Trading
Informa completes analysis integration
LONDON -- Informa Global Markets (IGM), the new analysis firm formed through the merger of MMS International and MCM, has completed the integration of its analysis teams.
CAI, CL chiefs share top posts
PARIS -- Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) executives will share the management of foreign exchange after the two banks’ merger on April 30, it emerged last week.
How to ride out the rising Aussie
The stellar rise of the Aussie doesn’t have to be bad news for Australian exporters. Wes Price, of ANZ Bank’s consultative risk management group in Melbourne, explains why
ACI reaffirms manager liability for fraud
LONDON -- Ultimate responsibility for misdemeanours on the trading floor rests with senior management, forex industry body ACI reminded market participants last week, in a letter prompted by recent reports of "alleged fraud or malpractice" in the…
More banks put money on research
LONDON -- ABN Amro and Barclays Capital are among the increasing number of banks putting money on their trade recommendations for FX. Both have allocated money to start trading on model portfolios this year, joining CSFB, Citigroup and JP Morgan Chase as…
Firms race for North American retail investors
NEW YORK -- Trading firms and exchanges are building FX products targeting the retail market, as retail investor interest in foreign exchange soars in North America.
EBS set to cut delays with direct data feed
LONDON -- Spot broker EBS will launch a new direct data feed today, February 2, which aims to cut delays in the distribution of its spot prices from third parties such as Bloomberg, Moneyline and Reuters.
FX group works on Fix 4.5
NEW YORK -- The Fix (Financial Information Exchange Protocol) FX working group is preparing an analysis of the requirements for applying the next version of the protocol to foreign exchange.
NAB ‘rogue trading’ dates from 2002
MELBOURNE -- Alleged rogue trading in forex options at National Australia Bank (NAB) had been going on for at least a year before the bank’s original estimate, an NAB official said last week, as the bank revised its final estimate for losses up to A$360…
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Using currency as an alpha source
The past three years have been disturbing for investors and managers. This investment climate is perfect for engaging in currency strategies to create alpha, say Paul Lambert, head of currency, and Mark Pursey, UK spokesperson at Deutsche Bank Asset…
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Mission impossible
Japanese FX intervention is increasing, but even unlimited funds would fail to stop appreciation, says Simon Derrick (right), head of currency research at the Bank of New York in London
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
Analysts mull expectations for Japan
TOKYO -- Analysts expect Japanese authorities to continue intervening in the currency markets this year, following the Ministry of Finance’s (MoF) record spend of ¥21 trillion ($198 billion) in 2003. However, the consensus view is that the MoF may…
