Eurozone fragmentation

Eurozone fragmentation

Special focus

The loan market fights back

The loan market fights back

Is a sudden turn away from the bond markets what Europe really needs?

FXCM CEO reveals next steps post-SNB disaster

FXCM CEO reveals next steps post-SNB disaster

February 2015

After the events of Black Thursday, the CEO of crest-fallen FXCM, the FX broker, discusses the shake-up in its business model, the future for retail flows, and lashes out at the institutional FX market structure.


  • Smart corporates beef up FX hedging

    FX volatility highlights the need for corporates to stick to long-term hedging programmes, so that they can protect profits and their credit ratings. Some firms are also positioning themselves for opportunistic trades and upgrading their treasury and FX management systems.


  • RMB: Banks staff up to match rise of Chinese currency

    The need of banks to raise awareness and staffing levels around the renminbi within their own organizations looks set to be key as the battle for business heats up.


  • Banking clubs extend global reach

    International banking alliances offer a number of benefits to treasurers – from FX hedging to cash pooling – while Sepa and the rise of non-bank payment providers have yet to diminish their allure.


  • Speculators smell blood as Danish peg comes under fire

    After the shock removal of the Swiss peg to the euro, speculators are testing the DKK peg, though, for now, the central bank is well-placed to withstand the pressure.


  • Swiss franc: special focus

    The Swiss National Bank has been under sustained fire in its attempt to defend its euro peg in recent years. Accordingly, the shift in the long-defended policy regime has shocked markets and will have far-reaching implications for the euro, eastern Europe and private banking, among other things. Euromoney investigates.


  • Russia: Buyers shun deeply discounted rouble

    Russia has been caught in the eye of a perfect storm. Battered by falling oil prices, US and EU sanctions and a dramatic market correction as the rouble was allowed to float, the currency has been in free-fall and liquidity has largely evaporated, with many brokers ceasing rouble trading altogether.


  • Mixed signals fuel confusion on timing of Fed rate rise

    The US has been recording mixed data signals in recent months, with strong GDP undermined by weak wage growth and core inflation.


  • Against the tide: The ECB goes for broke

    The eurozone’s economic fortunes should start to recover with the arrival, at last, of full-blown quantitative easing. As the world’s leading currencies are set for a race to the bottom, it could be time to buy gold.


  • Choice of funding currency set to determine EM FX performance in 2015

    Despite the strengthening dollar and lower oil prices, tactical opportunities in emerging market (EM) foreign exchange abound. The choice of funding currency will be crucial in driving returns in the asset class, say investors.


  • HKD peg back in focus as SNB removes currency floor

    The Hong Kong dollar’s peg to the US dollar has, once again, come under scrutiny after the Swiss National Bank’s (SNB) removal of its currency’s floor roiled currency markets globally.


  • SNB abandons euro peg ahead of expected ECB QE

    The SNB has been under sustained fire in its attempt to defend its euro peg in recent years, as ECB loosening and risk aversion increased safe-haven flows. Thursday's rate cuts and the shift in the long-defended policy regime have shocked markets and have far-reaching implications for the euro and eastern Europe.


  • The future of the RMB: special focus

    An in-depth guide to global currency wars; how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.


  • All eyes back on Greece but break-up still unlikely, say analysts

    Concerns that Greece could be on the verge of leaving the euro are back to the fore after the country called elections that could usher in a government determined to rip up the existing aid agreement – but analysts doubt the brinkmanship will lead to Greece leaving the single currency, let alone a full-scale euro break-up.


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