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Combined sales teams take off
LONDON -- The FX sales dealer may soon be a thing of the past if a new trend for cross-product sales teams catches on.
Heavyweights tackle rising un-named counterparty risk
NEW YORK -- Top FX banks are joining forces with central banks and industry groups to eliminate un-named counterparty risk.
Barclays merges FX/FI prime brokerage
LONDON -- Barclays Capital will complete the merger of its FX and fixed-income prime brokerage businesses by the end of March, a senior official told FX Week .
Amex Bank’s FX revenues rising
BOSTON -- American Express Bank last week announced an uptick in its FX revenues for 2002. Amex reported foreign exchange income and other, undefined, trading revenues for full-year 2002 of $170 million, up 18% from $144 million in 2001.
Shift in risk sentiment shores up Australian options market
SYDNEY -- A change in risk sentiment, coupled with major underlying spot moves in local currencies, is bringing extra FX options business to Australia, according to local dealers.
Egypt floats pound
CAIRO -- The Egyptian pound remained stable last week at 5.41 per dollar after it was freely floated for the first time last Wednesday (January 29).
New US laws could hit retail market
NEW YORK -- New laws being drawn up by US regulators could hit volumes in the US retail FX market, officials said last week.
Reorg brings ABN derivatives joy
LONDON -- Officials at ABN Amro last week pointed to a recent reorganisation to explain its success as FX Week sister publication Risk ’s currency derivatives house of the year.
Shareholders ousted Mirek
NEW YORK -- Lori Mirek, the recently-departed chief executive of multi-bank portal Currenex, was ousted by the firms’ shareholders, FX Week has learned.
Goldman's plan pays off
NEW YORK -- Goldman Sachs’ five year investment in foreign exchange is paying off, according to US banks’ financial results published last week.
Busy year ahead for FX committees
LONDON -- The forex committees of the eurozone, US and UK’s central banks will have a full agenda this year, senior officials told FX Week .
Dealers prepare for worst from gloomy bonus season
LONDON/NEW YORK -- Bonus payments in FX for 2002 could be slashed by half following a difficult year in forex, traders and recruiters told FX Week .
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
Gain Capital refutes fraud accusation
NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.
US banks see slumped FX revenues in 2002
NEW YORK -- US banks suffered reduced revenues from foreign exchange for 2002, according to financial reports made public last week.
China forex drive continues
SHANGHAI -- The liberalisation of China’s FX market continued apace last week, as the People’s Bank of China (PBoC) announced that a further 50 foreign banks have been authorised to trade the yuan.
Citi merges FX and rates
NEW YORK -- Citigroup has merged foreign exchange with derivatives and interest rate products to form the Global Rates and Currencies group.
Portals prepare for crucial year
LONDON -- The coming year will be decisive for multi-bank foreign exchange, according to industry participants polled by FX Week .
CMC returns to US
NEW YORK -- Online trading platform CMC is returning to the US after nearly two years away, an official told FX Week .
Research crucial in battle for investors
LONDON -- Banks are increasingly tailoring forex research for funds clients in response to more currency trading business from that client base.
June - The return of volatility
The return of volatility
July - Top banks reap FX rewards
Top banks reap FX rewards
December - Year ends in vendor dispute
Year ends in vendor dispute
April - Merrill Lynch props up recruitment industry
Merrill Lynch props up recruitment industry