News
Ringgit peg set to hold firm
KUALA LUMPUR -- Malaysia’s new prime minister, Abdullah Badawi, is set to maintain the ringgit’s peg to the US dollar for at least 12 months, according to market participants in the Asia-Pacific. Badawi assumed leadership of the Malaysian government in…
More prime brokers for FXall
LONDON -- Multi-bank FX trading portal FXall has signed a further three banks to its prime brokerage messaging platform prior to its December launch. The enhancement to its Settlement Center service automates the give-up of trade details between the…
ANZ makes two senior Asia-Pacific appointments
MELBOURNE -- ANZ made two senior appointments in Asia-Pacific in October.
Yukos storm hits rouble
MOSCOW -- The arrest of Mikhail Khodorkovsky, chairman of oil company Yukos, and the freeze on his 44% stake in the firm will lead to rouble volatility -- despite the central bank’s current efforts to smooth fluctuations in the exchange rate, analysts…
Derivatech develops structuring tool
NEW YORK -- Growing use of structured products in foreign exchange has prompted risk management vendor Derivatech to develop a module for structuring a limitless array of complex options.
EBS launches prime broker service
LONDON -- Spot broker EBS’s prime brokerage service went live last week, with Deutsche Bank, JP Morgan Chase and Royal Bank of Scotland acting as the prime broker banks.
Fundtech targets Korea
SEOUL -- US technology vendor Fundtech is targeting business in Korea ahead of the addition of the Korean won on the Continuous Linked Settlement (CLS) system for FX trades in 2004.
UK senior managers face new rules on conflict of interest
LONDON -- Senior managers in the UK will from next year be responsible for ensuring their currency research does not contravene strict new rules on conflict of interest, regulatory body the Financial Services Authority (FSA) said last week.
Amex and HVB FX results growing
MUNICH -- American Express Bank saw a modest uptick in its Q3 FX trading revenues, with $54 million in FX income, up from $50 million for Q3, 2002.
Peter Bartko joins Forexster
LONDON -- EBS founder and former chairman Peter Bartko has ended his two-year retirement by joining Forexster, a Bermuda-based FX trading network.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
FX continues to prop up flagging Reuters
LONDON -- FX provided some positive returns for Reuters in the third quarter, despite a backdrop of overall decline at the firm, according to its results published last week.
Wachovia adds institutional FX sales dealers in London
LONDON -- Wachovia Bank has hired two institutional FX dealers in London, as part of a global drive to increase its institutional forex business.
Trichet unlikely to ring changes
FRANKFURT -- There are unlikely to be any major policy changes at the European Central Bank (ECB) following Jean-Claude Trichet’s introduction as president last week.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
ABN Amro hires derivatives managers in London, NY
LONDON -- ABN Amro has hired two derivatives marketing managers in new positions in London and New York, in the latest stage of its ongoing FX expansion.
GFI buys exotic options model
LONDON -- Inter-dealer broker and market data firm GFI Group has bought options pricing model dVega, and integrated it with the latest release of its flagship options pricing tool Fenics FX, GFI will announce today (October 27).
HSBC adds three in options
LONDON -- HSBC has hired three options and structuring heavyweights in new positions, as it continues to expand its options business in London and New York.
StanChart options trading head leaves
SINGAPORE -- Standard Chartered has lost another member of its Singapore FX options team since the departure of Tim Carrington, global head of FX options in Singapore in July.
November rate hike in UK expected
LONDON -- The narrow margin by which a Bank of England rate rise was defeated in October has boosted expectations of a tightening in November. And sterling will see a boost as a result, said analysts in London, speaking after publication of the BoE’s MPC…
Lehman’s forex relocation
LONDON -- Lehman Brothers’ FX team will move to the bank’s new European head office in Canary Wharf, London, in the first week of January.
IMF fuelled record trading
NEW YORK -- US banks’ financial results last week added to the evidence that the third quarter witnessed exceptionally high FX trading revenues, chiefly as a result of explosive moves following the International Monetary Fund’s meeting in September.