Trading
Changes afoot at Merrill Lynch
NEW YORK -- A major restructuring of Merrill Lynch’s FX management is underway, according to sources close to the bank in New York.
Deutsche closing gap on Citi?
FRANKFURT -- Deutsche Bank could be about to close the forex-earnings gap with rival Citigroup, if FX figures match the 33% dollar-terms improvement in its debt group, announced last week.
Accrual strategy counters euro/dollar vol
The next phase of dollar weakness is unlikely to be as monotonous as the previous one. Dollar sellers should therefore use an accrual strategy to exploit market volatility, says Bart Wong, senior FX structurer at Barclays Capital in London
Banks hire for Euro corporates
LONDON -- BNP Paribas, Deutsche Bank SEB and SG Corporate & Investment Bank are among the banks building European corporate FX sales teams, as clients step-up activity in response to volatile markets.
End of the line for euro/dollar ascent?
The market may push euro/dollar higher to challenge the European Central Bank’s resolve, but economic fundamentals are stacking up against the euro, says Stephen Jen, currency economist at Morgan Stanley in London
Thai baht flies high despite bird flu
BANGKOK -- Market participants remain bullish on the outlook for the Thai baht, despite the outbreak of avian influenza that has hit Thailand and other parts of Asia in recent weeks.
New accounting rules put focus on training
LONDON -- New accounting regulations and recent instances of suspected fraud in the forex markets should make training financial markets staff a top priority, said officials at online training firm Intuition in London.
Saxo’s FX volume growth builds profits
COPENHAGEN -- Saxo Bank had its most active trading month ever in January, with over $93 billion worth of forex trading on its platform, officials said last week. The volumes represent an increase of over 200% since January 2003, when volumes were $28.5…
Sterling -- a call for calm
The market has got so excited about sterling it has failed to recognise underlying economic problems in the UK. These problems will see sterling disappoint many in 2004, say David Bloom (left) and Mark Austin, currency strategists at HSBC in London
Rand-weakening options running dry
LONDON -- The recent weakening of the South African rand, which dropped from 6.3128 on January 5 to 7.0649 on January 30, may be hard to sustain, as the authorities run out of options to force the currency lower, analysts warned last week.
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.