to be only temporary
Barclays Capital has continued its strong showing in the rankings since the beginning of the year, coming in top for its 12-month forecasts. It also featured well in the three-month and one-month year-to-date index.
India pledges to pursue a less restrictive FX strategy
MUMBAI & HONG KONG – Indian prime minister Manmohan Singh issued a statement last week, confirming the country's commitment to gradually move towards a less restrictive forex regime.