Articles by FX Markets Staff
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
HSBC creates new sales role
LONDON -- UK bank HSBC has appointed Joakim Bergander as head of relationship management, institutional sales and global markets.
Growth in prime brokerage reveals staffing divergence
LONDON -- The rapidly developing FX prime brokerage industry is revealing differing staffing approaches among banks active in the segment.
Yield chasers boost British pound
LONDON -- In a week dominated by interest rate decisions and outlooks, the British pound powered to a three-and-a-half-year peak against the US dollar.
Deal4Free white-label vols grow
LONDON -- Currency Management Corporation (CMC) Group has seen a 19% month-on-month rise in FX volumes through white-label partners on its Deal4Free trading platform since the beginning of the year, a senior CMC official told FX Week .
Put the brakes on
European policymakers may have cause for concern if the recent euro rally continues, says Paul Meggyesi, senior currency strategist at JP Morgan Chase in London
Yen drives fund gains
STAMFORD, CT -- Movements in Japanese yen helped nearly 75% of currency managers on the Parker FX Index to record positive returns in April, while the index itself was up 0.9%.
Huge profits for German auto hedges
MUNICH -- The euro’s continued rise against the US dollar has turned forex hedges into a huge money-maker for German auto manufacturers, according to research made public last week.
Icap thrives on market volatility
LONDON -- UK Inter-dealer broker Icap has seen "another outstanding year" on the back of market volatility, especially in medium-term interest rate markets, said group chief executive Michael Spencer on the announcement of the firm's full-year results…
Japan fights to keep yen down
TOKYO -- Data issued last week by the Bank of Japan (BoJ) revealed that May saw a record amount spent in the FX markets, and proved that Japanese authorities are willing to enter into a protracted battle to prevent yen strength.
Forex sales moves afoot at DrKW
NEW YORK -- Dresdner Kleinwort Wasserstein (DrKW) has made a senior hire to its North American FX sales team and re-aligned responsibilities on the desk, a spokeswoman for the bank told FX Week .
Prat-Gay rapped by Argentine cabinet
BUENOS AIRES -- Alfonso Prat-Gay, former FX research chief at JP Morgan Chase in London and now president of Argentina's central bank, landed in hot water last week over comments he made about the Argentine currency.
Prop desks reap rewards of heightened FX volatility
LONDON -- Banks could be reaping rewards from their proprietary FX trading desks, as swift intra-day market moves continue, dealers have told FX Week .
BTM top in Japanese FX
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) has cemented its position as the top Japanese forex provider, reporting a 3% rise in yen terms in revenues for the full-year 2002.
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
ETrade enters FX with Saxo Bank
LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.
SingTech FXportal continues to grow
SINGAPORE -- PrismLight, Singapore Technologies' in-house, multi-bank FX trading portal, has signed around 10 new users since the start of 2003, a senior official at the firm told FX Week .
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
Hedge optimisation under IAS39
All European Union listed companies must implement IAS 39 by the end of this year. Raymond Franzi, head of structuring, and Emmanuel Burot, head of structuring and accounting at Dresdner Kleinwort Wasserstein in London, outline how a European firm should…