Feature
Review of 2004 - February: RBS and Deutsche lead the way
FRANKFURT AND LONDON – February was a good month for Royal Bank of Scotland (RBS) and Deutsche Bank with both reporting figures showing that they were gaining on their rivals.
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
Review of 2004 - May: CST buys Prebon Yamane
LONDON – May saw the ACI European Congress in London, at which FX Week covered the news of Collins Stewart Tullett (CST) buying its rival Prebon Yamane. CST said it did not intend to merge the two brokers or close any desks as a result of the deal…
Review of 2004 - June: Record breaking year for FX
LONDON - June saw the FX Week annual revenue ranking of the top 30 earners in FX smash records in fiscal 2003. Fantastic trading opportunities stemming from huge volatility in major and emerging markets, coupled with booming interest in FX from the hedge…
Review of 2004 - July: AIB repays E26m for overcharging
DUBLIN – Allied Irish Banks (AIB) said it would repay the e26 million ($32 million) it overcharged clients on 3 million FX deals, after a regulator slammed the bank in a report in July.
Review of 2004 - March: Bumper start for US investment banks
NEW YORK – Early results in 2004 showed a bumper year was likely for the industry as FX earnings at US investment houses showed strong performance for the first quarter.
Saxo and ANZ pick dollar lows
The dollar sank to record lows last week – nearly touching its all-time low just above 1.29 against the euro on Friday (November 5) and an eight-year low of 1.1877 against the Swiss franc the day before.
Shock job losses at Tullett
Tullett Liberty's forwards desk loses as merger with Prebon completes LONDON – Tullett Liberty has suffered a surprise defeat in the integration of its forex business with that of rival Prebon Yamane. Broking sources in London say Tullett's FX forwards…
SIBOS 2004
CLS rules the roost at Sibos
Sibos vendors showcase wares
More than 5,500 financial IT professionals are descending on Atlanta this week for the annual Sibos congress. Some 200 software firms jostling for delegates' attention are making the most of the opportunity by launching and demo-ing their latest products…
Average forex e-trade sizes on the rise
LONDON – The size of the average electronic FX trade is going up for corporates and real-money investors – but not in the leveraged sector of the industry, according to new research from UK consultancy ClientKnowledge.
Rankings reveal diversifying inter-dealer market
The inter-dealer market for foreign exchange is shrinking, as an increasing number of mid-tier players retreat from market-making to become clients of the top firms. The banks that remain are working hard to consolidate their positions as liquidity…
e-fx AWARDS
The FX Week inaugural e-FX Awards
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
March - CLS technical glitch stalls trades
The first operational setback in the life of continuous linked settlement (CLS) came in March, when multiple technical faults stalled settlement in 20,000 Aussie dollar and yen trades.
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
October - BoA announces Fleet bid
Banking mergers were thin on the ground in 2003, but in October, news came of Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial.
August - HSBC challenges Citi on Mexican remittances
HSBC issued a challenge to Citigroup in August by declaring its intention to target the $10 billion a year US/Mexican remittances market.
February - Heavyweights tackle anonymity risks
The risk of trading with unnamed counterparties was highlighted in February, when central banks and top players in FX joined together to combat the problem.
December - AIG cuts ahead of merger
The year ended on a bad note as recruiters in the US and Europe started to report widespread cuts at American Insurance Group in Connecticut and London in December.
Deutsche is top currency forecaster
Deutsche Bank is the top forecaster on FX Week’s weekly index of 10 banks since its launch in July.
July - Indian market opens up
The Reserve Bank of India lifted restrictions on trading currency options in July. The move was a major development for FX in one of the world’s fastest growing economies.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.