Trading
Mixed reaction to EBS Prime initiative
LONDON – Interbank trading platform EBS' foray into the investor community is being taken up with varying degrees of enthusiasm by member banks.
New investors spur 2004 forex growth
GREENWICH, CONNECTICUT – An increase in FX trade by almost a quarter last year was largely driven by a new class of professional FX investors.
When size matters
Political risk is not a factor sterling has had to contend with recently, but the UK's general election on May 5 might see this change, says Daragh Maher, senior currency strategist at Calyon in London
CLS set to expand remit
LONDON – CLS could substantially increase its remit with the introduction of a matching and netting facility for non-eligible currencies and settlement of options, non-deliverable forwards, futures and credit derivatives.
Lloyds wins out on dollar decline
Lloyds TSB tops the 12-month ranking again as it maintains its view that the dollar will continue to decline given the US deficit situation.
What is the fate of the greenback?
Corporates need to be aware of the likely fate of the dollar. Simon Miles (below), head of dealing at London-based foreign exchange brokerage CorporateFX, points to economic policies leading to another bubble, and says the authorities need to do more to…
Reasons for rand depreciation
Tania Kotsos, senior emerging markets strategist at RBC, highlights the reasons why the South African rand should weaken over the next 12–18 months
Ruble and NOK benefit from high oil price
OSLO – The strong oil price has led to strength in currencies such as the Norwegian krone and the Russian ruble, as exporting nations benefit from strong revenue flows.
Options traders top pay bracket
LONDON – UK forex options dealers raked in the largest pay packets this year, with total packages averaging more than £500,000, according to a survey by City-based executive search firm, Napier Scott.
Departures hit Deutsche Bank
LONDON & FRANKFURT – Deutsche Bank has been hit by a series of departures across FX departments in recent weeks.
Behind the dollar rebound
MG Financial tops this week's three-month YTD forecast by looking for dollar-corrective moves, said Ashraf Laidi, chief currency analyst at MG Financial in New York.
BarCap forecasts mid-year RMB peg change
BEIJING – Barclays Capital is forecasting a mid-year change to the renminbi (RMB) peg, the bank announced at its global FX conference in the Chinese capital last Friday.
Korean banks report mixed FX results
SEOUL – Korean banks reported strong revenues from their FX business in 2004, with one bank seeing a rise of more than 40%.
Hires hitting the peak season
NEW YORK/ HONG KONG/ LONDON – The pace of foreign exchange hires is picking up, as banks hurry to recruit following the end of the bonus season and a cut-off from some institutions, according to headhunters.
CME signs SuperDerivatives deal
NEW YORK – Chicago Mercantile Exchange (CME) has linked with SuperDerivatives to provide transparency in its European-style options.
Deutsche offers sharia FX product
MANAMA, BAHRAIN – Deutsche Bank has structured what it claims to be the first FX hedge to be compliant under sharia law.
INR – everything is relative
The INR’s over-extended valuation against the Reserve Bank of India’s REER implicit policy anchor continues. This over-extension is looking anomalous against the continued backdrop of Asian FX selling. Claudio Piron, Asian FX strategist at JP Morgan in…
Rabobank’s bullish dollar view pays dividends
Rabobank came top of the three-month forecast thanks to a bullish view on the dollar. The Dutch bank posted a forecast of 1.28 for the euro/dollar pair, slightly below the actual rate of 1.2923. Only one other bank forecast the greenback to be stronger…
Commission-free CME FX futures trading from CMC
NEW YORK – CMC Group, online foreign exchange service provider, has launched trading in Chicago Mercantile Exchange’s (CME) currency futures, commission free.
Best execution: not just price, but what else?
Process and practice should both be given serious attention before agreement can be reached on best execution in FX. By Chip Lowry (right), MD, Global Link Europe
Final chapter in NAB scandal begins
MELBOURNE – The former head of National Australia Bank’s foreign currency options desk is facing up to five years imprisonment for his part in the A$360 million rogue trading scandal that shook the bank last year.
EM currency volatility to continue
CENTRAL EUROPE – Volatility in emerging market FX has surged as market participants gauge the impact of improving US fundamentals, which resulted in a 25 basis point rate hike last week, according to analysts.