Derivs - FX

A decision taken the Federal Court of Australia concerning a contractual dispute has concluded that forwards are not derivatives and therefore financial products, placing doubt as to whether they are now regulated in Australia.

Hedge funds and some corporates have been buying calls on the U.S. dollar against the yen this morning.

Credit Suisse has hired Chris Hodgeman to head up its life finance business in Asia.

Citigroup has lost Vishal Sodha, a director in interest rates and fx hedge fund sales, to Credit Cuisse.

The Tokyo Stock Exchange can see a future where clearing platform for over-the-counter derivatives could become the central clearinghouse for Asia.

The options market has been positioning this week for a trend lower in U.S. dollar/yen spot, according to Deutsche Bank.

The recent strengthening of the Korean won against the U.S. dollar has aided a number of banks who were on the wrong side of knock in/knock out FX contracts in the past year.

Hedge funds, bank prop desks and some corporates have been buying calls on the euro against the Swiss franc today in anticipation of the Swiss National Bank’s monetary policy meeting tomorrow.

Vishweshwar Anantharam, head of Asia global macro sales at Citigroup, has left the firm and is widely tipped for slot at Goldman Sachs in Hong Kong.

David Steck, a senior FX salesman at Deutsche Bank in New York, has left the firm and is tipped to be heading to Susquehanna Financial Group.

Standard Chartered is advising investors to sell strangle and straddle fx options on the U.S. dollar/Taiwanese dollar cross to take advantage of high premiums.

Grupo Santander plans to boost the over-the-counter hedging products it offers-notably non-deliverable forwards on Latin American currencies-and interest rate derivatives to corporates in Asia.