Trading
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Intervention going out of fashion
Paul Meggyesi, vice-president, global currency strategist at JP Morgan Chase, points to a decreasing willingness for Asian central banks to intervene as a reason to expect further dollar weakening
Gain ahead of the pack in 2004
Gain Capital topped the ranking for both one-month and three for 2004. Mark Galant, chief executive of the FX services provider, puts this success down to a combination of knowledge acquired from many years spent at banks and the ability to benefit from…
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
Towards risk-free emerging markets investment
Pete Eggleston, head of quantative solutions at Royal Bank of Scotland (RBS), outlines a way of benefiting from the high yields associated with emerging market investing while controlling the inherent risk
Turkish delight in strength of lira
ISTANBUL – The run-up to the introduction of the new Turkish lira (NTL) has coincided with a strong growth in the unit.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Review of 2004 - April: Banks draw EU25 battle plans
LONDON & FRANKFURT – Euro convergence may still be years away for the 10 new member states joining the European Union (EU), but far-sighted banks and brokers were already drawing up their FX battle plans for the new Europe in April. Deutsche Bank, HSBC,…
Review of 2004 - November: Forex liquidity crisis looms
LONDON – UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress.
Banks lose on FX in fourth quarter
NEW YORK – Two North American banks reported fourth-quarter drops in profit in forex last month.
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Review of 2004 - September: Reuters widens FX access
LONDON – Reuters announced that fund managers, corporates and mid-tier banks would soon get access to the firm’s interbank FX rates for the first time. The firm announced it would take spot dealing prices from its Matching service, used by 7,000 users at…
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - February: RBS and Deutsche lead the way
FRANKFURT AND LONDON – February was a good month for Royal Bank of Scotland (RBS) and Deutsche Bank with both reporting figures showing that they were gaining on their rivals.
Euro gains status as reserve
FRANFURT – Buying by some of Eastern Europe’s and Africa’s central banks is buoying the euro as the central bankers come to the realisation the currency is here to stay, according to a leading forex fund manager.
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
Dollar’s fall catches out FX rate forecasters over three months
The extent to which the market has been surprised by the extent of the dollar’s fall over the last quarter is demonstrated by the FX Week three-month forecasts. Three forecasters saw a divergence of more than 13% from the actual spot rate on euro/dollar…
Asian currencies resilient
HONG KONG – Asia’s currencies have proved resilient after the devastation caused by the earthquake and tsunami disaster that struck the region last week, said analysts.