News
Ex-NAB traders to plea in March
MELBOURNE – The four traders at the heart of the A$360 million currency options scandal that rocked National Australia Bank (NAB) last year are to enter a plea at Melbourne Magistrates Court on March 22.
Portware offers access to Hotspot
NEW YORK – Portware, the New York-based vendor has implemented access to Hotspot FXi’s live foreign exchange trading market-place via its real-time, FIX-compliant, broker-neutral system Portware Professional.
Major rejig at Merrill desk in NY
NEW YORK – Merrill Lynch has seen significant changes to its FX desk in New York, following the departures of two managing directors.
Volatility rises ahead of G7 meeting
LONDON – Currency markets volatility has increased in the run-up to the G7 meeting this week, as traders speculate over the possibility of a change to the Chinese currency regime.
New Turkish lira causes surge of activity
ISTANBUL – The new Turkish lira (TRY) is seeing strong demand across Europe only a month after its rebasing, said industry insiders.
Ringgit peg likely to end, say analysts
KUALA LUMPUR & SINGAPORE – The days of the Malaysian ringgit’s six-year peg to the dollar look to be numbered, according to analysts in the region.
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
GFT deepens Asian presence
TOKYO – Futures commission merchant Global Forex Trading (GFT) is expanding its presence in Asia by establishing offices in Tokyo, Hong Kong and Sydney.
Fixed-income reorg for BNP
LONDON/NEW YORK/TOKYO – BNP Paribas is set to reorganise its fixed-income business in a bid to breathe new life into the business.
BTM takes Cognotec’s MRM
TOKYO – Bank of Tokyo Mitsubishi (BTM) has gone live with technology vendor Cognotec’s Market Rate Manager (MRM) solution, the vendor announced last week.
Private bankers boost structured products sales
LONDON – Private bankers are buyoing the expanding market for structured products linked to currency movements, in a bid to provide more attractive yields to their clients.
Dresdner misery continues
FRANKFURT – The recent exodus from Dresdner Kleinwort Wasserstein has continued, with two more departures in the past month.
NAB rejig continues
SYDNEY – National Australia Bank (NAB) has continued its rebuilding process by hiring David Hicks as an Australian dollar forwards dealer.
HK FX traders favour service over price
HONG KONG – Service rather than price is the key determinant for FX traders, according to a survey carried out in Hong Kong.
Corporate confidence in FX on the rise
LONDON – Forex activity from corporates will continue to grow in 2005, following the introduction of accounting standard IAS 39 and the Homeland Investment Act, according to banks.
CST merges G7 currency options desks
LONDON & SINGAPORE – Colin Stewart Liberty has merged the G7 currency options desks of Tullett Liberty and Prebon Yamane in London and Asia, FX Week has learned.
LloydsTSB adds to FX team
LONDON – Lloyds TSB Financial Markets has added to its London FX sales team in an effort to further penetrate the UK and European markets, said Jeremy Hodges, head of FX sales at LloydsTSB in London.
BP prepared for IAS 39
LONDON – British Petroleum (BP) became the first European-based corporate client to go live with Wall Street Systems’ (WSS) Hedge Compliance Module to aid it in its compliance process following the introduction of the IAS 39 accounting standard.
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.