Trading
ABN Amro’s new strategy products
SINGAPORE -- ABN Amro launched a new global FX research publication in Singapore last week.
NFA suspends California FX firm
CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.
‘Extendible forward plus strategy’ for corporates with sterling exposures
Barclays Capital’s senior FX structurer, Ben McMillan, suggests an ‘extendible forward plus’ strategy to enable a corporate with a stream of sterling receipts to lock in an enhanced minimum cable rate but participate in any further moves to the upside
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Hantec’s online platform turns Japanese
HONG KONG -- Hong Kong trading firm Hantec International has gone live with a Japanese version of its online FX brokerage platform. "It’s very important for people to be able to use the platform in their native language," said Nelson Ho, project co…
Forex TV live with Saxo and MNI content
NEW YORK -- Forex Television, a joint venture between RDC Bancorp and eTV-Media, has integrated automated FX news and analysis feeds from Saxo Bank in Copenhagen and Market News International (MNI) in New York, officials at eTV-Media told FX Week .
CMC expects major growth in Asia-Pacific FX business
SYDNEY -- Online foreign exchange service provider Currency Management Corporation (CMC) expects to double the number of customers for its FX trading services in the Asia-Pacific by June 2004, according to a senior official at the firm.
MoF/BoJ re-enter FX market
The continuing weak economy and the growth differential between the US and Japan will become more pronounced over the course of this month, allowing the dollar/yen to regain the 115 level, say FX strategists Lauren Germain (right) and Uwe Parpart at Bank…
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