Trading
Guarantees limiting overall bonus levels
LONDON – The increasing number of guaranteed bonuses in 2005 to top-performers means staff without these packages are likely to see a drop in bonus levels, say market observers.
BMo benefits from dollar strength
Bank of Montreal (BMo) has started the year in style by topping the one-month forecast for the second successive week, owing to accurate US dollar predictions.
Bloomberg goes live with FX options
NEW YORK – Bank of America (BoA) has become the first bank to trade FX options with customers over the Bloomberg terminal.
Size matters, survey finds
GREENWICH, CT – The ability to execute large currency trades is one of the key components in winning new FX business from corporates and institutional clients, according to research from Greenwich Associates.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
BarCap desk in Shanghai
SHANGHAI – Barclays Capital is launching an FX trading business in Shanghai after receiving a branch licence at the end of December.
Bloomberg and Reuters in, Centradia out
NEW YORK AND LONDON – February proved to be a month of arrivals and departures, with multi-bank portal Centradia ceasing to exist and Bloomberg and Reuters announcing their intention to target the buy side.
CLS targets buy-side build-up
NEW YORK AND ZURICH – July saw CLS looking to expand into non-deliverable forwards (NDFs) and OTC options – a move that would pave the way for far greater buy-side participation on the settlement system.
Banks boost online options offerings
LONDON AND NEW YORK – Banks were busy building up their online capabilities in December with a number of players seeking to move emerging markets options online.
Hong Kong limits speculative trading
HONG KONG – May saw speculation about the shift in the renminbi peg affect the policy of neighbouring economies.
News in brief
CLS to cut prices
Deutsche boosts prime brokerage
LONDON – Deutsche Bank upped the ante for prime brokerage providers by extending its offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Commodity currencies are set to sparkle in 2006, says Trevor Williams, chief economist at Lloyds TSB Financial Markets in London
Go for the currencies with the commodities
2005: a positive year for forex
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Terrorist attacks hit e-trading
LONDON – The July 7 terrorist attacks in London caused widespread disruption to electronic trading, with spreads widening considerably and at least one bank not delivering prices to a portal.
Preparing for Korean won under-performance in 2006
Standard Chartered’s economics and FX strategy team suggest ways to position for a weaker Korean won in 2006
News in Brief
FX Connect hikes prices pre-upgrade
China heading for free market
BEIJING – China took two further steps towards currency liberalisation with a widening of the yuan trading band and the introduction of forwards trading for corporates.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
CFTC charges 13 with defrauding $6m
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged 13 Florida residents with defrauding nearly 400 customers of more than $6 million. The CFTC filed a complaint on December 22 charging the 13 with fraudulently misappropriating…
UBS and Bloomberg deal draws criticism
LONDON – UBS and Bloomberg started their year off controversially after a deal for global futures trading through the market data terminal drew criticism from brokers. Under the agreement set in place in 2004, futures trades placed by new users of the…