Trading
Growth in derivatives trading speeds up, reports BIS
BASEL – Trading on international derivatives exchanges has continued to pick up pace, according to the latest Bank for International Settlements (BIS) Quarterly Review, which was released last week.
Down but not out
The Fukui scandal could bring about temporary depreciation for the yen, says Toru Umemoto , FX strategist at Barclays Capital in Tokyo
DrKW leads with bearish dollar view
Dresdner Kleinwort Wasserstein (DrKW) tops this week's three-month rankings due to its commitment to a bearish dollar view, said Tim Fox, FX strategist at the bank in London.
Bear Stearns builds up in New York and Hong Kong
HONG KONG & NEW YORK – Bear Stearns has made senior appointments in Hong Kong and New York to increase its capabilities in the FX derivatives and hedge fund area.
Record trading for FX Connect and CME
BOSTON & CHICAGO – State Street's multibank e-FX exchange trading system, FX Connect, and the Chicago Mercantile Exchange (CME) have both reached new milestones in FX trading volumes.
Reuters launching algo data packages
NEW YORK – Reuters has completed the technical work and finalised the pricing of its offerings for algorithmic trading operations, officials confirm.
Reuters buys risk management specialist
LONDON – Reuters has paid $41 million for Application Networks, a risk management software specialist, as it bids to make headway in the market.
Barclays Capital picks dollar decline
Barclays Capital is ahead of the pack in the one-month historical index. It moved from fourth to second last week and tops the table this week.
Polar launches currency fund
LONDON - Hedge fund firm Polar Capital has launched its first currency-based fund, a move indicating continued interest in FX as an asset class.
Reuters ties to Standard Bank
NEW YORK & JOHANNESBURG – Standard Bank of South Africa has gone live with Reuters trading technology. The deal makes Standard Bank the first South African bank to make use of Reuters e-trading technology to power its FX e-commerce trading platform for…
High-frequency trading - the last gold mine in FX?
MONTE CARLO - High-frequency trading could be the only gold mine left in foreign exchange, according to Citigroup director Jessica James, speaking at Risk 's Derivatives and Risk Management conference in Monte Carlo last week.
IFX opens down under
SYDNEY - Brokerage company IFX Group has opened a new branch office in Sydney after being granted a licence by the Australian Securities and Investments Commission to provide derivatives products. These are mainly contracts for difference and FX.
Shortlist for e-FX awards available online
The shortlist for the FX Week e-FX awards has been decided. The awards, which celebrate best practice and innovation in e-FX, have been redesigned to make them more suited to the current e-FX landscape and have been given a more rigorous judging process.
Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch have continued, with a quartet of staff leaving in the wake of a restructuring at the US investment bank.
Philips Electronics trades 98% of FX electronically
MONTE CARLO – The e-FX market received a strong endorsement last week, with Philips Electronics revealing that nearly all its FX is transacted electronically.
Cfets plans bond trading
China Foreign Exchange Trading System (Cfets) is to introduce an electronic system to trade US dollar-denominated bonds. The plans emerged following the publication of a report at a conference held last week in Qinghai province organised by the National…
Structured note digital payout versus participation factor
Neil Bardsley , vice-president and FX options correlation trader at Bank of America, studies the use of an at-the-money spot basket option versus a digital payout in a structured note
Chinese volatility picking up
BEIJING - The daily central parity rate for USD/RMB last week had its largest fall since the renminbi's revaluation last July.
Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch have continued, with a quartet of staff leaving in the wake of a restructuring at the US investment bank.
LONDON - Yield strategies for currency funds are undergoing their worst period since 1998, according to research by ABN Amro.
The Dutch bank's naive simulations of different currency management styles show that the yield strategy incurred losses as the carry trade continued to unwind with yen, Swiss franc and Swedish krona all strengthening. Sterling was the only carry currency…
Japanese banks set to expand overseas forex presence
TOKYO – Mitsubishi UFJ Financial Group became the first Japanese bank to buy a stake in a Chinese lender last week, as it looks to build its FX presence in the country.
Remaining NAB traders found guilty
MELBOURNE – The final two foreign currency options traders behind the rogue trading scandal discovered at National Australia Bank (NAB) in 2004 were found guilty last month.
Icap to launch multi-asset class trading
LONDON – Icap is set to offer multi-asset class trading following the acquisition of EBS, with Jack Jeffery taking a central role at the restructured business.
IT spending 'will double' by 2010
LONDON – Dealers will almost double e-commerce spending by 2010, according to research from client strategy firm ClientKnowledge in London.