Articles by FX Markets Staff
Merrill’s Italian sales gap unfilled
LONDON -- Merrill Lynch’s plans to increase corporate risk management and forex in Italy have suffered a setback, as the bank is yet to plug a gap in its Italian sales coverage.
ABN Amro FX rises by 50%
AMSTERDAM -- Dutch bank ABN Amro’s FX dealing revenues for Q1 were up 50% compared with the same period the year before, it announced last week.
BNP Paribas completes sales line-up for institutional clients
LONDON -- BNP Paribas completed the line-up of its UK institutional FX sales team last week, with the hire of its latest new recruit.
Bank One set to launch options desk in London
CHICAGO -- Bank One has hired two senior dealers to set up a new foreign exchange options desk in London, a senior official at the Chicago-based bank told FX Week .
Q1 FX joy for Reuters
LONDON -- Technology and information firm Reuters reported a 10% dip in its Q1 earnings, announced earlier this month, but a strong performance from its FX products helped limit the damage.
Wachovia Bank launches second trading platform
CHARLOTTE -- Wachovia Bank, a unit of Wachovia Corp, last week launched Online FX, an in-house-built online FX trading platform for spot, forward and cross-currency deals.
Euro powers on as investors desert US
LONDON -- The euro nudged above the $1.10 level against the dollar last week, as the market’s renewed focus on economic fundamentals hurt the greenback.
Sars threatens C$ boom
TORONTO -- Booming forex business for Canadian banks could be under threat from the spread of severe acute respiratory syndrome (Sars) to Toronto, senior market participants told FX Week .
Riding with the euro
A European client buying US dollars should consider a three-year swap to use the current euro strength to their advantage, says Pritpal Gill, head of structuring at Lehman Brothers in London
CME FX record down to Globex
CHICAGO -- The Chicago Mercantile Exchange (CME) last week attributed record forex volumes to increasing use of its Globex electronic trading platform.
Funds seek new ways to manage currency
NEW YORK -- Funds are becoming increasingly sophisticated in their use of currency management in an effort to boost returns, officials told FX Week .
US banks revisit specialist sales
NEW YORK -- JP Morgan Chase and Bank of America are among the banks turning back to specialist FX advisory teams, in a move away from cross-product generalist sales.
Emerging markets staff wanted
SINGAPORE -- Emerging markets traders are in demand, as banks seek to staff profitable non-majors desks from a small pool of talent.
Cycles, structures and the dollar
It is difficult to ascertain what drives the capital markets at any one time. Market participants often seem to confuse cyclical and structural factors, and this is especially true of the dollar now, says Marc Chandler, chief currency strategist at HSBC…
Technology and market data firms gather for DWT 2003 in London
LONDON -- Forex technology and market data vendors gather in London this week for Dealing With Technology (DWT) 2003. FX Week ’s parent company Risk Waters Group and Write Image PR consultancy, which co-organise the event, said more than 500 delegates…
Chinese derivatives regulations expected soon
SHANGHAI -- The Chinese central bank is expected to publish new regulations within the next few months aimed at easing tough restrictions in the country’s forex derivatives market, say bankers.
FX safe from equities threat
LONDON -- Top FX officials are confident the current peak in investor currency business could survive an equity market rally -- a prospect brought to the fore by the success of coalition forces in Iraq.
New CIBM heads at HSBC
LONDON -- HSBC last week announced the appointment of Stuart Gulliver as co-head of the corporate, investment banking and markets business (CIBM), responsible for FX, fixed income, syndicated loans, structured credit, precious metals, equities and all…
A firm view on the rand
Unexpected data revealing South Africa’s current account surplus has led Merrill Lynch to cite a firm view on the rand. Jos Gerson, chief economist for South Africa in Cape Town, explains key factors that must be taken into account in coming to a solution