Trading
Banks draw EU25 battle plans
LONDON – Euro convergence may yet be years away for the 10 new member states joining the European Union (EU) this weekend, but far-sighted banks and brokers are already drawing up their FX battle plans for the new Europe.
RBI under scrutiny as rupee rises
A recent surge in the rupee is prompting debate about the Reserve Bank of India’s (RBI) forex policy, says Peter Redward at Deutsche Bank in Singapore
How to slash currency conversion rates
A Dual Currency Accumulator Note enables investors to convert currencies at a better rate than would be available in the cash market, writes Andy Kaufmann, head of FX structured products, EMEA, at Merrill Lynch
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
Time is right for early barrier forwards
The high level of volatility in the market makes this an opportune time for corporates to use early barrier forwards to hedge cable risk, says Barclays Capital’s senior FX structurer in London, James Edwards
Ex-MMS analysts set up new research firm
NEW YORK -- A group of former MMS analysis staff are launching a new real-time advisory service today (April 19) for FX, fixed income and economic news.
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
FX profits soar as funds up risk
NEW YORK -- Citigroup and State Street both reported surges in Q1 FX revenue last week on the back of increased activity from fund managers, senior officials told FX Week .
Russia shifts focus from dollar to euro
MOSCOW -- The move by Russia’s Central Bank (CBR) to manage the rouble against both the euro and dollar is a step towards the free floating of the currency, but will lead to increased volatility against the US dollar, analysts said last week.
MAS move could pre-empt peg changes
SINGAPORE -- The Monetary Authority of Singapore’s surprise move last week towards a "policy of modest and gradual appreciation" for the Singapore dollar may be a pre-emptive move to counter Asian peg revaluations.
Cashing in on Asia
Asian FX offers abundant opportunities to make money over the next few months. Mike Newton (right), regional FX strategist, HSBC global markets in Hong Kong, suggests potential trade ideas to make the most of the markets
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
The average rate fadeout forward
An average rate fadeout forward may help a European corporate lock in protection on its US earnings, says Federico Gilly, executive director, FX strategies at Goldman Sachs in London
Greenwich reports e-FX divide
NEW YORK -- A sharp divide exists between active e-FX clients and those that do not trade FX online, according to new research out this week.
Mid-tier clients pile into rupee options
MUMBAI -- FX options use in India is extending to more mid-market customers, nine months on from the liberalisation of rupee options, local market participants told FX Week .
Polish brokers struggle with new regulations
WARSAW -- Foreign exchange brokers in Poland are set to be in breach of forex law as a result of changes required before Poland accedes to the European Union next month. From May 1, all firms offering any foreign exchange trading services, across spot,…
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
FX hedge funds lure UK govt pensions
MOLD, FLINTSHIRE -- Flintshire County Council in the UK, which leads the £550 million ($1 billion) Clwyd Pension Fund, has become the first local government authority to convert to currency hedge funds.
Japan: on the move
Japan’s economic rebound looks more and more like the long-awaited self-sustaining recovery that would put an end to the post-bubble era. But there are still big risks, says Anne Mills, head of foreign exchange research at Brown Brothers Harriman in New…