Month: November 2006

Nikko Cordial to Boost Margin FX Business

Japanese firm Nikko Cordial Securities says it intends to expand its online margin foreign exchange service by increasing the number of currency pairs available for trading as well as reducing its transaction fees. From December 1, the brokerage firm will handle Swiss francs in addition to the six currencies currently offered. It will also offer […]

Korea’s FX Volumes Down

South Korea’s average daily foreign exchange trading volumes fell by 1.2% to $30.7 billion in the third quarter of 2006 from the previous quarter. The Bank of Korea says lower currency needs by foreign stock investors was the main reason for the slight fall. These investors were responsible for $83.6 billion in funds flowing in […]

Thai Governor says Outflows to be Relaxed

Measures to restrict capital outflows from Thailand will be relaxed but “all parties involved must learn to improve the management of risks associated with the exchange rate as well as other financial risks,” according to the Bank of Thailand’s governor Dr. Tarisa Watanagase. The recently-appointed governor also warned that the central bank’s role is “to […]

FXMS, CLS Continue to Explore Areas of Cooperation

Despite speculation in the industry about the relationship between FX MarketSpace (FXMS) – the Chicago Mercantile Exchange and Reuters joint venture – and CLS, the provider of Continuous Linked Settlement, both companies stress that their working relationship remains business-like and that no block on activity has been put in place. Speculation over the firms’ relationship emerged earlier […]

Forex Network Ends 2006 on a High

Profit & Loss‘ Forex Network ended 2006 on a very strong note with 350 registrations for Forex Network Asia in Shanghai last week – the highest number for a Profit & Loss event. Delegates heard from a host of speakers at the event, which was held at the Grand Hyatt in Shanghai’s Pu Dong financial […]

JP Morgan Names New FX Chief as Puth Steps Down

Blythe Masters is taking over from David Puth as global head of currencies and commodities at JP Morgan, a spokesperson tells Squawkbox. The move follows Puth’s decision to step down at the end of the year to pursue other interests. Ranking among Wall Street’s most powerful female executives, Masters joined the bank in 1991 as […]

Rivals Launch Benchmark Page for Spot FX Prices

Rivals EBS and Reuters have partnered to launch a new benchmark page for spot FX price fixings to provide reference rates twice a day. The page will improve the quality of pricing information available to the whole market, the Bank of England says. Reuters EBS Spot Fixing shows spot FX price fixings for 11 currency […]

Reuters Appoints Head of Treasury for the Americas

Reuters has appointed a new head of treasury for the Americas. Matt O’Hara joins from JP Morgan Chase in New York where he worked as head of North American e-commerce sales for the currency and commodities group.  He has also worked in the foreign exchange and money markets groups at First National Bank of Chicago in London and Bank One in […]

Australia’s FX Volumes Jump 35%

Turnover in Australia’s foreign exchange markets grew by 35.5% in the year to June 30, 2006, according to the Australian Financial Markets Association (AFMA) annual markets report. Spot FX resulted in AUD13.97 trillion in annual turnover, up 40.3% from the previous year. FX swaps grew 35.1% to AUD26.82 trillion and forward FX grew 52.9% to […]

Gain U-Turn as it Buys Refco Customer List

FX trading company Gain Capital Group has beaten off competition from Saxo Bank to purchase Refco FX Associates’ retail customer account information and marketing list. The agreement represents a u-turn for Gain, which in July terminated a deal to buy the forex accounts. Only last month, RFXA said it had entered into an agreement with […]