Articles by FX Markets Staff
Diversification needed for Asian central banks
TOKYO – As much as $450–$500 billion may have to be shifted from dollars to yen and euros if Asian central banks are to avoid big yearly losses, said Thomas Stolper, global market economist at Goldman Sachs in London.
More hires at JP Morgan
LONDON – JP Morgan has made five hires in its global currency and commodities group in London, to bolster its sales and trading platform in Europe.
One in, one out at Deutsche
LONDON – Deutsche Bank has hired Chris Collings as a director with a specialty in strategic corporate structuring. He will be a specialised resource for all the regional FX structuring teams and corporate coverage. Collings was previously part of the…
The tip of the eFX iceberg
GREENWICH, CT – Electronic FX volumes could hit a new wave of growth if the banks behind spot broker EBS' buy-side initiative stay committed, according to research by Greenwich Associates.
BoE rate cut: about time too!
Alan Clarke, UK economist at BNP Paribas in London, predicts that last week's cut is unlikely to spark a wave of rate cuts by the Bank of England
Beware the soft option
Zero-cost foreign currency options negotiated with a bank are very often the first port of call for businesses looking to transfer funds overseas. However, these rarely translate into real value for money for small- to medium-sized enterprises where cash…
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
Oanda offers a simple option
NEW YORK – Oanda, a US currency trading and information firm, has launched Oanda BoxOption, aimed at simplifying options trading.
Citi extends structuring
NEW YORK – Citigroup has extended its structuring capabilities by setting up a group dedicated to providing derivatives-based solutions for clients.
Ueda Harlow taps Internap
TOKYO – Japanese FX broker Ueda Harlow has selected technology vendor Internap Network Services for internet IP connectivity on its new online FX trading service. Ueda Harlow-FX, launched at the end of June, will use the intelligent routing technology…
Fighting chance for new player
In the first of a series of profiles of the multi-bank portals, FX Week analyses the strengths and weaknesses of the players in this crowded market-place. This week: Lava FX
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
More expansion at BoA
NEW YORK – Bank of America (BoA) is continuing the unrelenting build-up of its FX team with a series of hires in strategy and an additional prop trader.
Asia takes electronic currency route
Electronic currency networks are coming to the fore in Asia as daily trading volumes reach an all-time high, according to Michael Weiner, co-founder and managing partner at CoesFx
Saxo extends currency offering
COPENHAGEN – Foreign exchange specialist Saxo Bank is set to introduce the new Turkish lira (TRY) onto its platform from next week, in an effort to meet increased demand for trading in the currency.
JP Morgan hires London MD
LONDON – JP Morgan has hired Andrew Simon as managing director and head of global clients in its global currency and commodities group. He joins from Lehman Brothers, where he was a managing director and head of FX derivatives marketing. He also has…
Foreign banks slammed in Seoul
SEOUL – Three foreign banks have been reprimanded by Korean authorities for selling inappropriate FX derivatives contracts to state-owned companies.
Reuters strength driven by FX
LONDON – Reuters' half-yearly results were driven by strong foreign exchange and other trading.
AIG continues FX restructure
NEW YORK – AIG Financial Products (AIG FP) has restructured its FX trading desk a year after it tried to boost the operation with six hires ( FX Week , July 5 2004).