Articles by FX Markets Staff
Options staff leave BoA
NEW YORK -- Bank of America has lost three FX options dealers in recent weeks, a spokesperson for the bank in New York told FX Week .
Prebon Yamane in emerging FX first
LONDON -- Prebon Yamane has become the first firm to broker a deal in both the Egyptian pound and the Slovakian tolar, it announced last week.
Forex downturn hits US wages
NEW YORK -- Market stagnation has resulted in near flat foreign exchange wages for dealers in the US, with senior managers receiving increases less than the yearly inflation rate, according to a report made public earlier this month.
Forex dealers desert Pru-Bache
LONDON -- Spot euro dealer Mark Davison will leave Prudential Bache, the international arm of US-based Prudential Securities, in London next month, a spokesperson for the firm in New Jersey told FX Week .
Merrill extends SuperDerivatives use
LONDON -- Merrill Lynch has renewed its licence to use SuperDerivatives’ currency options pricing system, SuperDerivatives said last week.
ACM grows FX volumes
GENEVA -- Online FX trading firm AC Markets (ACM) traded over $8 billion in February, despite only launching in November last year, a senior official at the firm told FX Week .
FXall opens office in Singapore
SINAGPORE -- Multi-bank FX trading portal FXall has opened an office in Singapore, the firm said last week.
Sterling caught in the middle
The relationship between sterling/dollar and euro/dollar has broken down since the start of the year, resulting in sterling’s recent under-performance, says Lena Komileva (right), EMEA economist at Prebon Marshall Yamane in London.
Refco signs up Future Dynamics
CHICAGO -- US broker Refco has signed up derivatives software firm Future Dynamics to develop customised clearing products for its clients globally.
AIG hires ex-Commerzbank options dealers in London
LONDON -- Former Commerzbank FX options dealers Behnouche Mostachfi and Damian Zihlman have joined AIG Trading in London, a spokesperson for the firm told FX Week . Both report to Greenwich-based global head of FX options and head of FX Donald Lee.
CBA takes SunGard’s eGT
SYDNEY -- Commonwealth Bank of Australia (CBA) has gone live with SunGard Trading Systems/Front’s eGlobalTrader (eGT), a browser-based dealer distribution system, for front-office deal capture in FX and money markets.
Citigroup’s Englander joins BarCap but top research post stays vacant
LONDON -- Brian Martin, global head of FX research at Barclays Capital in London, has left the bank.
Rumours hit jumpy FX markets
LONDON -- FX markets starved of certainty saw some price movement last week, mostly on the back of unconfirmed rumours regarding the war in Iraq.
ECB highlights dangers of over-concentrated market
FRANKFURT -- Market consolidation and a reliance on electronic trading could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.
Emerging markets boost HSBC’s profits
LONDON -- A strong performance in emerging markets FX helped HSBC to its biggest-ever yearly forex profits, an official said last week. The bank made $1.17 billion from forex in 2002, up by 4% from $1.12 billion the year before. Based on banks’ financial…
SG reorganises forex sales
LONDON -- SG will today (March 10) announce the reorganisation of its London FX and FX derivatives sales team into two client-focused units.
RBS FiXes benchmarks with EBS
LONDON -- The Royal Bank of Scotland (RBS) has gone live with a new benchmark engine for spot and forwards FX rates, called RBSFiX.
Zar Amrolia quits Goldman
LONDON -- Former global head of FX sales at Goldman Sachs, Zar Amrolia, has left the bank after a series of job changes divested him of some of his forex responsibilities.
Third-party CLS business comes under the spotlight in New York this week
NEW YORK -- The CLS (Continuous Linked Settlement) Group hosts a seminar in New York this Wednesday (March 12) to offer information on linking up third parties to its new forex settlement service.
Vol surge expected from east Europe
WARSAW -- Political events in countries slated to join the European Union and the euro are set to trigger a wave of FX volatility in emerging European countries, market participants told FX Week .