Articles by FX Markets Staff
Continuity plans pass outage test
NEW YORK -- Contingency business plans put in place after September 11 passed the test posed by North America's massive power cut last week, market participants reported.
eSpeed launches spot FX
LONDON -- Electronic broker eSpeed has launched spot FX on its existing dealing platform in a prime brokerage style arrangement.
ANZ names financial markets director
LONDON -- ANZ Investment Bank's director of commodities and FX derivatives, Gilles Planté, has relocated from Melbourne to take up a new role as director of financial markets, Europe and USA, based in London.
Deutsche bridges private banking and forex
LONDON -- Deutsche Bank is seeing increased forex business from its private clients following the recent appointment of David Bee in London. Bee is working with Jim Turley, global head of FX in London, and several members of the senior management in…
Medium-term outlook good for Aussie dollar
SYDNEY -- Market participants in the Asia-Pacific region remain bullish on the medium- to long-term outlook for the Australian dollar.
The euro: a relief valve for imbalance
As the dollar's decline is set to continue, the euro bears the brunt of the global trade imbalance, says Michael Woolfolk, senior currency strategist at Bank of New York in New York
Commerzbank rebuilds foreign exchange in London
LONDON -- Commerzbank has made a series of appointments to its FX team in London as it begins to merge its global interest rate and foreign exchange businesses under Ali Satrap.
DrKW adds in Singapore
SINGAPORE -- Dresdner Kleinwort Wasserstein (DrKW) has set up locally based FX research in Asia for the first time and created two new positions in FX sales in Singapore to deal with growing client demand, a senior official told FX Week.
UBS FX down despite strong Q2
ZURICH -- UBS last week reported an 11% year-on-year drop in its FX trading income for the first half of the year, to Sfr789 million ($584 million), from Sfr885 million in H1, 2002.
Time for Asian exporters to 'switch'
Phileas Wong, associate director of risk management advisory at HSBC in Hong Kong, explains how switchable forwards could help exporters in Asia hedge the risk of local currency strength
Commerzbank rebuilds foreign exchange in London
LONDON -- Commerzbank has made a series of appointments to its FX team in London as it begins to merge its global interest rate and foreign exchange businesses under Ali Satrap.
ABN Amro to go global with white label platform
CHICAGO -- Dutch bank ABN Amro is planning a global debut next year for Dealstation, its white-labelled, foreign exchange trading platform.
Japanese intervention set to continue
TOKYO -- Japan spent around ¥4.6 billion ($54 million) on 18 currency interventions in the second quarter of this year, according to finance ministry figures released last week.
Goldman and Lehman ready moves to new Tokyo building
TOKYO -- Forex traders at US investment banks Goldman Sachs and Lehman Brothers are preparing to move into the same 54-storey building in central Tokyo.
STP break puts banks at risk
NEW YORK -- Third-party banks using the continuous-linked settlement (CLS) service may be subject to increasing operational risk as a result of a breakdown in straight-through processing (STP), according to one STP vendor.
CSFB up, ABNAmro down for first-half FX revenues
ZURICH -- Credit Suisse First Boston, part of the Credit Suisse Group, has seen improved year-on-year FX revenues for the first half of 2003, a senior official told FX Week .
HSBC issues remittances challenge to Citi
LONDON -- HSBC last week issued a challenge to Citigroup by declaring its intention to target the $10 billion a year US/Mexican remittances market.
Bomb fails to blast rupiah
JAKARTA -- Last week's bomb blast outside a hotel in Jakarta will have a minimal long-term impact on the Indonesian rupiah, say local market participants.