Recent market confusion has tested banks 'Algorithmic trading - where computers build multiple trades in fractions of a second - has wheel to make up 30 percent of equity trading volume according to industry analysts AITE group. It is also rising popular in the $3.2 trillion (1.6 trillion pounds) a day foreign exchange market.
"Algorithmic trading works by captivating historical moves to predict what will happen in the future," said Lee Ferridge, senior proprietary trader at Rabobank. "When market moves bear little similarity to what has happened in the past all types of model will thrash about."
Refer : http://uk.reuters.com/article/stocksNews/idUKNOA93468320071029
The yuan split 7.5 against the greenback to a record high as China drop the decade-long peg to the US dollar in July, 2005.
The yuan finished at 7.4926 against the US dollar yesterday at the China Foreign Exchange Trade System in Shanghai, up 0.16 percent from its central par rate of 7.4938, also a record.
The People's Bank of China made the central par on average weighted quotes from 10-plus market maker, demonstrating views on the yuan's movement
"The yuan's new high against the greenback is a signal that the yuan will keep a steady and regular growth amid the country's blistering economic growth," said an Industrial Bank foreign currency trader in Shanghai yesterday.
http://www.shanghaidaily.com/sp/article/2007/200710/20071025/article_335789.htm
MUMBAI: The market crash, joined with the deteriorating of the rupee, has reduced probability of a hike in the cash reserve ratio. Money market dealers sense that the option of limitations on foreign investment, coupled with hesitation could result in some moderation of foreign capital flows into the Indian market.
Till last week, there was a great possibility of RBI hiking the cash reserve ratio (the percentage of deposits, which banks have to lay with the central bank in the form of cash) by 50-100 basis points. This was mostly felt because of the enormous amount of cash funds suspended in the banking system, more due to the huge cash inflows from FIIs.
Refer : http://economictimes.indiatimes.com/Market_crash_weak_
Re_dilutes_CRR_hike_chances"/articleshow/2472244.cms
Internet search massive Yahoo! has posted third-quarter revenues greater than expectations, as it strive to turn around its fortunes.
A report issued by the US-based company exposed a 12 per cent raise in revenues for the three months to September 30th. Revenues rose to $1.8 billion (£886 million) over the period, up from the $1.6 billion (£788 million) reported for the related period of the previous year.
However extra operating expenses saw net profits slip back a little, lessening by five per cent to $151 million (£74 million).
Yahoo's total operating expenses skip to $877.1 million (£432 million), compared with $696.9 million (£343 million) in the same quarter of last year. The company's expenses on product development and sales and marketing both increased over the third quarter.
Refer : http://www.inthenews.co.uk/news/buisness/yahoo-results-exceed-expectations-$1151407.htm
MUMBAI: The premia in the foreign currency advance market are seen increasing with the demand for sell-buy swaps going up gradually in the past few days. Sources in the money market guess that the central bank could have buy $5 billion through such swap deal in the past few days.
Consequently, the premium on the one-month agreement has risen from 0.93% to 1.36%. Likewise, the yield on the 12-month agreement has gone up from 0.98% to 1.39% within the course of this week. For corporate, however, this style hints at higher prevarication costs. The rupee, which was trading above the 40-mark against the greenback for relatively some time now, manage to breach the 39-mark in September, after the US Federal Reserve declare a 50 basis point cut in interest rates.
Refer : http://economictimes.indiatimes.com/News/Economy/Finance/Demand_for_sell-buy_swaps_lifts_forward_premia/articleshow/2458860.cms
Liquidity in the currency market slightly came down with a steady flow of Rs 14,500 crore during Dutch auction of capital bills and dated securities. The purpose of these Dutch auction was to suck out overload liquidity.
The spot rupee remained range bound within the 39.31/32 range by opening and closing in the region of these levels. A massive forex inflow into the fair play market was counter by the involvement of the central bank which sustained purchase dollars from the market. The fair play market enthused up and closed 155 points up.
The six-month with one-year ahead be accessible at an annualized quality of 1.7 per cent and 1.30 per cent, correspondingly.
Refer : http://www.business-standard.com
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