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Foreign Exchange

Know your market

My editor kindly sent me a link to a quiz on what is an extremely scurrilous website. “Fox news anchor or porn star?” it asks. www.radarmagazine.com/quiz/2007/10/fox_news_anchor_or_porn_star.php

November 02, 2007

Foreign Exchange

Lies, damned lies and marketing

When I was doing my journalism course, I was told by one of the tutors that newspapers were a good source for checking facts. After I’d stopped laughing and picked myself up from the floor, I argued that, generally, whenever I read a report about any topic I knew about, it was invariably inaccurate.

November 02, 2007

Foreign Exchange

Plug pulled on revolutionary platform

“It was good fun and didn’t cost that much to launch, but I’m busy enough with my plumbing business"

November 02, 2007

Foreign Exchange

WM/Reuters expands fix

WM/Reuters, a wholly owned subsidiary of State Street Corporation and Reuters, has expanded its intra-day spots product to include the Asia-Pacific region. Hourly fixings on 156 currencies are now available on a 24-hour basis, which will be welcomed by all those companies who have to transact against a benchmark, as well as the banks that make money from such orders.

November 02, 2007

Foreign Exchange

Simulation from ACI UK

ACI UK is holding the well-regarded dealing simulation course run by ACI Australia in London from November 19.

November 02, 2007

Foreign Exchange

CME confirms vol pricing

As the weeklyFiX reported in July, the CME has plans to provide volatility-based quoting on six of its FX options on futures contracts. The exchange says it will probably launch the service in the first quarter of 2008. The move is designed to bring the pricing convention in line with that used in the predominant OTC market. “It’s only 20 years since the OTC FX options market went this way,” was one cynical option trader’s response.

November 02, 2007

Foreign Exchange

EBS to launch gold/yen

Market sources say that Icap will put spot gold/yen (XAU/JPY) on EBS from Monday, November 5. The move is expected to tap into the growing demand for non-dollar- denominated metals trading. There is apparently growing domestic retail appetite in Japan, and gold futures trading on Tocom is said to be thriving, as well as strong interest from hedge funds and investment banks. Listing XAU/JPY will obviously remove the potential of getting caught out crossing spreads when the cross is synthetically quoted.

November 02, 2007

Foreign Exchange

Rumoured FXCM stake price surprises

Although no official confirmation had been provided by the time the weeklyFiX went to press, well-placed sources say that the 35% stake in FXCM owned by disgraced broker Refco was sold for a figure of around $60 million. Refco had paid a total of $42 million for the stake, which it purchased in 2002 (20%) and 2003 (15%).

November 02, 2007

BANKING

How to succeed in a crisis

The credit market seizure vindicated a few brave hedge fund managers who had spotted the sub-prime crash coming, positioned themselves deftly, and made huge returns from it. These managers recount the challenges of deploying funds against the long-only herd, outline expectations for worse market disruptions ahead and analyze the public policy responses that threaten the potential returns of many investors now seeking to profit from distress. Peter Lee reports.

Peter Lee, November 02, 2007

BANKING

Singaporean private banking: The moral maze of privacy

Singapore has made great strides as a private banking centre, attracting almost every bank that matters to set up shop there to service the region’s rich. But recent developments in Burma (Myanmar) suggest that the city state’s financial success has come with a string attached to it: increasing scrutiny of its morality.

Chris Wright, November 02, 2007

BANKING

Covered bonds and structured covered bonds: Rocked to its core?

The summer’s financial crisis has helped materialize in the markets a distinction between covered bonds and structured covered bonds that had been a matter of debate for some time. Philip Moore reports.

Philip Moore, November 02, 2007

BANKING

Cash bond/CDS: Necessity breeds invention

The credit crunch fundamentally altered the cash bond/CDS dynamic. As more and more managers are forced to turn to CDS to hedge their bond portfolios, will we ever see a return to highly liquid cash markets? Jethro Wookey reports.

Jethro Wookey, November 02, 2007

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