Trading
Correlation key for forex returns
For greater returns in the FX markets, investors should examine the correlations between different currency pairings, says Peter Luxton, economic adviser at MMS International
FX markets shrug off Kenya attacks
LONDON -- There was muted reaction in the FX markets to last week’s terrorist attacks in Kenya.
North Korea shuns dollar, welcomes euro
PYONGYANG -- North Korea is to ban the use of US dollars from the start of December in retaliation for the US decision to freeze oil exports to the communist nation.
Unusual suspects boosted by the return of rate differentials
LONDON -- Interest rate differentials are making a comeback as a driving force in foreign exchange, as currencies backed by high interest rates continue to strengthen.
FI and forex down at UBSWarburg
ZURICH -- UBS Warburg reported a downturn in its third-quarter earnings for fixed income and forex.
Dealers cautious on bonus expectations
LONDON -- FX dealers are expecting moderate payouts this year, as the bonus season kicks off with payout announcements from the US investment banks this month.
Saxo takes fund management online
COPENHAGEN -- Danish investment bank Saxo Bank last week launched an online currency fund. Real-time market data, lower outlay and transparency of the fund’s management will enable more institutional and private investors to participate in the forex…
New market, new risks
LONDON -- The structure of the FX market is developing at a rapid pace, said Paul Fisher, head of the Bank of England’s FX division. That brings new opportunities -- but also new risks, Fisher told delegates at FX Week’s inaugural congress held in London…
CLS may affect credit lines
LONDON -- The new settlement service for forex, Continuous Linked Settlement (CLS) could reduce the importance of credit lines in forex, delegates at the inaugural FX Week Congress heard last week.
eB2C relationships prosper
LONDON -- Bank-to-client relationships remain vital despite the march of electronic trading in forex, heard delegates at the inaugural FX Week Congress last week.
China equity reform to boost future FX
BEIJING -- China is set to introduce landmark equity market reforms next month, heralding another step on the road to forex liberalisation.
CURRENCY SPOTLIGHT - Sterling strong for now
Sterling should remain supported by favourable fundamental and structural factors, but it is vulnerable to fluctuations in investor risk appetite, says Prebon Yamane’s Lena Komileva
Cross-products find their feet
LONDON -- Cross-product trading is no longer just a "mantra" chanted by sell-side bankers, said Matt Desselberger, managing director, corporate structured products group at Deutsche Bank in London.
Online FX: a revolution in the making
Corporates and institutions have embraced the idea. Now, the market will judge which platform best serves their needs, says Stephen Smit, managing director, Global Link, Europe
WestAM launches currency hedge fund
LONDON -- WestAM, the e38 billion asset management arm of German bank West LB, has launched a currency and fixed-income hedge fund.
BEST "BANKS SURVEY" 2002 -- DERIVATIVES
Citigroup, Deutsche Bank and UBS Warburg still reign in FX derivatives
Reuters reasserts forex dominance
UK trading technology and information firm Reuters may be having a difficult year, but its forex business is booming, according to FX Week ’s 2002 survey.
Dollar finds its wings
The eurozone’s short-term advantage over the dollar has peaked. Citigroup, winner of FX Week ’s Best Bank in Research & Strategy Award, remains bullish on the US unit, says Robert Sinche, global head of FX research at Citigroup in New York
Top five dealers close ranks
Shrinking market rewards top players in biggest ever forex survey
French push for ECB reform
PARIS -- A French economic think tank has urged European authorities to reform the European Central Bank (ECB) ahead of the enlargement of the European Union and the eurozone.
Aussie funds shun overlay
SYDNEY -- Australian superannuation funds’ use of currency overlay has declined, according to a report made public last week.
Malaysian central banker addresses forex market
KUALA LUMPUR -- The governor of the Central Bank of Malaysia last week told forex dealers the concept of a single Asian currency was unlikely in the immediate future. But, "this does not preclude greater co-operation on exchange rate issues and other…
AIG joins CLS as new shareholder
LONDON -- American International Group (AIG) has become a shareholder of CLS Group Holdings, the holding company for Continuous Linked Settlement (CLS), the firm announced last week.
Asian banks reinvent treasury
KUALA LUMPUR -- Banks in Asia are reinventing their treasury departments to become more customer-centric, with increasingly sophisticated products, heard delegates at the forex industry congress in Kuala Lumpur.