Trading
ASIA PACIFIC NEWS: ABN Amro pays $4.5m settlement in Vietnam forex trading case
HANOI – Dutch bank ABN Amro has paid $4.5 million to police to settle a dispute over allegations by the Vietnamese government that its traders broke FX trading regulations.
FXall in ruble push
MOSCOW – Multibank platform FXall has added five liquidity providing banks to bolster trading in the Russian ruble.
Strong activity continues as dollar slides
GLOBAL – Last week again saw big moves in the major currency pairs as traders capitalised on a weaker dollar to make much-needed trading gains.
More top changes at BoA
LONDON & NEW YORK – Bank of America (BoA) is undertaking a further restructuring of its senior FX management team, as the bank seeks to drive its growth to the next level.
Algo trading to double, says Eurex
CHICAGO – "The rise in activity of algorithmic traders is impressive, and it's changing the nature of electronic trading," said Andreas Preuss, chief executive of Eurex.
Icap switches voice brokers
LONDON – Icap is moving resources from the major currencies into emerging markets, as the interdealer broker acts to reflect the changed FX landscape.
Dresdner rebuilds forex team
LONDON & NEW YORK – Dresdner Kleinwort (DK) has made three senior hires as it rebuilds it FX team after a series of departures to Merrill Lynch in September and October.
Icap switches voice brokers
LONDON – Icap is moving resources from the major currencies into emerging markets, as the interdealer broker acts to reflect the changed FX landscape.
RBS and JP Morgan scale back prop trading
LONDON – Royal Bank of Scotland closed its London-based prop trading desk last week in the latest sign of the hardship faced by FX desks at banks.
Positive factors supporting the pound
Barclays Capital (BarCap) has adjusted its sterling view to align with its position on the greenback, on advice from recent Bank of England hire, Paul Robinson.
Preparing for a return to volatility
Persistently low levels of volatility have made it tough to trade the currency markets since late august. Simon Derrick, head of currency strategy at Bank of New York in London, investigates whether the past few months have been anomalous, and how to…
Tullett Prebon launches multi-asset market data service
LONDON – Tullett Prebon Information, the market data division of interdealer broker Tullett Prebon, last week launched its market data service, Mark2Marker.
Deutsche Bank adopts latest version of Reuters Messaging
FRANKFURT – Deutsche Bank is currently working on migrating to the upcoming version 6 of Reuters Messaging (RM), which is due for release next month, according to officials at the vendor.
Relief for traders as volatility returns
LONDON – Last week saw unexpectedly large moves in the dollar/yen and euro/dollar as traders welcomed a pre-Christmas build-up in volatility after a year of flat markets.
Margin trading – an untapped opportunity
Brian Maccaba , executive chairman of Cognotec, highlights the huge growth in web-based FX margin trading and argues that banks cannot afford to ignore the opportunities that this presents
EBS credited for 75% rise in e-broking revenues at Icap
LONDON – Spot broker EBS was largely behind a 75% rise in second-half electronic broking revenues at interdealer broker Icap, the broker said last week.
ISE prepares FX options launch
NEW YORK – The International Securities Exchange (ISE) has begun publishing the underlying rates for its new ISE FX options, in preparation for launch next year.
BarCap joins LiquidityHub
NEW YORK – Barclays Capital (BarCap) has joined the LiquidityHub bank consortium, which plans to aggregate liquidity and market data for electronic trading, for their clients.
Citi forms FICC group
NEW YORK – Citigroup has merged its global fixed income and emerging markets businesses to establish a new global fixed income, currencies and commodities (FICC) group.
Relief for traders as volatility returns
LONDON – Last week saw unexpectedly large moves in the dollar/yen and euro/dollar as traders welcomed a pre-Christmas build-up in volatility after a year of flat markets.
Complacency leads to a hard landing
Going against consensus view, Sharada Selvanathan , currency strategist at BNP Paribas in Singapore, advises preparing for a hard landing in the US economy
Icap should get the options ball rolling
The FX Week Europe Congress was the biggest and best yet. The brightest star among many was Michael Spencer, chief executive of Icap, who explained his plans to expand his business into electronic FX options.
The carry trade shows best returns
LONDON – Carry trading can still produce positive returns, but trend trading models are losing ground, Citigroup's risk advisory group director, Jessica James told the FX Week Europe Congress.