Infrastructure
CLS settles a trillion a day
NEW YORK -- Continuous Linked Settlement, the new settlement service for foreign exchange, settled a record $1 trillion in FX payments on February 18.
Traders reap rewards in LatAm markets
MEXICO CITY -- As clients and banks scour the globe for volatile FX markets, Latin America has become a key battleground for new FX business, senior market participants told FX Week .
BIS expands derivatives data
BASEL -- The Bank for International Settlements said last week that it is expanding its statistics on banks’ country risk exposures to include data on derivatives exposures to individual countries.
Rusnak lessons still unheeded
NEW YORK -- Global banks are yet to implement key recommendations to limit rogue trading losses, one year on from John Rusnak’s record $700 million forex fraud.
Mid-market ripe for electronic FX trading
NEW YORK -- The corporate middle-market sector is ripe for growth in its adoption of electronic FX trading systems, analysts and vendors told FX Week .
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.
Zero-coupon woes for DZ
FRANKFURT -- DZ Bank, the largest central co-operative bank in Germany, has announced e140 million losses from its zero-coupon interest rate swaps positions due to a mis-keying error.
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.
360T targets more price providers
FRANKFURT -- Multi-bank, multi-asset trading platform 360T expects to have 30 banks connected to its system by year-end, a senior official at the Frankfurt-based firm told FX Week .
India considers rupee options for corporates
MUMBAI -- The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
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 .
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
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 .
July - Top banks reap FX rewards
Top banks reap FX rewards
January - Prime brokerage kick-starts the year
From the Allfirst Financial scandal to the launch of CLS, you read it here first in 2002. FX Week reviews the top news stories of last year
CLS showdown in 2003
LONDON -- The stage is set for a pitched battle for third-party CLS business in 2003, according to senior bankers interviewed by FX Week.
Israel completes shekel liberalisation
TEL AVIV -- The Bank of Israel last week announced the abolition of the last of its FX controls, making the new Israeli shekel fully convertible.
Citi endorses job sharing
LONDON -- Job sharing among forex professionals is becoming a growing trend in the markets, senior officials told FX Week .
August - The race for CLS clients
The race for CLS clients
Technology briefs
Bundesbank completes STP for foreign currency reserves
October - Multi-bank evolution continues
Multi-bank evolution continues