Articles by FX Markets Staff
Merrill rebuilds local markets trading team
LONDON -- Merrill Lynch has rebuilt a six-strong local markets trading team in London during the past month, after natural attrition whittled the original team’s headcount to one.
Single currency in west Africa still a long way off
ABUJA -- Efforts to establish a single currency across west Africa continue to falter due to a lack of political commitment and inconsistencies in meeting the convergence criteria, said Joseph Sanusi, governor of the Central Bank of Nigeria, speaking in…
ABN creates global cash role
AMSTERDAM -- Dutch bank ABN Amro has created the position of global head of cash trading in an effort to further co-ordinate its FX trading activities. The move reflects its growing forex business, a senior official told FX Week .
Candollar cartwheels
The Bank of Canada’s unexpected rate cut caused the Canadian dollar to do an about face after strengthening 13% against the US dollar in the year to date. But we can still expect Candollar strength later this year, says Lara Rhame, FX economist at Brown…
BoA names new global head
CHICAGO -- Jonathan Moulds, global head of interest rates, Treasuries and agencies business at Bank of America, has assumed responsibility for global foreign exchange and local debt operations in Asia and Mexico, according to an internal memo from Ed…
Record Q2 at CME
CHICAGO -- The Chicago Mercantile Exchange (CME) has reported record revenues for the second quarter, spurred by strong trading volume in FX, interest rates and equities.
Won worries for Korea
SEOUL -- The Korean won could be weakened in the medium term by the slowing of South Korea’s economy and government policy failing to tackle a slump in consumer spending, says a recent report by Barclays Capital.
Mitigating euro/krona uncertainty
FX quantitative strategist Giovanni Pillitteri and corporate risk structurer Bertrand Nortier at Deutsche Bank in London present a solution for a Swedish client to monetise flow uncertainty and participate in case of the Swedish krona weakening
Basel may advise banks on outsourcing
BASEL -- The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week .
Uncertainty eases for AIG Trading
GREENWICH, CT -- The tension surrounding the upcoming merger of AIG Trading and AIG Financial Products has eased following the release of an internal statement earlier this month, a source at the firm told FX Week .
Reuters’ forex growth eases dip in treasury
LONDON -- Technology and information firm Reuters’ results last week showed a fall in treasury revenues for the first six months of 2003, but an increase in FX activity brought some gains.
Online retail forex in Asia set to grow
TOKYO -- Online retail FX business in Asia is set to grow, as dealers increasingly move into the sector, market participants in the region told FX Week .
FXConnect and SunGard enter next phase in link-up
BOSTON -- State Street has launched a straight-through processing (STP) connection enabling clients to trade with multi-bank platform FX Connect directly from SunGard’s treasury workstations.
A ‘worst-of’ option to hedge dollar weakness
Andy Kaufmann, FX structurer at Merrill Lynch in London, explains a solution for an investor who is looking to benefit from a USD move against a variety of currencies
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
GFI to add 10 in FX
LONDON -- Broker and market data firm GFI is looking to hire 10 sales and support staff for its global FX business, James Watson, global head of sales and support, told FX Week .
Philippine central bank mulls rule change for peso forwards
MANILA -- The Central Bank of the Philippines is considering lifting the six months restriction on peso forwards, its deputy governor Amando Tetangco told FX Week last week. However, he said the move was still in the planning stage, and that the monetary…
