Month: November 2005

Barclays Capital Launches FX Optimizer

Barclays Capital (Barcap)unveiled its latest e-tool at its global FX conference in London last week. The FX Optimizer is a Web-based interactive product aimed at optimising client hedging procedures and exposures. David Woo, head of global FX strategy at Barcap, told delegates at the FX conference that the tool can act as a reality check […]

Daiichi Commodities’ FX business Hurt by Refco

Daiichi Commodities Co, a margin FX and commodity futures broker, could book a JPY957 million [US$8.25 million] loss following the Refco crisis last month. The Japanese firm says it expects to book an after-tax loss of JPY217 million for the half year ended September 2005 compared to earlier projections of a JPY740 million profit before […]

Australian Regulator Moves on FX Scheme

The Australian Securities and Investments Commission (ASIC) has obtained an injunctive order to stop a FX trading investment scheme that has been targeting retail investors in Australia. ASIC says it is restraining Arafura Equities and its director Brett Best from further operating its scheme which has so far raised approximately A$17 million. ASIC alleges that […]

EBS Launches City Auction with Laureus

EBS in partnership with the Laureus Sport for Good Foundation, has launched Bid the Dream, a series of online auctions aimed at raising funds to support Laureus projects worldwide that seek to help young people overcome challenging social issues through sport. The partnership was officially launched last week by Jack Jeffery, CEO of EBS, with […]

Tobutt Joins NAB

Paul Tobutt has joined National Australia (NAB) Bank a spokesperson of the bank has confirmed. Based in Sydney, he will be on NAB’s FX institutional sales desk and report to Jonathan Prince, head of FX institutional sales, Australia. Before joining NAB, Tobutt was with the Royal Bank of Scotland in London where he held a […]

Barclay Group’s Sees Hedge Fund Assets Rise

Hedge fund money under management grew from $1,086 billion to $1,141 billion during the third quarter of 2005, according to The Barclay Group. "A five percent increase in three months demonstrates continued investor interest in the hedge fund industry, even though the pace of growth has slowed," says Sol Waksman, president of The Barclay Group. […]

RBI Appoints FX Department Head

Anand Sinha has been appointed an executive director of India’s central bank, the Reserve Bank of India, [RBI] with responsibility for the foreign exchange department, the department of banking supervision, and the department of banking operations and development. Sinha was previously a chief general manager at RBI.

Forex Network Asia Hears China Banking Plans

More than 200 delegates were at the Profit & Loss Forex Network Asia 2005 conference in Shanghai last week to hear China’s plans for the future of banking industry and financial market reform in an address by Mr Wang Huaqing, director general of the China Banking Regulatory Commission (CBRC). Mr Wang told delegates that by […]

NAB Seeks to Widen Culpability over Options Losses…

National Australia Bank confirms that it issued letters of demand on 6 September 2005 claiming compensation exceeding AUD539 million against Icap, and another broker, in relation to the AUD 360 million FX options trading losses announced in January 2004. Sources in the Australian market tell Profit & Loss that the other broker involved in the […]

…Returns to FX Profitability

Meanwhile, NAB’s annual results published last week show the bank reporting total banking FX income of AUD 29 million, up from 2004’s AUD 2 million loss which was due to the impact of the FX option losses. The bank also announced that it had returned AUD 34 million (before tax) to the profit side of […]