Articles by FX Markets Staff
Five-year-old euro comes of age
FRANKFURT -- When the euro was first introduced, many were sceptical about its potential for success and concerned about its impact on the FX market as a whole. But as it celebrated its five-year anniversary this month, the euro’s status is gradually…
Hedging a short euro/dollar position
For European exporters needing to hedge exposure to the freefalling US dollar, a six-month forward may be the best solution, suggest Eric Ohayon, European head of FX structuring, and Kai Fisher, European head of FX corporate sales, at Bank of America in…
Pronet Analytics and FXCM forge mutual distribution deal
LONDON -- Pronet Analytics, a subsidiary of The Market Age group, and New York-based retail trading platform Forex Capital Markets (FXCM), have forged a deal to allow clients of both firms to use their respective services.
Lehman dealers move in Tokyo
TOKYO -- FX staff at Lehman Brothers in Japan are preparing for an imminent move to Roppongi Hills Mori Tower in central Tokyo. The relocation is part of a project that will see all the bank’s 800 staff in the Japanese capital migrating to the new site…
Aussie dollar going up Down Under
SYDNEY -- The dramatic gains the Australian dollar made against the greenback in 2003 show no sign of abating in the medium term, according to market participants in Australia. In fact, the Aussie is set to get even stronger.
China ‘closer to flexible exchange rate’
BEIJING -- China moved a step closer towards a flexible exchange rate last week, with the announcement that the Chinese State Administration of Foreign Exchange (Safe) has given the two largest state-owned banks a total of US$45 billion in foreign…
Citi plugs Dutch sales gap
AMSTERDAM -- Citigroup has transferred two FX sales dealers to Amsterdam, to cover growing business from Dutch institutional clients.
Calling all forecasters!
Due to increasing demand from banks and analysis firms to join FX Week ’s forecast table, we are this month launching a major new currency forecasts index.
The year ahead in Asia
US dollar weakness and regional equity market strength look set to remain the main drivers of Asian FX in 2004, according to Tim Condon, chief economist, Asia for ING Financial Markets in Hong Kong
Banks buy out bonuses to fill seats in new year markets buzz
LONDON -- The recruitment industry has started with a bang this year, replicating heavy activity in the currency markets.
November - UBS unseats Citi as top bank
UBS won the FX Week award for ‘Best Bank in Foreign Exchange’ in November for the first time in the survey’s nine-year history.
April - Sars hits trading in HK
Banks in Hong Kong readied their contingency plans in April as the deadly Sars virus gripped the trading centre.
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
June - Top three make biggest earnings gains
FX Week’s yearly ranking of banks’ forex revenues in June revealed an acceleration of the trend towards the growing importance of the top banks in FX.
January - Currenex shareholders eject Mirek
From the departure of Currenex’s Lori Mirek as the year opened, to the arrests of 48 forex traders in New York in November, FX Week reviews the top stories of 2003
Funds find profits elusive in November
LONDON -- Currency fund managers found it difficult to make profits in November, according to the Parker FX Index for that month, published at the end of December.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
GFI continues Asian build-up
SINGAPORE -- Two support staff are set to join inter-dealer broker and market data supplier GFI in Asia in January, as the firm aims to capitalise on growing opportunities in the region.
BNP Paribas hires head of institutional sales
AMSTERDAM -- BNP Paribas hired Dietert Wesselius as head of institutional FX sales in Amsterdam on December 1. Wesselius joined the bank to manage a team of five, which was recently expanded by the appointment of Martin Knol and James McHardy in October…