Articles by FX Markets Staff
Citi rides out tough Q1
NEW YORK -- Citigroup shrugged off concerns about reduced FX client activity in the first quarter of 2003, reporting largely flat forex trading revenues last week.
Loonie zooms
Canadian dollar strength is set to continue, say Lauren Germain and David Mozina, of Bank of America’s FX strategy group in New York. And the market is reacting accordingly
HSBC white-labelling by Q3
LONDON -- HSBC’s new white-labelling service for foreign exchange trading, which was announced last week, will go live in Q3, according to an official at the bank in London.
Expanding CDO market exposes new FX risks
LONDON -- The growth of the cross-border collateralised debt obligation (CDO) market -- whereby debts of varying risk are bundled together and sold to investors as one debt-type instrument -- is opening up a new source of FX risks, said market…
BNP Paribas hires Uwe Fuehrer for investor sales
LONDON -- BNP Paribas last week lured Credit Agricole Indosuez’s (CAI) former FX sales head back to the forex market, in an expansion of its UK institutional sales team.
Multi-bank platforms reap e-forex growth rewards
LONDON -- Multi-bank FX trading portals are capturing the greatest amount of e-FX dealing volumes, according to consultancy Greenwich Associates.
Market focus shifts to fundamentals
LONDON -- The US dollar slipped across the board last week, as the forex market’s gaze turned from war to economics.
Clients see modest pay increases
LONDON/NEW YORK -- Buy-side forex staff saw modest increases in their salaries and bonus payouts last year, according to a report published recently.
UK euro speculation gathers pace
LONDON -- With the war in Iraq nearing an end last week, attention in the UK turned to speculation regarding potential membership of the euro.
Macroeconomic trading back in vogue
LONDON -- Institutional traders are returning to macroeconomic trading styles, after years of position-taking based on other factors.
Audits attract UK funds to overlay
LONDON -- A growth in audit services to assess forex transaction costs is sparking increasing interest in currency overlay among UK pension funds.
More prime brokers take to web
LONDON -- Automation of the prime brokerage industry is well underway, with a host of new services set to hit the market in the coming months.
CFTC charges two for fraud
WASHINGTON, DC -- The Commodity Futures Trading Commission (CFTC) last week continued its drive against retail FX fraud, charging two firms with frauds totalling over $10 million.
Client trading volumes rising
LONDON -- Booming hedge fund interest and an increasing number of client banks in the market are boosting global customer forex volumes, according to data from research consultancy Greenwich Associates.
ABN, Deutsche top forecast rankings
LONDON -- ABN Amro was the most accurate currency forecaster based on a one-month prediction made on March 7, while Deutsche Bank took top spot for 3m forecasts submitted three months ago in FX Week ’s table of forecasters (see below).
Staffing and systems key for exotics
LONDON -- Staffing and systems integration are key to the right exotics options pricing model, according to officials speaking at a derivatives seminar held in London last week.
When stocks rocket
Markets are expecting a post war rally in equities. Jesper Dannesboe, chief FX strategist at Dresdner Kleinwort Wasserstein in London, looks at the implications for FX
Singapore dollar hit by SARS woes
SINGAPORE -- Speculation mounted last week that the Monetary Authority of Singapore (MAS) had intervened to protect the Sing dollar’s narrow trading range, as fears over the SARS virus escalated.
War threat to Q1 FX profits
NEW YORK – The impact of the war in Iraq on FX will become clear this week, when the US commercial banks publish trading revenues for the first three months of the year.
BoA management reorg
NEW YORK -- Bank of America has cut three management positions as part of an ongoing strategy to consolidate global FX trading and sales, a senior official at the bank in New York told FX Week .
MMS enhances fixed-income service
LONDON -- FX and fixed-income research and analysis firm MMS International extended its technical analysis coverage of money market futures last week.