Trading
Hong Leong Bank deploys BT voice-trading technology
Hong Leong Bank has implemented BT's ITS.Netrix voice-trading technology at its Kuala Lumpur dealing room.
Global FX sales reorg at Deutsche
LONDON & NEW YORK – Deutsche Bank has made changes to senior management in its global FX sales team following the retirement of global head of FX sales Dan Almeida last month.
The technology to succeed
In-house technology will drive volumes and profit, says Charles Marston, chief executive officer at Calypso in San Francisco
Heading for the final USD selling opportunity
Hans-Guenther Redeker, global head of FX strategy at BNP Paribas in London, suggests a way to take advantage of the prospect of near-term dollar strength to protect against the likelihood of longer-term USD weakness.
Asian currencies at risk from oil surge
JAKARTA – Asian currencies have taken a hit from surging oil prices, which remained above $60 last week despite falling off record levels set earlier this month.
UK banks storm ahead in forex
LONDON – UK banks are storming ahead in FX, with a strong set of results reported for the first half of the year.
The greenback correction
Rabobank has maintained its consistent position at the top of the year-to-date one month forecast by anticipating the greenback's correction that began in early June, said Jeremy Stretch senior market strategist at the Dutch Bank in London.
ACM expands in Middle East
DUBAI – ACM-Refco, the online currency and metal trading firm, has opened a representative sales office in Dubai, United Arab Emirates.
Voting underway for Best Banks Awards
LONDON – Voting for the FX Week Best Banks Awards 2005 got underway last week, with more than 300 votes already having been cast.
China announces reference basket
BEIJING – The People's Bank of China (PBoC) has announced the four currencies that will act as a basket against which the renminbi (RMB) will be pegged.
The relative merits of zero-premium structures
Zero-premium structures can do a better job as a hedge than a vanilla instrument, when the full cost of insurance is paid. By Kenrick Ramlochan, director, FX analytics and risk advisory at ABN Amro in London
Keeping current at Currenex
In the second in a series of interbank profiles, FX Week looks at the prospects of Currenex
Broker consolidation in the spotlight
LONDON – Consolidation of the broking industry is looming large again, with the unexpected announcement by Collins Stewart Tullett (CST) last week that it had received a number of bids for the company.
PBoC liberalises derivatives market
BEIJING – The People's Bank of China (PBoC) has issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market. Meanwhile, non-bank companies such as insurance firms and asset managers can also apply…
Equity culture postpones dollar rally
Stephen Jen, head of currency research at Morgan Stanley in London, explains why he continues to expect strength in the greenback
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
Fighting chance for new player
In the first of a series of profiles of the multi-bank portals, FX Week analyses the strengths and weaknesses of the players in this crowded market-place. This week: Lava FX
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
BoE rate cut: about time too!
Alan Clarke, UK economist at BNP Paribas in London, predicts that last week's cut is unlikely to spark a wave of rate cuts by the Bank of England
The tip of the eFX iceberg
GREENWICH, CT – Electronic FX volumes could hit a new wave of growth if the banks behind spot broker EBS' buy-side initiative stay committed, according to research by Greenwich Associates.
The longer-term picture
Top-ranking forecasters get their feel for the direction of currencies from varying market indicators.
Diversification needed for Asian central banks
TOKYO – As much as $450–$500 billion may have to be shifted from dollars to yen and euros if Asian central banks are to avoid big yearly losses, said Thomas Stolper, global market economist at Goldman Sachs in London.