Tag: India

India

Geopolitics Drives Record 2019 FX Volumes for SGX

SGX saw record volumes in its FX futures during 2019, which it credits to heightened trading activity due to geopolitical factors. The exchange is reporting aggregate FX volumes of $1.3 trillion for 2019, up 44% from $914 billion in 2018, with a total of 23.5 million futures contracts traded on its platform last year, a […]

Bitcoin Plummets Amid Negative Press

The price of bitcoin keeps tumbling, dipping below $8,000 for the first time since November, following a wave of negative press stories regarding cryptocurrencies.

At the time of writing, 10.45am EST on February 5, the price of bitcoin was $7,410, according to Coindesk, down from $10,166 at the end of January and down from $13,412 at the start of 2018.

On January 30, Facebook announced in a blog post by Rob Leathern, its product management director, that it has banned advertising for cryptocurrency products on the social media platform.

“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” says Leathern in the blog.

Indian FX Execs Back Rupee to Perform in 2017

Perhaps not a huge surprise, but business leaders and FX executives in India expect the rupee to be the top performing currency in 2017, according to a new Bloomberg survey.

The findings came from the Bloomberg India Economic Forum held on September 22 in Mumbai. In total, 100 people participated in the poll.

After the rupee, the respondents picked the US dollar, the euro and the British pound as the next three currencies likely to perform the best this year.

Indian Public Sector Firms Adopt FXGO

Bloomberg is reporting growing penetration of the Indian market, with corporations such as Gas Authority of India (GAIL), Rural Electrification Corporation (REC) and ONGC Videsh (OVL) adopting its e-FX platform, FXGO.

GAIL is the largest state-owned natural gas processing and distribution company in India, REC is a leading public infrastructure finance company in India’s power sector and OVL is India’s second largest oil company.

The corporate treasury desks at GAIL, REC and OVL are using Bloomberg FXGO to analyse trade ideas, request quotes, execute, and perform post trade analysis, all on a single electronic platform.