Trading
US investment banks’ revenues soar on back of investor demand
NEW YORK -- Strong investor demand is driving US investment banks’ fixed-income and forex revenues sky-high, according to first-half results released last week.
Brazilian real rally set to come to an end
SAO PAULO -- The Brazilian real strengthened after the US Federal Reserve’s decision to cut interest rates on Wednesday (June 25), but was back on the defensive over Brazil’s debt and is likely to remain on the back foot.
Multi-choice options for eurozone exporters
The multi-choice strategy forward option can offer flexibility to a euro-denominated exporting company looking to hedge its long-term dollar exposures, says Roman Stauss, head of FX product development at Commerzbank Securities in London
Rabo loses global FX head
LONDON -- Dutch Bank Rabobank is currently without a global head of foreign exchange following the departure of Gary Kaye from the London office last Monday (June 16), a spokesperson for the bank in Utrecht told FX Week .
Is the dollar bouncing back?
The US dollar may have been mired in decline in recent months, but a recovery could be on the cards sooner than expected, says Tony Norfield, global head of FX strategy at ABN Amro in London
Politics mars eastern European FX process
BUDAPEST -- Political interference in Hungary’s monetary policy decisions could ultimately damage regional currencies and derail the accession process to the eurozone, analysts told FX Week .
No change likely for ringgit/dollar peg
KUALA LUMPAR -- The Malaysian ringgit’s (MYR) peg to the US dollar is likely to remain in place, analysts in Asia told FX Week , despite mounting speculation last week that it may be relaxed ahead of Malaysian prime minister Mahathir Mohamad’s retirement…
SG launches first UK currency warrants
LONDON -- SG, the investment banking arm of Société Générale, has issued the first currency warrants in the UK. This follows the release of warrants linked to oil, gold and house price moves by Goldman Sachs, SG’s biggest rival in this area.
BBA launches new Libor fixings
LONDON -- The British Bankers’ Association (BBA) added two new currencies to its Libor (London Interbank Overnight Rate) fixings last week.
Investors boost forex fund returns
NEW YORK -- Market trends and a surge in interest from investors is creating a bumper year for investment managers specialising in FX.
Top three make biggest gains
LONDON -- FX traders are used to hearing about the growing dominance of the top five or 10 banks in foreign exchange. But according to FX Week ’s exclusive yearly round-up of banks’ forex revenues, the process of consolidation is accelerating much more…
Top three make biggest gains
LONDON -- FX traders are used to hearing about the growing dominance of the top five or 10 banks in foreign exchange. But according to FX Week ’s exclusive yearly round-up of banks’ forex revenues, the process of consolidation is accelerating much more…
Banks counter IAS39 threat
LONDON -- Banks are developing new structuring models for corporate clients to ensure the IAS39 accounting standards do not result in a reduction of complex FX hedging activity.
Reduced capital requirements boost brokerage prospects in Hong Kong
HONG KONG -- Companies offering leveraged forex brokerage services in Hong Kong should brace themselves for an influx of competition. New players are being enticed into the market by reduced capital requirements for firms wishing to offer leveraged…
US dealers revise op risk standards
NEW YORK -- The Foreign Exchange Committee, a 20-dealer industry liaison group to the New York Federal Reserve Bank, has made new recommendations for the exercise of in-the-money FX options in a revision of its 1996 forex op risk best practices document…
Euro pauses for breath as risk appetite wanes
LONDON -- FX traders had a chance to regroup last week following months of volatile dollar declines and new highs for the euro.
GFI targets corporates for options pricing
LONDON -- New York-based interdealer broker GFI Group today (June 16) launches a new online FX option pricing service targeting corporate firms and lower-volume FX users.
Reduced capital requirements boost brokerage prospects in Hong Kong
HONG KONG -- Companies offering leveraged forex brokerage services in Hong Kong should brace themselves for an influx of competition. New players are being enticed into the market by reduced capital requirements for firms wishing to offer leveraged…
UK top tier to survive euro
LONDON -- The UK government outlined its view on euro entry last week, but the potential death of the sterling market would be unlikely to dent the top UK banks in FX.
Cheap volatility brings yen opportunities
Japanese economic growth has outstripped many western economies over the past year, and the next currency breakout in the FX markets could be yen strength. Alex Schumann and Trevor Nathan, of Commonwealth Bank of Australia in Sydney, show how investors…
New Europe's FX trials
The convergence process of accession countries has been put into question. Currencies of those countries, and the Hungarian forint in particular, are likely to continue to be under pressure, say Mehmet Simsek (right) and Yianos Kontopoulos, FX…
Analysts play down yuan revaluation talk
SHANGHAI -- Despite speculation that China may revalue its yuan currency, analysts polled by FX Week said an imminent change in the currency's peg is unlikely.