Trading
Philippines SEC drafts FX reporting guidelines
PHILIPPINES -- The Philippines’ Securities and Exchange Commission (SEC) last week announced draft guidelines on the preparation of foreign currency-denominated financial statements for corporations in the country.
Currency option hedging for gold producers
Bill Nagl, Sydney-based head of ANZ Investment Bank’s consultative risk management group, looks at how Australian gold companies can hedge against a strong Aussie dollar
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
US pressure to bring ‘freer markets’
NEW YORK -- Active engagement between the US, China and other countries is leading towards freer markets, said John Taylor, treasury undersecretary for international affairs, last week.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
New fund taps computational trade models
MASSACHUSETTS -- US-based online futures commission merchant FX Solutions is set to launch a managed currency fund next week based on newly developed computational trading models, senior officials told FX Week .
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
COESfx takes SEB’s FX pricing
NEW YORK -- Electronic currency network COESfx will go live with FX prices from the London-based merchant banking division of Swedish bank SEB next month.
Dealers raise thousands for children’s charity
LONDON -- City dealers and New York institutions raised $240,000 for London-based charity Children in Crisis (CIC) on September 18 through the charity’s inaugural Dealing for Donation day.
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…
Deutsche merges Benelux FX
AMSTERDAM -- Deutsche Bank began a move to relocate its Benelux FX sales coverage to Amsterdam earlier this month, as part of its strategy to grow FX business across all client sectors, sources close to the bank told FX Week .
The post-G7 environment
The latest G7 communiqué seems dramatic compared with recent years, but it is logical and consistent over the longer term, says Simon Derrick (right), head of currency research at the Bank of New York in London
Total return analysis: currencies vs bonds
Establishing the risk and return characteristics of holding a currency position sometimes necessitates presenting a more formal economic interpretation of an FX transaction, says Robert Balan, head of financial market strategies at Saxo Bank in Copenhagen
IASB favours banks, says Treasury Association Group
LUXEMBOURG -- The International Accounting Standards Board (IASB) is favouring the demands of banks and insurance companies over the interests of corporations, the International Group of Treasury Associations (IGTA) said last week.
State St to launch FX fund in fourth quarter
LONDON -- State Street Global Advisors (SSgA), the investment management arm of State Street, is set to launch a currency fund in the fourth quarter as part of its newly created hedge fund strategies group, a senior official at the firm told FX Week .
China stands firm on peg
BEIJING -- China will continue to stand firm in the face of increasing international pressure to relax the yuan’s peg to the US dollar, analysts in the Asia-Pacific told FX Week .
Italians step up FX use
ROME -- Italian corporates have increased their derivatives use over the past 12 months as companies have honed their risk management skills to battle against currency volatility.
Central Europe sees shift in fortunes
BUDAPEST -- Economic fortunes have been changing in central Europe, possibly more so than markets have recognised, said FX strategists at Merrill Lynch.
Cashflow considerations in currency overlay
Active currency overlay can reduce the risk of adverse cashflow arising from a strategic hedge, say Andrew Davies, director of capital market research, and Damhnait Ni Chinneide, portfolio manager at Lee Overlay Partners in Dublin
Banks offer capital intro to hedge funds
LONDON -- Investment banks are stepping into a new role by offering a capital introduction service to hedge fund clients in order to increase their business with them, officials told FX Week .