Western Europe is the key battle ground in the quest for supremacy in the global FX markets.

The dim sum bond market gets the headlines, as deal-driven capital markets always do. But while the emergence of the offshore renminbi bond market is remarkable, the truth is that many banks are likely to make a lot more money out of the lower-profile work that flows from the internationalization of China’s currency.

Average daily volume of FX contracts traded on the CME in May rose by a quarter compared with the previous month, though volumes remain below 2011 levels.

Deutsche Bank has announced a series of promotions in its corporate bank and securities division in Asia, after Alan Cloete and Gunit Chadha, the bank’s new Asia Pacific chief executives, took their posts last week.

Bank regains market share; Benefits arise from bespoke research

The flaws in the euro project can no longer be managed with piecemeal bailouts. Leaders must now determine the future of the European project, writes Stephanie Baxter at Global Investor, a sister publication to EuromoneyFXNews.

Tradition, the interdealer broker, has launched a new electronic interdealer broker, traFXpure, for spot FX, which will directly challenge EBS as the leading primary interdealer marketplace for foreign exchange.

Emerging market (EM) currency index returns plummeted in May as investors deserted risk assets on concerns that if Greece rejected the EU austerity plan and exited the euro, financial markets would be thrown into turmoil, according to data from an independent index provider.

Some of the biggest retail FX brokers are reporting a surge in mobile trading activity that is only set to continue as mobile applications become the dominant venue for FX trading.

The risk of a divergence between the offshore (CNH) and onshore renminbi rates remains amid market volatility, but the deviation is not expected to be as wide as last year’s 3% according Deutsche Bank, writes Asiamoney, a sister publication of EuromoneyFXNews.

More than half of the 52 currency managers who reported their performance to Parker Global Strategies’ independent investable FX index incurred losses in April, with the overall index down 0.59% for the month.

LeapRate, the online forex analysis firm, has launched a monthly index measuring the trading volume in the retail FX industry.

Another day and more signs that EUR positioning has moved to extreme levels, but the question is whether historical comparisons are relevant as the single currency threatens to implode.

A Greek exit from the euro would likely cause a temporary surge in trading volumes, but the longer-term impact on global FX trading could be less than one might expect, according to Greenwich Associates.

Preparations for Greek banks’ withdrawal; Romanian and Serbian currencies at record lows

Participants at Global Investor/isf’s tri-party roundtable debate the effects of the ECB’s long term refinancing operations, the impact of Basel III and the regulatory drive for transparency

ANZ has hired a senior FX options trader from Standard Chartered to run its own options business.

The head of Société Générale’s CTA desk in New York has left the bank, according to sources who spoke to EuromoneyFXNews.

A survey of eight EU members by the Pew Research Centre, an independent polling agency, shows a striking lack of support for the single currency in several eurozone countries.

FXecosystem, the network solutions company that builds global electronic connectivity in the FX markets, is expanding its sales team in the US, the company says in a statement.

Traiana, the Icap-owned post-trade services provider, has hired Thomson Reuters’ Michael Verkuijl as global head of sales.

The Chinese renminbi is the world’s third biggest currency in global issuance of letters of credit, according to financial messaging service Swift.

Smaller firms are more open to adopting the renminbi in addition to larger multinational corporations (MNCs), due to potential cost savings, and as trade between America and China remains resilient, according to Asiamoney, a sister publication of EuromoneyFXNews.

China and Japan have announced plans to start trading the renminbi against the yen directly, as Beijing continues its push to internationalize its currency.

The rupee is likely to remain hostage to global market sentiment unless policymakers take more aggressive action to shore up the exchnage rate.

No wonder Thomas Jordan, Swiss National Bank (SNB) chairman, reminded the market that the central bank has other weapons up its sleeve to weaken the Swiss franc – because investors still cannot get enough of it.

The rupee is likely to remain hostage to global market sentiment unless policymakers take more aggressive action to shore up the exchange rate, analysts have said.

The Monetary Authority of Singapore (MAS) has proposed news rules governing retail trading of unlisted derivatives products to help protect investors from the risks involved with margin trading.

Foreign companies operating in China must modify global policies, partially decentralize their treasury functions and create separate structures for Chinese subsidiaries to succeed, argues Asiamoney, a sister publication to EuromoneyFXNews .

DealHub, the trading software vendor owned by Options Computers, will begin offering a service for FX participants to manage new clearing and reporting requirements, which are expected to be implemented later this year.