Trading

SG CIB rolls out cross-asset research

PARIS – Société Générale Corporate & Investment Banking (SG CIB) has introduced cross-asset research to meet demand for information resulting from the increased correlation and interaction between asset classes from investors.

Saxo loyal to bearish view

Saxo Bank tops the three-month index for the fourth consecutive week, thanks to its continued bearish dollar outlook, said John Hardy, FX strategist at Saxo in Copenhagen.

Volkswagen hit by strong euro

WOLFSBURG – Volkswagen (VW) took an e800 million exchange rate hit to operating profits in 2004, with US sales dealt a significant blow from the strong euro.

Fade-out zero-cost collar for hedgers

Since the beginning of the year, we have witnessed a EUR/USD spot consolidation below 1.37. Also, the last move from 1.2700 took EUR-USD up to the middle of the range 1.27 / 1.37. Many USD buyers are therefore looking to zero-cost collars, one of the…

Asia shies away from dollar bloc

Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.

EBS opens to investor community

LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.

Buy-side access to hit banks

NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.

Norway looks to higher prices

The Norwegian government is pursuing policies to drive prices higher while expressing a desire for a weaker currency, says Neil Mellor, currency strategist at Bank of New York in London

Saxo Bank’s profits soar

COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.

Avecia uses RBSFiX for huge deal

MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).

HSBC posts strong year for forex

LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.

Room for all providers

Contrary to much opinion in the market, Mark Warms, global sales and marketing director at FXall, says there is space in the market for all liquidity providers. He argues that hedge funds present an opportunity for the FX community

Lebanese pound under pressure

BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.

A broader view than the yuan

While much attention is focused on a likely shift in the value of China’s currency, Ashish Advani (right), director of risk solutions at Travelex in Toronto, points to a way of hedging against the more imminent risk of free-floating Asian currency…

Apax acquires Travelex

LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.

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