Articles by FX Markets Staff
Bank One considers electronic FX options
CHICAGO -- Following its recent purchase of Integral’s MarginMan system, and an expansion of its foreign exchange trading group, Bank One is set to make more foreign exchange trading technology decisions soon, officials said.
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 .