Trading
Turkey and the butterfly
Marios Maratheftis , FX strategist at Standard Chartered Bank in London, says it is one thing being positive on the TRY and another being complacent. Here he presents three models that can help with the timing of TRY trades.
Carry trades set to lose their sparkle
LONDON - Conditions for carry trades are likely to deteriorate further this year, according to French bank BNP Paribas.
Russian activity on the up
MOSCOW - Russia's stable economy, booming markets, soaring demand for financial services and growing number of high net-worth individuals, means banks are now investing in more FX staff in the country, say market participants.
Market snubs Reuters' full-year growth
LONDON - Reuters announced more positive news in its 2005 preliminary results last Thursday, February 23, which marked the first full year of revenue growth since 2001.
Volatile times for the Thai baht
BANGKOK - Political uncertainty in Thailand and likely further rate hikes will lead to short-term volatility in the Thai baht, say market participants.
Bank results need to be spelt out
Annual results season is here, and this brings a series of stories for FX Week on how banks' forex desks are performing.
Strong results at BarCap
LONDON - Barclays Capital reported strong growth in income and net trading income in its 2005 annual results. Total income increased 27% to £4.3 billion.
Look past the Fed for dollar positives
Geoff Kendrick, senior currency strategist at Westpac in London, believes the market is too focused on the Fed's intention for rates, and is therefore missing the medium- term positive signs for the greenback
Rabo outperforms with strong dollar view
Rabobank's decision to go against the conventional wisdom of a dollar decline has kept the Dutch bank near the summit of the one-month historical index.
Reuters expands in China
EIJING - Reuters is significantly increasing its presence in China, signing five banks to its Dealing 3000 matching service and selling its Kondor risk management product suite to six.
Traiana goes live with forex options
NEW YORK - Software vendor Traiana went live with its foreign exchange options service on its Harmony Message Center (HMC) this month.
Future opportunities from EUR/CHF
Corvin Codirla and Adarsh Sinha, fx strategists at barclays capital in london, show that while low eur/chf volatility may be justified at present, investors should position for a pick-up further out
Staff build-up at Bank of America
NEW YORK - Bank of America (BoA) has made a trio of hires over the past month as it continues to build its forex capabilities.
A flexible approach to hedging
UBS's FX structuring team offers two case studies highlighting the benfits of flexible hedging solutions in the form of flexi notional forwards and structured flexi forwards
Refco saga continues
NEW YORK – The Refco saga continued last week, with creditors vetoing a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
Bloomberg to create e-trading company
NEW YORK – Bloomberg is partnering with several major banks to launch an electronic swaps trading company, according to the data vendor.
Marex Financial takes FXall
LONDON – Independent brokerage firm, Marex Financial has started offering foreign exchange liquidity and trading services from FXall to clients in Europe, the Middle East and the US.
Loonie flight to quality remains on course
The current outlook for real interest rates and the growth picture remains favourable for the Canadian dollar, writes Ashraf Laidi , chief currency analyst at MG Financial in New York
Saxo makes retail move
COPENHAGEN – Saxo Bank is making significant changes to its structure, as it seeks to boost its retail business with senior hires from the Danish business world.
Lloyds TSB goes live on 360T portal
LONDON & FRANKFURT – UK bank Lloyds TSB Financial Markets has gone live as a liquidity provider to German multibank portal 360T ( FX Week , January 30).
SEB's greenback loyalty pays off
SKANDINAVISKA ENSKILDA BANKEN'S (SEB) 14-month loyalty towards a positive US dollar – dating back to late 2004 – has seen the bank rewarded with the top spot in the one-month rankings and one-month historical index.
Mixed results for European banks
PARIS & ZURICH – There were mixed results for the European banks who reported their 2005 results last week, with Société Générale (SG) reaping the rewards of a strong year, while UBS saw a slight fall.
Signs of the times, symbols of success
Emerging markets currencies are gradually coming to the fore.