Trading
Yen reverses weakening trend
The yen staged a comeback last week, reversing a trend of weakness against the greenback seen since June, when dollar/yen hit 108.17.
Bank forex heads look to alternative staffing options
LONDON – Forex desk heads are increasingly looking to poach staff from other areas within their banks in a bid to limit wage inflation.
New service from IF
LONDON – IFX markets is set to launch a money management service aimed at third-party clients in the new year.
Over-the-counter options drop down under, says Afma
SYDNEY – Trading in over-the-counter options fell by more than a third this year, according to figures released by the Australian Financial Markets Association (Afma).
Dollar strength hits accuracy
Wide-of-the-mark forecasts mean the three- and twelve-month rankings have seen more and more inaccuracy in recent weeks, with an average divergence this week of 6.39 and 12.4, respectively.
M&G to sign with FX Connect
LONDON – M&G is set to sign up with FX Connect in the early part of next year, as it looks to take its FX transactions onto an electronic basis.
Turkish lira joining mainstream
ANKARA – Just a few years ago the Turkish Lira (TRY) was seen as a unit on the risky side of the emerging market spectrum, but the market is now taking it seriously.
Travelex targets Aussie corps
MELBOURNE – Global forex specialist Travelex is set to target companies in Australia with the launch there of an online system early next year.
The FX implications of the gold-oil ratio
In a week that has seen gold hit a 24-year high, more attention is being paid to the inter-relationship between prices of fuel and metals, specifically oil and gold, says Ashraf Laidi, chief currency analyst at MG Financial in New York
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
Time to get with the program
Banks are having to move rapidly to develop their platforms just to stand still. They have been launching new products onto platforms to meet demand from customers looking to do business in new ways, as shown by the increasing number of banks trading…
Deutsche rolls out new version of autobahnFX
LONDON – Deutsche Bank has released an upgraded version of its platform autobahnFX that provides users with greater configurability for pricing.
India to liberalise forex regulations
NEW DELHI – The Reserve Bank of India (RBI) looks set to liberalise rules governing forex transactions, cutting the red tape that limits the public's ability to buy and sell currency.
The passport option
Jeffrey Todd Lins, Director, Quantitative Analysis At Saxo Bank In Copenhagen, Suggests Passport Options As A Way To Maximise A Longer-Term View During Non-Trending Periods
Gain launches new research offering
BEDMINSTER, NEW JERSEY – Gain Capital, provider of FX trading and asset management services, has launched a new research offering and enhanced its proprietary FX trading platform, ForexTrader.
Going global
In the first of a series, FX Week looks at the big hitters in the industry. First is HSBC, which knocked Citi off the number three spot in last month's Best Banks Awards
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
Slovakia hits the euro road
Slovakia looks set to be the next country to join the euro, but political uncertainty caused by forthcoming elections means there are still likely to be opportunities for those seeking to trade the koruna
Hedging profits effectively
Daniela Asikian, Senior Structurer At Hsbc In London, Shows How Companies Can Hedge Exposure From Overseas Profits Taking Advantage Of Current Forwards Rates
New structure for RBS
LONDON – The Royal Bank of Scotland is set to reorganise its corporate banking & financial markets division (CBFM), with a new structure to be in place from next year.
Dollar to keep rising, says Rabobank
Rabobank has maintained its position at the summit of the year-to-date one-month index largely thanks to its bullish view on the dollar.
A change in balance
The market has bought the interest rate argument – and the dollar – in 2005. With the end of HIA related repatriation, the balance will change in the new year, writes Chris Furness, senior market strategist at 4Cast in London
Forex revenues set 'to slow in 2006'
LONDON – Growth in forex revenues is set to fall off next year, according to research from Morgan Stanley released last week.
Man to build on Refco's ashes
NEW YORK – UK financial services firm Man Financial is to reincarnate part of the old Refco business with the launch of Man FX Clear by the middle of this month.