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Foreign Exchange

M&A – Myths and attributions

In theory, trading performance should be easy to measure: buy at 50, sell at 60 and make a profit.

January 16, 2009

Foreign Exchange

Protect your ass(ets)

Much attention has been given this week to the impact on the euro of a downgrading of several EMU members long-term currency sovereign credit ratings. To add to the negativity – and being negative is in vogue – Ireland was reported to be about to go cap in hand to the IMF for a bail out, giving credence to a recent joke: Q: What’s the difference between Ireland and Iceland? A: One letter and six-months.

January 16, 2009

Foreign Exchange

Securitisation: Blame Bowie – apparently

For those who didn’t see it, there was a report in UK tabloid the Daily Mirror (see http://www.mirror.co.uk/news/top-stories/2009/01/12/david-bowie-s-back-catalogue-bonds-may-have-started-the-credit-crunch-115875-21036649) promoting a new TV series hosted by the BBC’s former economics editor Evan Davis. The show plans to explain the factors behind the global financial crisis (see http://www.bbc.co.uk/programs/b00gtljy).

January 16, 2009

Foreign Exchange

TraderTools secures additional funding

TraderTools has secured an additional $7.5 million of funding. Edison Venture Fund put in $7 million, with the remainder raised from the company’s management. Edison is a specialist at providing capital to companies in their expansion stage; it has experience of FX through an investment in online FX specialist Gain Capital. TraderTools says the funding will be used to expand sales, marketing and development of its Liquidity Management Platform.

January 16, 2009

Foreign Exchange

Poll dancing

For anybody who doesn’t know it already, the Euromoney FX poll went live yesterday afternoon – this is the period when many on the buy side suddenly discover they are the best mates of the sell side. Even before the poll was open, I started to receive feedback on some early jockeying for position.

January 16, 2009

Foreign Exchange

SuperDerivatives reports strong demand

With the current scrutiny on budgets, it is inevitable that IT spending will come under some pressure. According to a recent report from consultancy Celent Communications: “Global information technology spending by financial services institutions will reach $358 billion in 2008.” While this is still a 4.5% increase over 2007, it is, says the firm, “substantially lower than the 6.4% growth achieved in 2007. The financial crisis and economic uncertainty have financial institutions tightening their belts.”

January 16, 2009

Foreign Exchange

RCG: Risk hunter

Risk management, like trading, should not be overly complex. However, if an institution has to monitor numerous positions, then it obviously becomes more difficult.

January 16, 2009

Foreign Exchange

CME expands incentives

The CME is expanding its international incentive programs, which also cover FX products. The programs will include a simplified fee structure and run until December 31, 2010.

January 16, 2009

Foreign Exchange

ODL looks from west to east

The CFTC’s decision to hike the net-adjusted capital requirements for its forex dealer members is causing a significant reshaping of the US retail market.

January 16, 2009

Foreign Exchange

People moves: Condon rises from the ashes

Congratulations to the affable Dan Condon, who spent most of 2008 toiling away as a vice-president sales at FXMarketSpace. Condon has just joined Standard Charted as eChannels product manager based in Singapore.

January 16, 2009

Foreign Exchange

People moves: BIS elects new chairman

The Bank for International Settlements has elected Guillermo Ortiz, governor of the Bank of Mexico, as its chairman. Ortiz will serve for three years from March 1. He succeeds Jean-Pierre Roth.

January 16, 2009

Foreign Exchange

People moves: Andersen leaves Morgan Stanley

Sources say Jens Andersen has left his role at Morgan Stanley in New York, where he was head of Americas trading for FXEM. He is believed to be going to Caxton.

January 16, 2009

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