Trading
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.
Moscow bourse launches interest rate futures
MOSCOW – Moscow Interbank Currency Exchange (Micex) launched trading in short-term rouble interest rate futures last week.
Dollar focus in H1 set to continue
The focus on the dollar seen in the first half of the year is likely to continue for the rest of 2006 according to Matthew Foster-Smith, senior currency analyst at Thomson Financial in London.
North American companies not ready to take on FX risk
NEW YORK – North American firms are insufficiently prepared to deal with FX risk, according to a survey by forex specialist Travelex.
Citigroup loses four in Milan sales
MILAN – US bank Citigroup has lost a number of its Italian FX institutional sales team in Milan in recent weeks, according to market sources.
Positive returns for most in April
More managers see positive returns, with systematic styles winning out, while discretionary managers post poorest results
Technology is the key to success
Icap's decision to introduce multi-asset class trading following its acquisition of EBS shows that it is serious about capitalising on the advantages that owning the company bestows.
RBS expands global sales team
GLOBAL – The Royal Bank of Scotland (RBS) has boosted its financial institutions sales team with nine hires globally.
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.
EBS set to take NDF trading online
LONDON – Non-deliverable forwards are set to be traded electronically with EBS. The platform is in discussion with banks about making them available on the platform.