News
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Citi’s Moore promoted
LONDON -- Citigroup will have a new senior management structure for foreign exchange, following the announcement last week that current global FX head Richard Moore has been promoted to head of European fixed income.
IAS 39 still unacceptable says Euro official
BRUSSELS -- Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International…
Merrill’s bonuses disappoint
LONDON -- Many FX dealers at Merrill Lynch were disappointed with their bonuses this year, despite a good year in FX at the US investment bank, recruitment consultants reported last week.
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
Cost of exceptions down 30%
LIVINGSTON, NJ -- The cost of exceptions, or failed trades, has fallen almost 30% in the past year, as institutions automate exception processing, according to the latest survey by SunGard eProcess Intelligence (ePI), the processing unit of SunGard. The…
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
Market upbeat on Reuters’ Q4 decline
LONDON -- Reuters’ share price rose by more than 13% on the London Stock Exchange on January 15 from £2.79 to £3.17 -- where it hovered until close of trading last week -- following a statement by the vendor on its Q4 performance.
UBS announces 50th CLS client
Zurich -- Vienna-based bank Raiffeisen Zentralbank Österreich (RZB) is the fiftieth client to sign up for UBS’s third-party continuous-linked settlement (CLS) service, UBS announced last week.
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
Analysts mull expectations for Japan
TOKYO -- Analysts expect Japanese authorities to continue intervening in the currency markets this year, following the Ministry of Finance’s (MoF) record spend of ¥21 trillion ($198 billion) in 2003. However, the consensus view is that the MoF may…
ANZ hires two for investor sales
SYDNEY -- ANZ Investment Bank has made two senior hires to its FX investor sales team, it announced last week.
State Street’s Snyder becomes head of NY FX committee
NEW YORK -- Mark Snyder, State Street’s global head of currency and money market sales and trading, took over as chairman of the Foreign Exchange Committee in New York last week.
Clearview charged by CFTC
NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Banks buy out bonuses to fill seats in new year markets buzz
LONDON -- The recruitment industry has started with a bang this year, replicating heavy activity in the currency markets.
Citi plugs Dutch sales gap
AMSTERDAM -- Citigroup has transferred two FX sales dealers to Amsterdam, to cover growing business from Dutch institutional clients.
China ‘closer to flexible exchange rate’
BEIJING -- China moved a step closer towards a flexible exchange rate last week, with the announcement that the Chinese State Administration of Foreign Exchange (Safe) has given the two largest state-owned banks a total of US$45 billion in foreign…