Month: October 2012

Hong Kong Biggest Offshore RMB Centre, London Second: Swift

Hong Kong remains the world’s largest offshore RMB centre, processing 80% of RMB payments, according to financial messaging provider Swift. Following at a long distance with 4% is London, which has overtaken Singapore as the second largest offshore RMB centre. Although nearly 100 countries had RMB payments with Hong Kong and China in September 2012, […]

CME Tops FIA Derivatives Exchanges Report

The Futures Industry Association (FIA) has released its latest trading volume report, with CME Group taking pole position in the world’s top 30 derivatives exchanges. Eurex, Korea Exchange and NYSE Euronext follow CME in second, third and fourth place, respectively, according to the report, which was compiled by the industry group using trading volumes from […]

Parker FX Index Up in September

Global currency funds posted gains in September as monetary policy actions of G10 central banks took hold. Funds in Parker Global Strategies’ FX Index reported an aggregate return of 0.28% with 28 out of 48 reporting gains and 20 incurring losses. The median return for the month was 0.22%, while performance in September ranged from […]

Morgan Stanley and SLJ Macro Partners Launch FX Fund

Morgan Stanley has launched a new fund under its Irish Ucits umbrella, FundLogic Alternatives, providing investors with an opportunity to gain exposure to a global macro strategy focused on the foreign exchange markets. The MS SLJ Macro Ucits fund will be managed by SLJ Macro Partners, a UK-based asset manager co-founded by Stephen Jen and […]

RBS Suspends Trader in NDF Rate Manipulation Probe: Reports

The Royal Bank of Scotland has reportedly suspended Ken Choy, a Singapore-based foreign exchange trader, after launching an inquiry into the possible manipulation of rates used to set non-deliverable forwards, according to media reports. Choy, a director on the bank’s emerging markets FX trading desk, is believed to be one of the first traders to […]

Barclays Appoints Head of Global FX Research

Jose Wynne has become the new head of global FX research at Barclays, taking over from Paul Robinson, who has moved internally to focus on cross-asset research. New York-based Wynne joined Barclays in 2010 as a senior strategist in emerging markets, before becoming head of North America FX research. Before Barclays he worked at Citi […]

Hong Kong Intervenes to Defend Currency

The Hong Kong Monetary Authority (HKMA) last week made four interventions in the FX market to curb the Hong Kong dollar’s value as it hit its upper trading limit with the US dollar. The HKMA sold a total HK$14.4 billion, marking the first time the de facto central bank has intervened in the currency market […]

Hulina Joins RBS to Head FX Sales, Americas

Ed Hulina has joined the Royal Bank of Scotland as head of foreign exchange and emerging markets sales for the Americas. Based in Stamford, Connecticut, Hulina will report regionally to Stephen Kemp, head of FX for the Americas and Rich Tang, head of North America Sales, and globally to Mark Webster, head of FX sales […]

FX Swaps and Forwards Exemption Expected After Election

The US Treasury will push forward with its proposed plan to exempt foreign exchange swaps and forward contracts by the end of the year after the November 6 elections, according to the Compliance Complete service of Thomson Reuters Accelus. FX market participants had been left in limbo after the Treasury failed to finalise the plan […]

And Another Thing…

High frequency trading is obviously an emotive subject – in the space of four calls before writing this it was described in terms that would make a politician blush they were so gushing, but also in terms that were (ahem) “direct” and not for the delicate ears of even an audience as open minded as […]