Trading
The American double-accrual forward
With expected further euro appreciation, EUR/USD forwards are trading at a premium. Here, Anna Leung, head of corporate treasury marketing at HSBC, shows a way to get access to future hedging at a lower cost
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
Cautious corporate approach to IAS 39
LONDON -- Corporates will look to use less complicated products because of the IAS 39 hedge accounting rules, as some believe it could signal significant changes in risk management strategies, according to Georgette Bailey, director, strategic solutions…
Refco relaunches e-platform
NEW YORK -- Refco Group, the New York-based brokerage, has updated its e-FX trading platform.
Dollar recovery set to continue
Dollar recovery is likely to continue this week as short-covering and profit-taking extend further, according to Mitul Kotecha, global head of FX research at Calyon, London
Dresdner joins cutting queue
FRANKFURT/NEW YORK – The future for FX staff at Dresdner Kleinwort Wasserstein (DrKW) looks bleak as the bank makes major job cuts on a global scale.
CLS below half of FX activity
LONDON – CLS lacks traction outside the major banks and still accounts for far less than half of all FX transactions, according to a report by the Bank of England published this week.
Conservative approach to further dollar weakness
A one-year 'leveraged ratchet forward' may help hedgers looking for a conservative strategy who are expecting a lower EUR/USD next year, say Eric Ohayon, European head of FX structuring, and Chris Weiss, FX structurer, at Bank of America in London
EBS signs up more prime banks
LONDON – EBS has signed agreements with nine more institutions enabling them to become prime banks, bringing the total to 16. The new banks on EBS Prime are: ABN Amro, AIG, Bank of America, Bear Stearns, Citigroup, Credit Suisse, UBS, Lehman Brothers and…
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.
Dollar weakening underestimated
A view that the Japanese authorities would intervene to protect the level of the dollar led much of the market to underestimate the extent to which the greenback would weaken against the unit, according to Ray Attrill, director of research at 4Cast. The…
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Dollar/won move boosts options market activity
HONG KONG -- Volumes in the forex options markets have surged off the back of the rapid move in the dollar/won over recent weeks, say analysts.
UK's Hargreaves Lansdown launches onto forex market
BRISTOL -- A leading UK stockbroker and financial advice firm is to launch into the FX market, offering its 500,000 customers access to Saxo Bank's rates.
BTM lead in Japanese forex slipping
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) remains the top Japanese foreign exchange house in the country, with revenues for the first half of the Japanese fiscal year ending September 30 totalling ¥36.1 billion.
Soft knock-in knock-out forward
The soft knock-in knock-out forward presents a new way to look at knock-ins and knock-outs, taking away the negative impact of untimely barrier events says Enrico Ferrante, senior structurer at Calyon in Paris
Swissie sways FX sentiment
While the euro/dollar pair has continued to grab the headlines over the past month for its unpredictability, it is the Swiss franc/greenback pairing that has caused forecasters the most difficulties.
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Dollar to plummet further in 2005
Continued dollar weakness in 2005 will fuel European and Japanese currency strength and damage export demand, according to Tony Norfield, ABN Amro's global head of FX strategy in London
Intervention will not halt dollar weakness
SEOUL – The dollar's dive against Asian currencies to record lows is unlikely to be halted by large-scale intervention, according to analysts.
Will Asia dump the dollar?
The possibility of a dollar collapse must be taken seriously. The US's benign neglect is increasingly untenable, says Tim Clayton, analyst at market analysis firm Investica in London
Euro role grows, says ECB
The euro is increasingly being used as an international currency and its place in the global markets is becoming ever more important, a European Central Bank (ECB) official told delegates at the FX Week congress in London last week.