Trading
Brokers pulled into NAB scandal
MELBOURNE – National Australia Bank NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.
National Australia Bank FX back in the black after trading scandal
MELBOURNE – National Australia Bank's FX business is showing signs of recovery nearly two years after the A$360 million forex options trading scandal was unearthed.
Is the post-Plaza Accord era over?
Toru Umemoto, FX strategist at Barclays Capital in Tokyo looks at views for and against ditching the accord
Future for Refco's FX clients still unclear
NEW YORK & LONDON – Hedge fund firm Man Group won an auction for the futures business of the stricken Refco last Thursday (November 10), but the fate of institutional FX clients hangs in the balance.
A towering rate of return
Sara Sullivan, head of currency solutions at ANZ Investment Bank in London, presents a way of enhancing returns on deposits by taking a view on exchange rates
Calyon still bullish on greenback
Calyon's consistent lead in the one-month and three-month year-to-date rankings is due to a bullish dollar view held since late 2004.
Deutsche Bank FX desk signs up to Iokio data navigation service
LONDON – Deutsche Bank's FX sales desk has signed up to a new data navigation service from Iokio.
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
Hedge funds lose their shine
A trader at a German bank in London said the “mental bubble” traders had when considering the merits of joining a hedge fund has burst.
Focus on rates
With interest rates in the spotlight, Cyril Beuzit, global head of interest rate strategy at BNP Paribas in London, discusses what to expect next
IAS 39 sparks hedging concerns
LONDON – Accounting rule IAS 39 is causing distortions between economic reality and financial reporting, with rules regarding the use of derivatives likely to impede companies.
FX next big thing for algorithmic trading
LONDON – FX is set to be the most actively traded asset class using algorithms, according to an audience at an event on the subject held last week.
European banks up in third quarter
ZURICH, AMSTERDAM & FRANKFURT – European banks have had a strong third quarter in foreign exchange, with many up substantially over the same period last year.
Currency product ‘growth to continue’
LONDON – Demand for currency-linked structured products is set to continue into next year, according to market participants who have already posted strong sales this year.
BNP to target real-money sales in 2006
LONDON – BNP Paribas is to invest heavily in the real-money space early next year, as it looks to gain traction in an area where the bank has so far had limited presence.
Chaos and depreciation as Zimbabweforex trading system introduced
HARARE – The introduction of a more liberal and transparent forex market in Zimbabwe saw a three-fold drop in the value of the country’s currency and suspension of trading.
A strategy for yen appreciation
With faster economic growth, yen appreciation will happen. It is just a matter of timing, says Trevor Williams, chief economist at Lloyds TSB Financial Markets in London
SG CIB to white-label FX portal
LONDON – SG CIB is looking to boost the use of its single-bank portal with a series of white-label arrangements with banks it owns.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS signs second largest Chinese bank
BEIJING – EBS has made further inroads into the Chinese market by signing on China Construction Bank (CCB), the second largest state-owned bank in the country.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.
Consolidation continues in FX
NEW YORK – A further sign of the consolidation of the foreign exchange industry emerged last week, with a survey revealing that just under half of North America’s spot FX market is held among a handful of dealers.
The benefits of petro-dollar diversification
The latest data suggests that Opec members have not been recycling oil revenues into US assets. This implies that diversification is likely to start soon, putting the dollar under significant pressure, however the timing is still uncertain, says Ian…