Trading
Cutting the cost of dollar calls
With the USD having hit its lowest levels since the first half of January, Steven Englander, chief FX strategist for the Americas at Barclays Capital, suggests a cost-effective way to position for a dollar rebound
European banks get boost in Q4
ZURICH -- European banks were back in the black by the end of 2004 after tough market conditions in the third quarter brought about dire results for foreign exchange.
Asia to set up Bellagio Group
BANGKOK -- Asian nations are looking to set up a group that will bring greater regional co-operation.
China prepares for currency flexibilit
HONG KONG -- Chinese authorities are making further preparations towards a more flexible currency with new rules aimed at minimising an appreciation in the renminbi, say analysts.
CFTC shuts down forex boiler operation
WASHINGTON, DC -- US authorities have frozen the assets of six firms and arrested four of their employees after the Commodity Futures Trading Commission (CFTC) charged them with fraud last week.
Deutsche quits EBS Prime
LONDON -- Deutsche Bank is pulling out of EBS Prime due to a lack of economic benefit it has seen from being on the platform.
Making the most of fresh yen strength
A fresh bout of yen strength may be imminent. Simon Derrick, head of Bank of New York’s currency strategy team, describes a simple, low-cost strategy for currency overlay managers looking to take advantage of the latest moves
Legal standards for FX prime brokers
NEW YORK -- Legal standards for documentation between foreign exchange prime brokers and their dealers will be introduced next month.
Reuters & Bloomberg target buy side
NEW YORK -- Bloomberg and Reuters are going head to head in a bid to target the burgeoning buy-side market, with forex transactional capabilities being launched by both global information providers.
Dollar rebound won’t last
Less support for US currency as year goes on, says Jeff Young, head of FX strategy at Citigroup in New York
Correction forecasting wins out
Danske Bank’s rise to the top of the one month year-to-date rankings follows a revision of its forecasts in late 2004, said Niels From, senior FX strategist at the bank in Copenhagen.
Aussies loosen FX regulations
SYDNEY -- Australian authorities have amended regulations to make it easier for foreign exchange businesses to operate in the country. The Australian Securities and Investments Commission (Asic) has extended the scope of those exempt from holding an…
Multibank platforms ‘to consolidate’
LONDON -- The multibank platform space is set for further rationalisation following the demise of Centradia, according to market participants.
Regional FX investments take off
LONDON -- Sales of investments linked to baskets of regional currencies have taken off as investors search for yields from broad macro themes in Asia and central Europe.
HVB climbs through the ranks
HypoVereinsbank (HVB) has steadily climbed the rankings since the start of 2005 to top the one-month ranking.
AUD/USD hedge for an uncertain outlook
With an uncertain short-term prognosis for the AUD/USD, Sara Sullivan, senior manager, financial engineering at ANZ Bank in London, explains a structure that offers downside protection against a stronger Aussie while allowing unlimited upside potential…
Expect nasty surprises
Michael Klawitter, senior currency strategist for West LB, believes the US current account deficit will remain a problem
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
CME adds European execution
CHICAGO -- The Chicago Mercantile Exchange (CME) will introduce euro FX and yen options contracts with European-style expiration on its electronic platform Globex in April.
CFTC cracks down on forex brokers
FLORIDA -- Rogue FX operators faced heavy penalties last week following action from the Commodity Futures Trading Commission (CFTC), with two firms -- World-Wide Currency Services and Intertrade Forex -- handed large fines.
Further departures at Morgan Stanley
LONDON -- Morgan Stanley’s recent FX staff exodus continued with the departure of another two in sales following two leavers last week.
More options for hedge funds
Options give hedge fund managers a tool to manage spot currency trades outside of leaving simple orders in the market. Jeff Cooper (right), vice-president responsible for sales and structuring of FX options at Bank of Montreal in Toronto, explores this…
Asian ERM debate returns to the fore
HONG KONG -- Calls for an Asian currency regime mirroring the European exchange rate mechanism (ERM) are coming to the fore, as the region’s authorities face mounting pressure to alter their exchange rate policies.
JP Morgan takes winning view
JP Morgan has shot to the top of the three-month forecasts following a different focus on the dollar, according to John Normand, FX strategist at JP Morgan in London.