Articles by FX Markets Staff
Amex and HVB FX results growing
MUNICH -- American Express Bank saw a modest uptick in its Q3 FX trading revenues, with $54 million in FX income, up from $50 million for Q3, 2002.
UK senior managers face new rules on conflict of interest
LONDON -- Senior managers in the UK will from next year be responsible for ensuring their currency research does not contravene strict new rules on conflict of interest, regulatory body the Financial Services Authority (FSA) said last week.
Fundtech targets Korea
SEOUL -- US technology vendor Fundtech is targeting business in Korea ahead of the addition of the Korean won on the Continuous Linked Settlement (CLS) system for FX trades in 2004.
EBS launches prime broker service
LONDON -- Spot broker EBS’s prime brokerage service went live last week, with Deutsche Bank, JP Morgan Chase and Royal Bank of Scotland acting as the prime broker banks.
Derivatech develops structuring tool
NEW YORK -- Growing use of structured products in foreign exchange has prompted risk management vendor Derivatech to develop a module for structuring a limitless array of complex options.
Yukos storm hits rouble
MOSCOW -- The arrest of Mikhail Khodorkovsky, chairman of oil company Yukos, and the freeze on his 44% stake in the firm will lead to rouble volatility -- despite the central bank’s current efforts to smooth fluctuations in the exchange rate, analysts…
ANZ makes two senior Asia-Pacific appointments
MELBOURNE -- ANZ made two senior appointments in Asia-Pacific in October.
Seasonal yen patterns
Dollar/yen’s statistically significant seasonal pattern bottoms in mid-October and rises through mid-January. Greg Anderson, senior FX strategist at ABN Amro in Chicago, recommends looking for a spike in the flat period to come and selling into it
‘Discount forward’ for hedging euro/sterling
With euro/sterling forecast to strengthen next year, Danny Goldblum, from HSBC’s global FX structuring team in London, proposes a solution to give a UK corporate that imports from Europe the protection of a forward contract at an improved rate
Reuters names new global head of risk
PARIS -- UK trading systems and market data vendor Reuters has made Sebastien Rousotte global head of risk -- a position that has been empty since the departure of Mike Whitaker earlier this summer ( FX Week , August 18).
Euro needs more stability
BRUSSELS -- The EU Commission needs to solve the issues surrounding the EU stability pact for Eurozone countries before any new countries join either the currency or the European Union, analysts said last week. The consequences of allowing France and…
Merrill merges FX and rates
LONDON -- Merrill Lynch merged its global FX and global rates businesses under new co-heads Michael DeSa and Barry Wittlin in September, a spokesperson confirmed last week.
CLS plans business continuity improvements
SINGAPORE -- Continuous Linked Settlement (CLS) Bank International intends to move one of its two operations sites from greater London, to provide more reliable business continuity in case of an interruption to business, Joseph De Feo, president and…
IMF fuelled record trading
NEW YORK -- US banks’ financial results last week added to the evidence that the third quarter witnessed exceptionally high FX trading revenues, chiefly as a result of explosive moves following the International Monetary Fund’s meeting in September.
Lehman’s forex relocation
LONDON -- Lehman Brothers’ FX team will move to the bank’s new European head office in Canary Wharf, London, in the first week of January.
November rate hike in UK expected
LONDON -- The narrow margin by which a Bank of England rate rise was defeated in October has boosted expectations of a tightening in November. And sterling will see a boost as a result, said analysts in London, speaking after publication of the BoE’s MPC…
StanChart options trading head leaves
SINGAPORE -- Standard Chartered has lost another member of its Singapore FX options team since the departure of Tim Carrington, global head of FX options in Singapore in July.
HSBC adds three in options
LONDON -- HSBC has hired three options and structuring heavyweights in new positions, as it continues to expand its options business in London and New York.
GFI buys exotic options model
LONDON -- Inter-dealer broker and market data firm GFI Group has bought options pricing model dVega, and integrated it with the latest release of its flagship options pricing tool Fenics FX, GFI will announce today (October 27).
