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Icap thrives on market volatility
LONDON -- UK Inter-dealer broker Icap has seen "another outstanding year" on the back of market volatility, especially in medium-term interest rate markets, said group chief executive Michael Spencer on the announcement of the firm's full-year results…
FX derivatives activity flat but healthy
BASEL -- FX derivatives volumes were relatively unchanged in the second half of 2002, the Bank for International Settlements reported last month.
Reuters FX under threat EBS-Bloomberg forex alliance prompts defiant response from UK firm
LONDON -- Reuters was last week fighting back to secure its position in FX, following the announcement of an alliance between two rivals.
Gulf currency by 2010, say Saudis
RIYADH -- A common currency for Persian Gulf countries could be a reality as early as 2010, according to officials from the Saudi Arabian Monetary Agency (SAMA).
Intra-day volatility returns
LONDON -- Trading desks buzzed with the return of intra-day volatility to the markets last week, as the euro sailed over its launch price of 1.175 against the dollar.
Rand recovery spells good news for South African FX
JOHANNESBURG -- The dramatic recovery of the rand and surging international interest in South Africa have proved a money-maker for local banks, market participants told FX Week .
Forex dealers clear on US dollar policy
NEW YORK -- Despite conflicting comments last week, analysts said the market is clear on the US government’s strategy regarding the greenback.
Saxo Bank’s forex fund flourishes online
COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…
Crackdown on risk budgets
Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…
Japan steps up yen intervention battle
TOKYO -- Japanese authorities intervened in the forex markets again last week as the yen came under more pressure from the weakening dollar.
Bank of Japan intervention set to continue
TOKYO – Japanese authorities spent over $20 billion in the forex markets in Q1 this year, in an effort to ease the yen’s strength against the dollar and the euro.
Intesa bows out of London
LONDON – Banca Intesa, one of the last Italian banks still trading FX in London, closed its desk in April, becoming the latest of its compatriots to consolidate forex in Italy.
US judge dismisses Gain Capital law suit
WARREN, NJ – A lawsuit filed in New York against online forex dealer Gain Capital was dismissed last month.
European banks under euro threat
FRANKFURT – Major European banks’ half-year FX earnings could be under threat from the rise of the euro, senior market participants told FX Week .
Market eyes new euro/dollar high
LONDON – A lifetime high for the euro against the dollar became a distinct possibility last week as the greenback continued to crumble across the board.
The leveraged reverse knock-in forward
With the recent strengthening of the Canadian dollar against the US dollar, a Canadian exporter with US receivables would be wise to consider a reverse knock-in forward, says Richard Stang, vice-president in FX sales at TD Securities in Toronto
Misys buys Crossmar
NEW YORK -- UK systems provider Misys has bought the Crossmar Matching Service (CMS), a foreign exchange and money market confirmation matching service, from Citicorp’s subsidiary Crossmar for $13 million in cash.
BoA links major and emerging FX forwards in risk strategy drive
LONDON -- Bank of America (BoA) has merged its forwards and emerging markets forwards businesses in London, and hired three forwards traders globally as part of a continued drive to move to a strategic risk management model, a senior official told FX…
ACI UK annual ball raises over £46,000
LONDON -- Forex industry body the ACI’s UK branch last week said it had raised £46,300 at its annual ball held at the Grosvenor House hotel in London on April 25.
Indian market opens up
MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.
Chinese derivatives regulations expected soon
SHANGHAI -- The Chinese central bank is expected to publish new regulations within the next few months aimed at easing tough restrictions in the country’s forex derivatives market, say bankers.
US banks revisit specialist sales
NEW YORK -- JP Morgan Chase and Bank of America are among the banks turning back to specialist FX advisory teams, in a move away from cross-product generalist sales.
Funds seek new ways to manage currency
NEW YORK -- Funds are becoming increasingly sophisticated in their use of currency management in an effort to boost returns, officials told FX Week .
Riding with the euro
A European client buying US dollars should consider a three-year swap to use the current euro strength to their advantage, says Pritpal Gill, head of structuring at Lehman Brothers in London