Articles by FX Markets Staff
BoA expands Euro fixed income
LONDON -- Bank of America has made four London-based hires to its European fixed-income business, the bank announced last week.
Rand-weakening options running dry
LONDON -- The recent weakening of the South African rand, which dropped from 6.3128 on January 5 to 7.0649 on January 30, may be hard to sustain, as the authorities run out of options to force the currency lower, analysts warned last week.
Sterling -- a call for calm
The market has got so excited about sterling it has failed to recognise underlying economic problems in the UK. These problems will see sterling disappoint many in 2004, say David Bloom (left) and Mark Austin, currency strategists at HSBC in London
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
Merrill’s bonuses disappoint
LONDON -- Many FX dealers at Merrill Lynch were disappointed with their bonuses this year, despite a good year in FX at the US investment bank, recruitment consultants reported last week.
Mission impossible
Japanese FX intervention is increasing, but even unlimited funds would fail to stop appreciation, says Simon Derrick (right), head of currency research at the Bank of New York in London
IAS 39 still unacceptable says Euro official
BRUSSELS -- Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International…
Citi’s Moore promoted
LONDON -- Citigroup will have a new senior management structure for foreign exchange, following the announcement last week that current global FX head Richard Moore has been promoted to head of European fixed income.
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Fix appoints forex co-chairs
NEW YORK -- The Fix Protocol FX working group has appointed Jack Lemonik, chief technology officer at FXall in New York, and Steven Donovan, director of investment technology at investment manager Massachusetts Financial Services (MFS), as its co-chairs.
Cognotec banks on Hotspot
LONDON -- HotspotFXi is set to add to its list of market makers this quarter as new banks connect to the trading platform through Cognotec, Hotspot chief executive officer John Eley said last week. The first banks to use the connection are currently in…
Using currency as an alpha source
The past three years have been disturbing for investors and managers. This investment climate is perfect for engaging in currency strategies to create alpha, say Paul Lambert, head of currency, and Mark Pursey, UK spokesperson at Deutsche Bank Asset…
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
TraderTools on FXall
Multi-bank FX platform FXall has granted New York-based vendor TraderTools a licence to offer its STPlatform for automated streaming prices via FXall.
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
Assessing the value of e-FX trading
Predicting future currency movements is not the only problem currency managers face. Finding the best method of dealing is also an issue, explains Neil Record, chairman and chief executive officer of Windsor-based currency overlay manager Record Currency…