Trading
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.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
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
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
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…
JPMorgan rolls out EM carry-to-risk model
LONDON – JP Morgan has rolled out a model that analyses risk-adjusted returns on emerging market currency positions.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
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.
Look to NZ for opportunities
Geoff Kendrick, currency strategist at Westpac, is focusing on the New Zealand dollar (NZD) this week
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
Bullish dollar view pays off
Investors Bank & Trust tops the year-to-date one-month index after increasing its focus on economic fundamentals which led to a more bullish view on the dollar, said Tim Mazanec, senior FX strategist at the bank in Boston.
Waiting for a won u-turn
After the recent declaration that the Bank of Korea intends to employ a policy of currency diversification in its reserve holdings, the won performed strongly. Here, Bhanu Baweja, FX strategist at UBS in Singapore, looks at what could trigger a u-turn
Rabobank finds the winning formula in dollar correction
Rabobank tops both the one month and one month year-to-date forecasts this week after changing its dollar view at the end of last year, said Stuart Ritson, FX strategist at the bank in London.
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.