Trading
Goldman forex chief retires
NEW YORK – Industry veteran Peter Gerhard has retired from his post at Goldman Sachs, after 23 years there.
BoC taps EBS Spot, sets up FX desks
BEIJING – China's largest FX trading bank by volume, Bank of China (Beijing) is the latest bank to use EBS Spot, the e-FX spot broking platform.
Swissie and yen to see strength
The Swiss franc and yen are likely to be the strongest currencies against the dollar this year, according to Calyon's FX valuation models.
Is the UK consumer a spent force?
Jeremy Stretch, FX strategist at Rabobank in London, looks at the economic backdrop, interest rate expectations and prospects for growth in the UK in 2006
EBS enhances market data offering
LONDON & New York – FX platform EBS has enhanced its spot capabilities with an additional market data offering.
Currency strategies down in 2005
LONDON – Most currency funds are likely to have ended 2005 nursing losses, with trend followers down almost 10%, indicates research from ABN Amro.
PBoC gives OTC foreign exchange go-ahead
BEIJING/SHANGHAI – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades last week, and introduced 13 market-makers to provide liquidity in the renminbi.
StanChart builds in Asia
SHANGHAI & HONG KONG – Standard Chartered has hired Fu Qing, to head FX trading in Shanghai.
Lesson from Refco: keep it transparent
Yes, this is the second editorial in a row that I have written about Refco, but I make no apology for it. There are too many important lessons to be learned from the collapse for the industry to be able to move on as if nothing had happened.
Globalisation, current accounts and the dollar
Many observers stubbornly think EUR/USD must rise to correct the US current account deficit, while others believe global imbalances are mainly about America's external deficit. Danske Bank's approach is slightly different, says Teis Knuthsen , head of…
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.
Keeping it real
BRASILIA – The Brazilian real (BRL) was one of the strongest currencies of 2005, and political din surrounding the October elections is expected to lead to further strength in the unit, say market observers.
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.