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Sars threatens C$ boom
TORONTO -- Booming forex business for Canadian banks could be under threat from the spread of severe acute respiratory syndrome (Sars) to Toronto, senior market participants told FX Week .
Macroeconomic trading back in vogue
LONDON -- Institutional traders are returning to macroeconomic trading styles, after years of position-taking based on other factors.
Market focus shifts to fundamentals
LONDON -- The US dollar slipped across the board last week, as the forex market’s gaze turned from war to economics.
Citi rides out tough Q1
NEW YORK -- Citigroup shrugged off concerns about reduced FX client activity in the first quarter of 2003, reporting largely flat forex trading revenues last week.
FX safe from equities threat
LONDON -- Top FX officials are confident the current peak in investor currency business could survive an equity market rally -- a prospect brought to the fore by the success of coalition forces in Iraq.
War threat to Q1 FX profits
NEW YORK – The impact of the war in Iraq on FX will become clear this week, when the US commercial banks publish trading revenues for the first three months of the year.
Client trading volumes rising
LONDON -- Booming hedge fund interest and an increasing number of client banks in the market are boosting global customer forex volumes, according to data from research consultancy Greenwich Associates.
More prime brokers take to web
LONDON -- Automation of the prime brokerage industry is well underway, with a host of new services set to hit the market in the coming months.
Audits attract UK funds to overlay
LONDON -- A growth in audit services to assess forex transaction costs is sparking increasing interest in currency overlay among UK pension funds.
The ‘leverage range forward’ approach
A UK company exporting to the US looking to hedge long-term USD receivables may enter a ‘leverage range forward’ strategy to boost the hedge level, says Didier Meyer, FX options structurer and marketer at SG in Paris
CLS interest picks up in Asia
SINGAPORE -- Asian financial institutions are becoming increasingly aware of the continuous-linked-settlement (CLS) service, according to research made public by ABN Amro last week. Just 30% of respondents in the bank’s survey of its clients in the…
Market looks to post-war scenarios
LONDON -- The war in Iraq continued to dominate forex trading last week, but analysts are starting to look beyond the current conflict to what might happen next.
Trading practices yet to change post-CLS
NEW YORK -- Banks are reporting little change in the way they trade as a result of using the new continuous-linked settlement (CLS) service, according to an official survey out this week.
Market suspects yen intervention
TOKYO -- Speculation was rife in FX markets last week that the Bank of Japan was intervening to attempt to keep the yen above 120 per dollar ahead of the Japanese fiscal year-end today (March 31).
Tech glitch strikes CLS
NEW YORK -- The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the Continuous Linked Settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials told FX Week .
Tech glitch strikes CLS
NEW YORK -- The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the Continuous Linked Settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials told FX Week .
Market suspects yen intervention
TOKYO -- Speculation was rife in FX markets last week that the Bank of Japan was intervening to attempt to keep the yen above 120 per dollar ahead of the Japanese fiscal year-end today (March 31).
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
Strategists’ role in prop trading under focus in choppy markets
NEW YORK -- Choppy markets are highlighting the difficulties of accurately forecasting currency moves -- and no more so than for those banks with capital behind their strategists’ recommendations.
Further uncertainty grips market
LONDON -- FX markets breathed a sigh of relief last week as the war in Iraq got under way, but as one source of uncertainty was removed, another popped up.
Dollar bloc upsurge boosts Australian forex turnover
SYDNEY -- Increasing interest in Australian dollar trading is boosting Australian banks’ forex turnover, senior market participants told FX Week .
BarCap lures top dealers
LONDON -- Barclays Capital is in the midst of an aggressive recruitment campaign in London and New York, targeting staff at the world’s top investment banks.
Goldman down, Bear Stearns up in Q1 forex
NEW YORK -- Goldman Sachs last week reported reduced forex revenues within its fixed-income, currency and commodities (FICC) division for Q1, although other US investment banks fared better.