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HSBC issues remittances challenge to Citi
LONDON -- HSBC last week issued a challenge to Citigroup by declaring its intention to target the $10 billion a year US/Mexican remittances market.
Amex Bank results jump
American Express Bank last week reported year-on-year growth of 30% in revenues from FX trading for the first half of 2003.
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…
Banks win a partial reprieve from IAS 39
BRUSSELS -- The International Accounting Standards Board (IASB) has approved an amendment to rules for macro hedging under the upcoming IAS 39 accounting standard for European banks.
Lehman Brothers continues forex hiring drive in London
LONDON -- Lehman Brothers has hired nine forex staff in London in the past three months as part of its continued FX build-up. Two more -- including global head of FX Grant Whiteside -- have transferred to the City from New York, as the bank pursues a …
Deutsche says FX strong in H1
FRANKFURT -- Deutsche Bank last week said it had "very strong" FX trading results for the first six months of the year, reflecting the bank’s overall interim results. Jim Turley, global head of foreign exchange at Deutsche Bank in London said: "Client…
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…
Baht appreciation to slow on central bank reforms
BANGKOK -- The decision by the Bank of Thailand (BOT) in late July to loosen FX restrictions should slow the Thai baht’s appreciation, say local market participants. But strong economic fundamentals in Thailand mean that appreciation is unlikely to…
Online retail forex in Asia set to grow
TOKYO -- Online retail FX business in Asia is set to grow, as dealers increasingly move into the sector, market participants in the region told FX Week .
Reuters’ forex growth eases dip in treasury
LONDON -- Technology and information firm Reuters’ results last week showed a fall in treasury revenues for the first six months of 2003, but an increase in FX activity brought some gains.
Uncertainty eases for AIG Trading
GREENWICH, CT -- The tension surrounding the upcoming merger of AIG Trading and AIG Financial Products has eased following the release of an internal statement earlier this month, a source at the firm told FX Week .
Basel may advise banks on outsourcing
BASEL -- The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week .
Saxo adds futures trading with Refco
COPENHAGEN -- Danish investment bank Saxo Bank has added futures coverage to its online trading platform SaxoTrader as part of a partnership with Refco Overseas, the European arm of New York-based Refco Group.
German hedge fund reform raises FX hopes
MUNICH -- New proposals for the laws governing hedge funds and funds of funds in Germany could open up the market to a wider audience and heighten FX opportunities.
State Street and BoNY buck earnings downtrend
NEW YORK -- State Street and Bank of New York bucked a downward trend in US banks’ forex revenues for the first six months of 2003, according to first-half results released last week.
Investment banks drive for diversity
LONDON -- Investment banks are not known for being the most receptive working environments for women or ethnic minorities. The entertainment media perpetuates perceptions about the hard-drinking hard-working aggressive lifestyle of bankers on Wall Street…
MMS globalises forex analysis coverage
LONDON -- FX and fixed-income research firm MMS International has enhanced its forex analysis by globalising its coverage, said senior officials.
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Philippine central bank mulls rule change for peso forwards
MANILA -- The Central Bank of the Philippines is considering lifting the six months restriction on peso forwards, its deputy governor Amando Tetangco told FX Week last week. However, he said the move was still in the planning stage, and that the monetary…
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
A ‘worst-of’ option to hedge dollar weakness
Andy Kaufmann, FX structurer at Merrill Lynch in London, explains a solution for an investor who is looking to benefit from a USD move against a variety of currencies
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…