Articles by FX Markets Staff
Kiwi ripe to strengthen
The New Zealand dollar’s recent performance is based on more than just US dollar weakness. Sue Trinh, currency strategist at the Bank of New Zealand in Wellington, looks at what will be driving the currency in 2004
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
Clearview charged by CFTC
NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.
State Street’s Snyder becomes head of NY FX committee
NEW YORK -- Mark Snyder, State Street’s global head of currency and money market sales and trading, took over as chairman of the Foreign Exchange Committee in New York last week.
ANZ hires two for investor sales
SYDNEY -- ANZ Investment Bank has made two senior hires to its FX investor sales team, it announced last week.
Analysts mull expectations for Japan
TOKYO -- Analysts expect Japanese authorities to continue intervening in the currency markets this year, following the Ministry of Finance’s (MoF) record spend of ¥21 trillion ($198 billion) in 2003. However, the consensus view is that the MoF may…
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
UBS announces 50th CLS client
Zurich -- Vienna-based bank Raiffeisen Zentralbank Österreich (RZB) is the fiftieth client to sign up for UBS’s third-party continuous-linked settlement (CLS) service, UBS announced last week.
Market upbeat on Reuters’ Q4 decline
LONDON -- Reuters’ share price rose by more than 13% on the London Stock Exchange on January 15 from £2.79 to £3.17 -- where it hovered until close of trading last week -- following a statement by the vendor on its Q4 performance.
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
Cost of exceptions down 30%
LIVINGSTON, NJ -- The cost of exceptions, or failed trades, has fallen almost 30% in the past year, as institutions automate exception processing, according to the latest survey by SunGard eProcess Intelligence (ePI), the processing unit of SunGard. The…
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
Coca Cola Oz takes SuperDerivatives
LONDON -- SuperDerivatives has licensed its currency options pricing and risk management system to Australia-based beverage manufacturer Coca-Cola Amatil, the vendor said last week.
IFX upgrades FX back office
LONDON -- Financial trading and spread-betting firm IFX went live with a new FX back-office system from London-based vendor ForexManage last week (January 5).
Dollar slide hits bonuses
LONDON -- Recent US dollar falls are expected to negatively affect the bonuses paid to European staff of US banks. Forex dealers expecting large increases in their bonus awards as a result of stellar performances in FX are likely to be disappointed when…
BarCap adds online sterling swaps
LONDON -- Barclays Capital added sterling swaps to its single dealer online interest rate swaps platform last month.
EBS outage sparks BoJ rumours
LONDON -- Dealers acting on behalf of the Bank of Japan (BoJ) may have been among the customers frustrated by momentary lapses in spot broking platform EBS’s dealable rates last week.