News
Reuters names treasury head
LONDON -- Treasury is a main priority for Reuters this year, a spokesperson said last week, as the firm made Mark Robson global head of treasury and fixed income.
NAB "collusive broker" speculation grows
MELBOURNE -- Cantor Fitzgerald last week refused to comment on growing speculation that it is the broker referred to in two reports into National Australia Bank’s A$360 million (US$280 million) forex options losses.
Traders active on MoF retreat
TOKYO -- Traders are set for heavy action in the coming weeks after the Ministry of Finance’s (MoF) withdrawal from yen intervention last week, ending its massive $360 billion spending spree of the past 12 months.
IAS39 amended for macro hedging
LONDON -- The International Accounting Standards Board (IASB) last week announced an amendment to IAS39 to aid the use of macro hedging.
JPMC expands in electronic FX
LONDON -- JP Morgan Chase has hired three staff for its FX e-commerce business in London over recent weeks, a spokesperson told FX Week .
IFX hires futures desk head
LONDON -- London-based financial trading and spread-betting firm IFX is expanding its FX futures business, with the hire of a new head of desk.
No ringgit peg change
KUALA LUMPUR -- New FX regulations introduced in Malaysia on April 1 may herald further economic liberalisation, but that does not mean the ringgit’s peg to the US dollar will be relaxed soon, analysts in Asia told FX Week .
ScotPower’s £400m dollar hedging boon
Glasgow -- International energy firm ScottishPower has made £400 million ($728 million) from hedging its US dollar revenues, it said last week.
BarCap loses three in institutional sales
LONDON -- Barclays Capital lost three institutional FX sales dealers in London last week, a source close to the bank confirmed.
Rand to join CLS in Q4
NEW YORK -- South African rand trades will be eligible for settlement on the continuous-linked settlement service (CLS) for foreign exchange by the end of the year.
ACI issues reminder on funds
PARIS -- Industry body ACI last week issued a reminder of its recommendations on overpaid funds.
UK salaries outpace Wall St
LONDON -- UK forex dealers fared better than their US counterparts this year, seeing a rise of about 20% in their bonus payouts on the back of volatility and continued dollar weakness, according to research made public by City recruitment firm Napier…
CS steps into fifth place for forex revenues
ZURICH -- Credit Suisse Group published its FX trading results last week, taking the bank to fifth position in FX Week ’s yearly revenues ranking, based on banks’ announced results so far this year.
SunGard buys out Derivatech
STOCKHOLM -- Front Capital Systems, the Swedish subsidiary of SunGard, has bought FX options software vendor Derivatech, the firm will announce today (April 5). The purchase, for an undisclosed sum, was completed in the last two weeks to build the Front…
Citi NY goes live on CLS
NEW YORK -- Citigroup’s New York branch has finally gone live on the continuous-linked settlement (CLS) service for foreign exchange.
Currenex opts for Fix
NEW YORK -- Currenex will go live with a Fix gateway for access to its executable streaming prices service by mid-April, after the completion of beta testing with a partner bank and three user clients.
BoA elects post-merger board
CHARLOTTE -- Bank of America last week announced the members of the new board to be created by its April 1 merger with FleetBoston.
Deutsche NY adds in sales
NEW YORK -- Deutsche Bank has made four appointments to its FX sales team in New York over the last two months. Chris Beane joins today (March 29) to manage FX sales to real-money clients. He leaves State Street where he held a similar role.
Banks unclear on new research rules
LONDON -- The UK’s FX Joint Standing Committee is to host a meeting with UK regulator the Financial Services Authority (FSA) to clarify the forex implications of FSA rules on research that were released last week.
Goldman "fires on all cylinders"
NEW YORK -- Goldman Sachs last week added to the crop of booming currency revenues so far announced by US investment banks for the first quarter.
Chinese liberalisation driving increased demand for sales staff
HONG KONG -- Foreign exchange sales staff with expertise in China are set to be in particular demand in 2004, according to recruitment specialists in the Asia-Pacific.