Day: 26 September 2005

Japan’s FSA Wants Regulatory Improvement from Philippine Bank

Japan’s Financial Services Agency has punished the Tokyo branch of the Philippine National Bank (PNB) for unlawful operations including engaging in unauthorised activities associated with overseas remittances and foreign exchange businesses for Philippine nationals in the country. The FSA has issued a Business Improvement Order to PNB seeking improvements in internal controls for compliance of […]

Most Australian Pension Funds Hedge FX Exposures

More than 80% of major Australian pension (superannuation) funds use currency overlay programs, with more than 40% being in active programs, according to the National Australia Bank (NAB) second Australian Superannuation FX Survey. The survey found that 92% of pension funds hedged FX risks in their holdings of international bonds, with a hedge benchmark of […]

StanChart Becomes EBS Prime Bank

Standard Chartered says it is extending its role in global FX by becoming an EBS Prime Bank. The bank already has an established reputation and presence in emerging markets, particularly in Asia, Middle East and Africa, and recently also completed the acquisition of Korea First Bank.The bank actively trades in more than 100 currencies, providing […]

ING Vysya Hires to Boost Cross Border Flows

India’s ING Vysya Bank has hired Janak Desai as country head of financial markets. He will be responsible for all financial markets activities, including the sales and trading of foreign exchange, fixed income and derivative products. The bank says his is a key hire for its wholesale banking group’s regional financial markets business as it […]

Bank Indonesia Cracks Down on Lax FX Firms

Bank Indonesia, the country’s central bank, says it will revoke the licenses of FX trading firms if they do not comply with regulations concerning speculation and money laundering, according to a report in the Jakarta Post. Seventeen non-bank FX firms have been summoned by Bank Indonesia for failing to implement the “knowing your customer” regulations […]