Trading
Real strength set to continue
Gray Newman, senior Latin American economist at Morgan Stanley in New York, says that the Brazilian unit will be supported by interest rates and continuing growth
Greenback sell-off fails to materialise
Bank of Montreal's (BMo) prediction for a big sell-off of the US dollar in 2006 has failed to materialise, said Jeff Cooper, BMo's vice-president of forex.
Currenex launches catalyst program
NEW YORK – Trading technology vendor Currenex has launched a testing program for third-party software vendors to aid in the development of new products.
Gain Capital attacks markets with NinjaTrader
BEDMINSTER, NEW JERSEY – Forex trading company Gain Capital last week signed a deal with software vendor NinjaTrader to deliver real-time forex pricing and execution services to its customers.
FX volume to exceed $3 trillion by 2007: TowerGroup research
NEEDHAM, MASSACHUSETTS – Global FX daily average volumes will reach $3.6 trillion by 2007, according to research released last week.
Citigroup launches custody services in Sweden
STOCKHOLM – Citigroup's global transaction services business is to provide direct custody and clearing (DCC) services to clients in Sweden.
Wall Street rebrands to expand forex business
SYDNEY – Wall Street Systems has rebranded to reflect the growing importance of foreign exchange to its business.
Human touch will always be needed
Markets have been on the move again this week. Comments from retired Fed chairman Alan Greenspan about the US housing market and noise surrounding China's reserve policy ensured that the greenback at last broke through the 1.26–1.28 range that it had…
Payments industry gathers in Sydney
This year's Sibos conference held in Sydney brought together some 6,500 participants to discuss the latest developments in payment and settlement systems. Here, FX Week brings you some of the news from the eventSwift launches pilot for corporate program
Rennies adopts CheckFree solution
SYDNEY – Rennies Bank, a South African forex specialist, is now employing CheckFree's Accurate NXG straight-through processing solution to help better manage potential operational risk for internal and external customers.
Singapore hosts second FX Week Asia conference
SINGAPORE – On Tuesday (October 17), the second FX Week Asia conference will be held at the Shangri-La Hotel, Singapore. The event brings together leading speakers and buy- and sell-side market participants.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.
Cognotec moves into custody
SYDNEY – Technology vendor Cognotec this week launches a custody service that automates the forex component of securities transactions.
Decoupling is key to Asian strength
Stephen Jen, head of currency research for Morgan Stanley, and Charles St-Arnaud, acting Asian currency strategist in London, say Asian currencies will strengthen once Asia decouples from the US
Students to trade forex, with a $10,000 prize
AUSTIN, Texas – Online forex platform GFT has set up a competition that pits students’ wits against a simulated FX market. The prize is $10,000 with which to trade on the real thing.
Credit Suisse starts algorithmic trading
LONDON – Credit Suisse is developing multi-asset algorithms to complement its Advanced Execution Services (AES) suite of algorithmic trading capabilities, according to an official at the bank.
Missing links in Korea and Taiwan
Mirza Baig and James Malcolm, FX researchers at Deutsche Bank in Singapore, examine the relationship between the Korean won’s surplus and changes in the Taiwanese dollar
UK business unprepared for hedging changes
LONDON – Medium-sized UK companies are unprepared for forthcoming rule changes on accounting standards that require more rigorous reporting of FX exposure, according to forex specialist HiFX.
'Boiler room' retail FX fraudsters face US court for high-pressure techniques
NEW YORK – The retail foreign exchange market suffered another blow at the end of last month, as 11 men were indicted by a US court on charges of ‘boiler room’ fraud.
Asian expansion for Fimat
ASIA-PACIFIC & MIDDLE EAST – Fimat, the brokerage arm of Société Générale, is slated to use BT Radianz’ Proximity Solution in Asia to provide low-latency access to derivatives exchanges in Korea, Singapore and Japan.
MarketSpace adds more participants
CHICAGO – CME/Reuters’ joint venture FXMarketSpace has signed a second group of banks, saying this indicates widespread acceptance from market participants.
Diverging data muddies forecasts
Danske Bank’s chief strategist Teis Knuthsen, said the technical and fundamental models the bank integrates to forecast FX has recently turned up opposing data.
BIS: debt now bigger problem than inflation
BASEL – The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).
BarCap joins algo bandwagon
LONDON – Barclays Capital (BarCap) has joined a select group of banks that has started offering algorithmic trading for forex over their single-bank platforms.