News
UBS FX down despite strong Q2
ZURICH -- UBS last week reported an 11% year-on-year drop in its FX trading income for the first half of the year, to Sfr789 million ($584 million), from Sfr885 million in H1, 2002.
DrKW adds in Singapore
SINGAPORE -- Dresdner Kleinwort Wasserstein (DrKW) has set up locally based FX research in Asia for the first time and created two new positions in FX sales in Singapore to deal with growing client demand, a senior official told FX Week.
Commerzbank rebuilds foreign exchange in London
LONDON -- Commerzbank has made a series of appointments to its FX team in London as it begins to merge its global interest rate and foreign exchange businesses under Ali Satrap.
Medium-term outlook good for Aussie dollar
SYDNEY -- Market participants in the Asia-Pacific region remain bullish on the medium- to long-term outlook for the Australian dollar.
Deutsche bridges private banking and forex
LONDON -- Deutsche Bank is seeing increased forex business from its private clients following the recent appointment of David Bee in London. Bee is working with Jim Turley, global head of FX in London, and several members of the senior management in…
ANZ names financial markets director
LONDON -- ANZ Investment Bank's director of commodities and FX derivatives, Gilles Planté, has relocated from Melbourne to take up a new role as director of financial markets, Europe and USA, based in London.
eSpeed launches spot FX
LONDON -- Electronic broker eSpeed has launched spot FX on its existing dealing platform in a prime brokerage style arrangement.
Continuity plans pass outage test
NEW YORK -- Contingency business plans put in place after September 11 passed the test posed by North America's massive power cut last week, market participants reported.
Citi hires Deutsche quants
LONDON -- Citigroup in London has hired two FX options specialists from rival firm Deutsche Bank, including head of foreign exchange product development William McGhee, who will start at Citi in the same role in October.
ACI moves forward to Beirut
BEIRUT -- 'Moving forward' is the theme of forex industry body ACI's global congress, due to be held in Beirut on September 10--14.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
FXTV to launch in September
NEW YORK -- A dedicated FX video news service, Forex Television, is set for launch on September 1, said an official at joint owner eTV-Media, a provider of streaming media services.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
Rabo names new global forex head
LONDON -- Rabobank has named a new global head of foreign exchange, following the departure of Gary Kaye earlier this year ( FX Week , June 23). Paul Harvey moved from his London-based position as global head of central bank sales to manage Rabo's FX…
Abaxbank builds treasury
Milan -- Abaxbank hired a third new member to its treasury team this year, with the addition of Cinzia Lacopone in FX options last week.
Weak dollar hurts Toyota
TOKYO -- US dollar weakness against the Japanese yen has had a negative impact on Toyota's profits, the car manufacturer said last week. In its financial results for the three months to the end of June, the Japanese firm said exchange rate changes had…
UK banks profit on volatility
LONDON -- Active and volatile currency markets helped UK banks to increase profits from foreign exchange dealing, according to interim results announced last week.
Revenues up for Singapore's 'big three'
SINGAPORE -- FX revenues have increased year-on-year for the first six months of 2003 at Singapore's 'big three' domestic banks.
European struggles may prove positive for the dollar
LONDON -- European economic data released this week could cause investors to turn back to the dollar, despite recent negative sentiment towards it and aggressive selling of US Treasuries.
London broker partners with Gain to launch forex
LONDON -- Electronic broker London Capital Group (LCG) has formed a white-label partnership with New Jersey-based Gain Capital, a trading technology provider and FX market-maker, as LCG expands into forex trading.
Dealers leave Fimat Chicago
CHICAGO -- Fimat, the brokerage arm of French investment bank SG, shed four staff from its US dealing team earlier in August, said sources close to the company.
Prebon Yamane goes live with SwapsWire in Tokyo
TOKYO -- Brokerage house Prebon Yamane has gone live with SwapsWire in Asia, making it the first brokerage in Tokyo to use the system since it went live in Japan last July.