| The Philadelphia Stock Exchange Announces Launch Of PHLX Foreign ...
The Philadelphia Stock Exchange (PHLX) announced today the launch of PHLX modified foreign exchange spot rates for the Euro (XDE) and British Pound (XDB). PHLX will disseminate a modified spot rate beginning Friday, March 30. Pursuant to the Exchange's modified spot rate methodology, if the British Pound is valued at 1.9750, the modified rate will be disseminated as 197.50. "Investors will now have a readily available Euro and British Pound spot rate to assess foreign exchange trading opportunities by simply typing into their broker-dealer's website the symbols XDE and XDB," said Daniel R. Carrigan, PHLX's vice president of new product development. "These modified spot rates make the trading of PHLX World Currency Options similar to the experience of trading equity and index options in options-approved securities accounts for the retail investor," he said.
Currencies: Signs of recovery elevate won
HONG KONG: The South Korean won rose to the strongest in six weeks on Wednesday as overseas investors bought stocks for a second day on signs the economy is recovering from a slowdown. "Rising stocks are leading expectations of more inflows of funds, boosting the won," said Hideki Hayashi, a Tokyo-based foreign-exchange strategist at Shinko Securities. "Steady export numbers in addition to expectations the free-trade agreement with the U.S. will help increase overseas sales are also supportive for the won." The won rose to 936.30 against the U.S. dollar, according to Seoul Money Brokerage Services. It touched 935.20, the highest since Feb. 16. Elsewhere, Taiwan's dollar touched a two-week low on speculation overseas investors will borrow the currency to purchase higher-yielding assets abroad.
Brazilian Real Holds Near Six-Year High on Investment Inflows
April 5 (Bloomberg) -- Brazil's real held near a six-year high as foreign investors moved money into the country to tap into a rally in the stock and bond markets. The real rose 0.1 percent to 2.0314 to the dollar at 3:05 p.m. New York time. Yesterday, the currency touched 2.0276 per dollar, its strongest since reaching 2.0170 on March 6, 2001. The real has gained 5.1 percent against the dollar this year, making it the best performer of the 16 most active currencies. ``It won't take long for the real to breach the 2.0-per- dollar level,'' said Mario Battistel, foreign-exchange director at Sao Paulo-based brokerage Corretora Novacao. ``There is an excess of dollars in the market.'' The central bank bought the U.S. currency in the spot market today in an attempt to soak up some of that liquidity and boost foreign reserves.
Townsend Analytics Expands Direct Access to German Markets with ...
CHICAGO, March 7 /PRNewswire/ -- Townsend Analytics ( http://www.townsendanalytics.com/ ), a leading provider of multi-broker, multi-asset, multi-currency, and multi-route electronic trading solutions for the global capital markets, has expanded its partnership with Baader Group to include direct market access (DMA) to the XONTRO warrants market in Germany and other global markets. The Baader Group already offers electronic trading of German equities on XETRA through Townsend Analytics' flagship Execution Management System (EMS), RealTick(R) ( http://www.realtick.com/ ). By joining Townsend's multi-broker network, Baader expands its electronic execution capabilities to include foreign and domestic stocks, equity-based warrants, fixed income and derivative products, and major futures markets.
Rupee could become major Asian currency
MUMBAI: A day after an expert committee made out a case on Monday for making the rupee fully convertible before the end of 2008, foreign broking firms have said that the Indian currency could emerge as a dominant one in Asia. Once the rupee becomes fully convertible, foreign forex broking firms feel that the local currency holds the potential to become the most dominant Asian currency within a decade. The upshot of this could be the launch of several new financial products. UK-based RP Martin group has recently floated a forex broking firm in India, called Normans Martin Brokers. It is a joint venture between Normans Ross and the RP Martin group, with the latter having a 40% stake. The firm is based out of Mumbai which is home to the largest financial market in India. David Caplin, the CEO and MD of the RP Martin group said, "We decided to venture into this business in India, considering that the rupee could become fully convertible in the near future.
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