Risk management
Traders shift focus to recession
LONDON - Traders are reporting a slowdown in foreign exchange activity and a focus shift towards global recession fears as the market approaches year-end.
Bloomberg Tradebook back on track
NEW YORK - Bloomberg Tradebook is this week re-launching its foreign exchange electronic communications network after suffering up to eight weeks of outage as it sought to replace AIG as its central clearer.
Industry pushes to expand CLS coverage
LONDON - Panellists at the FX Week Europe Congress held in London last week applauded CLS for its role in alleviating settlement risk, but pushed for expansion to cover more counterparties, currencies and products.
UBS shines as CLS provider during turmoil
UBS took home the accolade for the best third-party CLS provider, in a year that has tested the model's basic premise.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Chicago's wind of change
Felix Shipkevich, general counsel at CMS Forex in New York, highlights the difficulties of applying similar regulations to retail foreign exchange and the exchange-based commodities and futures markets
Thomson adds Icap tick data
JERSEY CITY & LONDON - Interdealer broker Icap is making historical tick data for foreign exchange, fixed-income and interest rate products available through Thomson Reuters, in a bid to broaden its client base among algorithmic trading, valuation and…
Value managers come up trumps in October
LONDON - Currency managers using the value strategy are likely to have fared well in October, a month described as one of the most volatile in history, according to research by the Royal Bank of Scotland.
RBS sells e5m note linked to new FX Radar
LONDON - Royal Bank of Scotland (RBS) has sold its first structured product linked to the new FX Radar Index, an automated index linked to 20 emerging market currencies.
The need for speed
Irene Aldridge, quantitative portfolio manager and managing partner at Able Alpha Trading in New York, looks at what defines a good high-frequency system
AthenaTrader 4.2 features more FX tools
NEW YORK - Custom trading and testing software vendor Aegisoft will add new tools to the next release of AthenaTrader, aimed at giving the end user greater control of foreign exchange trades.
NFA in FX regulatory crackdown
CHICAGO - The National Futures Association (NFA) is proposing an overhaul of the regulations governing foreign exchange trading for members, in a bid to protect the interests of retail traders in the US.
Dealers urged towards aggressive pricing
SINGAPORE - Panellists at last week's FX Week Asia Congress said dealers should use the turbulent market conditions to gain market share through aggressive pricing as competitors price spreads wider.
The confusion over central clearing
Over the past month, the concept of central counterparty (CCP) clearing has taken centre stage, as concerns over counterparty risk consume the market in the aftermath of the collapse of Lehman Brothers in September.
Wall St Systems launches ESN
LONDON & PARIS - Wall Street Systems is in discussion with a Tier II and two Tier III US banks for use of its pay-as-you-go post-trade processing utility, Electronic Settlement Network (ESN).
Central bank turns broker
ISTANBUL - The Central Bank of the Republic of Turkey (CBRT) has stepped in to broker interbank foreign exchange trades, in a bid to quell fears over counterparty risk in the local FX market.
Japan traders dump short yen positions
TOKYO - Japanese retail foreign exchange margin traders abandoned $16 billion worth of short yen positions within days last week, in a scramble to limit losses from unwinding carry trades.
Strike while the iron is hot
Pete Luxton, economic adviser, and Shant Movsesian, manager, foreign exchange options, at Informa Global Markets in London suggest a basket strategy to play euro weakness
JSE trades first $20m options contract
JOHANNESBURG - The Johannesburg Stock Exchange (JSE) has traded its first currency options contract with a notional value of $20 million.
Korea delays liberalisation
SEOUL - South Korea's Ministry of Strategy and Finance is considering delaying the liberalisation of the country's foreign exchange market, due to current global market volatility.