Month: November 2006

Hathersage Hires IT Head

Currency manager Hathersage Capital Management has hired a director of information technology. Rob Schmidt has joined with responsibility for the planning, design and implementation of the company’s information infrastructure. Hathersage says he will ensure the timely delivery of IT services throughout the organisation, from market data feeds at the trading desk, to management controls in the […]

Hong Kong and Malaysia Launch Cross-Border Payment Link

The Hong Kong Monetary Authority (HKMA) and central bank Bank Negara Malaysia have launched a new cross-border payment-versus-payment (PvP) link between Hong Kong’s US dollar real-time gross settlement (RTGS) system and Malaysia’s ringgit RTGS system. The link aims to eliminate settlement risk in FX transactions between dollars and Malaysian ringgit by ensuring the simultaneous delivery […]

Vietnam’s Police Ask ABN Amro to Pay $4.5 million

Vietnam’s investigation police agency has asked ABN Amro for the return of $4.5 million arising from alleged illegal transactions it made with the Industrial and Commercial Bank of Vietnam (Incombank). Police have “trustworthy evidence of the fraud,” local media reported. However, a source within the Vietnam banking industry tells Squawkbox that “this is nothing new. […]

FX Concepts Launches New Fund

New York-based currency manager FX Concepts has launched a new fund, called the Concepts Multi-Strategy Institutional Fund – GBP Shares. The fund has been seeded by Bedfordshire County Council’s pension fund, and is designed for UK local authorities who look to currency as a source of uncorrelated alpha in their portfolios. The firm says the […]

PBOC Profile on the Up as CB Unveils New Plans

The People’s Bank of China (PBOC) is reported to be ready to damp excess liquidity and credit growth, according to China Daily. The central bank was reported last week as saying it will stick to its monetary policy and continue to use a variety of tools to control liquidity and credit growth. “The central bank […]

Four More Banks Join China’s FX Forwards Market

Four more banks have been approved by the State Administration of Foreign Exchange (SAFE) to become members of the China Interbank Foreign Exchange Forward Market. The banks are the Bank of Nova Scotia, (Guangzhou branch), Chiyu Banking Corp, (Xiamen branch), UBS (Beijing branch) and Banca Intesa (Shanghai branch). China’s interbank FX forward market, established in […]

Three QFIIs Granted Quota in China

In other news, the State Administration of Foreign Exchange (SAFE) has granted new quotas totaling $400 million to three qualified foreign institutional investors (QFIIs) last Wednesday (November 15). Nomura Securities Co. was given $300 million and Stanford University and United Overseas Bank (UOB) were given $50 million quotas each. SAFE has also allowed Stanford University […]

Xinhua and Milken Launch China Indicators

Xinhua Finance and economic research company Milken Institute have released the first three of eight new economic indicators tracking China’s financial markets, including one indicator focused on the currency market. The monthly Renminbi Pressure Indicator (RPI) measures the appreciation pressure on the renminbi, mainly relative to the US dollar, by combining data on exchange rates, […]

Asian Local Currency Bond Markets Expand But Liquidity Still Poor

Emerging East Asian local currency bond markets have grown rapidly since the 1997/1998 Asian financial crisis but the increase in outstanding debt has not led to a corresponding rise in market liquidity, says an Asian Development Bank (ADB) study. The study found that the volume of outstanding local currency bonds reached $2.4 trillion as of […]

Credit Derivatives Warehouse Launched

The Depository Trust & Clearing Corp (DTCC) has launched the Trade Information Warehouse, which has been designed to provide customers with a more efficient and less error-prone way of electronically processing credit derivatives transactions. The warehouse, which went into testing with 14 major dealers in September, establishes the first centralised database for cataloging credit default […]