Articles by FX Markets Staff
JP Morgan pushes e-FX in Japan
TOKYO – JP Morgan Chase has made changes to its management team and plans to make hires in a bid to bring greater awareness of its electronic FX platform in Japan.
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
Exporters resilient to strong Aussie dollar
SYDNEY – Australia's commodity exporters have remained resilient despite the strong Australian dollar, amid record high commodity prices and strong demand, say analysts.
Ex-NAB traders charged
MELBOURNE – Four traders were charged last month for their involvement in the A$360 million rogue trading scandal uncovered at National Australia Bank last year.
Intervention going out of fashion
Paul Meggyesi, vice-president, global currency strategist at JP Morgan Chase, points to a decreasing willingness for Asian central banks to intervene as a reason to expect further dollar weakening
Cable – getting nervous about $2?
Karen Griffith, chief currency analyst at Independent II Research, says technical and fundamental indicators point to sterling well above the $2 mark
Review of 2004 - March: Bumper start for US investment banks
NEW YORK – Early results in 2004 showed a bumper year was likely for the industry as FX earnings at US investment houses showed strong performance for the first quarter.
Introducing FX into fixed-income portfolios
David Durrant, chief currency strategist for the Americas at Julius Baer Asset Management, says a simple use of cross trades exploiting different central banks’ positions in the economic cycle shows that it is not necessary to use exotic structures
Review of 2004 - July: AIB repays E26m for overcharging
DUBLIN – Allied Irish Banks (AIB) said it would repay the e26 million ($32 million) it overcharged clients on 3 million FX deals, after a regulator slammed the bank in a report in July.
Review of 2004 - June: Record breaking year for FX
LONDON - June saw the FX Week annual revenue ranking of the top 30 earners in FX smash records in fiscal 2003. Fantastic trading opportunities stemming from huge volatility in major and emerging markets, coupled with booming interest in FX from the hedge…
Asian currencies resilient
HONG KONG – Asia’s currencies have proved resilient after the devastation caused by the earthquake and tsunami disaster that struck the region last week, said analysts.
Review of 2004 - May: CST buys Prebon Yamane
LONDON – May saw the ACI European Congress in London, at which FX Week covered the news of Collins Stewart Tullett (CST) buying its rival Prebon Yamane. CST said it did not intend to merge the two brokers or close any desks as a result of the deal…
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
Euro gains status as reserve
FRANFURT – Buying by some of Eastern Europe’s and Africa’s central banks is buoying the euro as the central bankers come to the realisation the currency is here to stay, according to a leading forex fund manager.
Review of 2004 - February: RBS and Deutsche lead the way
FRANKFURT AND LONDON – February was a good month for Royal Bank of Scotland (RBS) and Deutsche Bank with both reporting figures showing that they were gaining on their rivals.
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - September: Reuters widens FX access
LONDON – Reuters announced that fund managers, corporates and mid-tier banks would soon get access to the firm’s interbank FX rates for the first time. The firm announced it would take spot dealing prices from its Matching service, used by 7,000 users at…
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Banks lose on FX in fourth quarter
NEW YORK – Two North American banks reported fourth-quarter drops in profit in forex last month.
Review of 2004 - November: Forex liquidity crisis looms
LONDON – UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress.