Trading
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.
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