Trading
Many ways to cater for the FX market
As yet another venue looks set to be launched into the foreign exchange market, it remains unclear which model is the most appropriate for the current climate.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
The yen – a conflict of interests
Neil Parker, economist at Royal Bank of Scotland in London demystifies the 'black art' of predicting movements in the yen
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
Reserve diversification
Simon Derrick, chief currency strategist at the Bank of New York in London, suggests a simple, low-cost method to take advantage of any move by the Chinese authorities to diversify
StanChart offers sharia swap
KUALA LUMPUR – Standard Chartered has structured what it claims to be the first cross-currency swap compliant under sharia (Islamic law) in Malaysia.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Calyon sees dollar weakness continuing
Market sentiment about the US dollar in April and early May deteriorated markedly, according to Mitul Kotecha, global head of foreign exchange research at Calyon in London.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Loonie in tune with the market
The outlook for the Canadian dollar looks set to be tied to commodity prices and the global economy, says David Watt, senior economist at BMO Capital Markets in Toronto
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.
China approves cross-currency master agreements
BEIJING & HONG KONG – A master agreement for renminbi cross-currency forwards and swaps drawn up by China's foreign exchange regulator was approved by the State Administration of Foreign Exchange earlier this month.
Watch out for those retail risks
This week sees yet another tale of greed and unscrupulous behaviour, with two Miami residents being fined millions of dollars by the CFTC for foreign exchange fraud.
First FX derivatives deal in Bangladesh
DHAKA – Standard Chartered has closed the first foreign exchange derivatives deal in Bangladesh, it announced last week.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
Market shorts greenback too soon
Rabobank tops this week's one-month forecasts as it correctly identifed the risk that the market had become overly aggressive in its expectation of continued dollar depreciation.
Middle East violence boosts US dollar
Conflict in the Middle East contributed to a surge in the dollar and a big drop in the value of Asian currencies last week.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).