News
JP Morgan Chase expands global hedge fund sales
NEW YORK -- JP Morgan Chase has added three new FX sales staff in New York and Tokyo as part of an ongoing expansion in institutional forex.
Top three make biggest gains
LONDON -- FX traders are used to hearing about the growing dominance of the top five or 10 banks in foreign exchange. But according to FX Week ’s exclusive yearly round-up of banks’ forex revenues, the process of consolidation is accelerating much more…
BJB expands FX emerging markets
NEW YORK -- Bank Julius Baer has hired Daniel Sigler, an emerging markets foreign exchange options specialist in New York, as part of its emerging markets FX expansion.
OCC reports earnings uptick for US banks
WASHINGTON -- US commercial banks' revenues from FX positions increased by $220 million year-on-year, to $1.4 billion in Q1 2003, said the Office of the Comptroller of the Currency (OCC) last week.
FX Online Japan grows
TOKYO -- FX Online Japan has signed up 35 customers to use its internet-based retail FX trading system, since the company launched in April. James Gow, managing director and co-founder of the firm, told FX Week that he expected to "pick up around 20…
Banks counter IAS39 threat
LONDON -- Banks are developing new structuring models for corporate clients to ensure the IAS39 accounting standards do not result in a reduction of complex FX hedging activity.
Reduced capital requirements boost brokerage prospects in Hong Kong
HONG KONG -- Companies offering leveraged forex brokerage services in Hong Kong should brace themselves for an influx of competition. New players are being enticed into the market by reduced capital requirements for firms wishing to offer leveraged…
JPMC demos new risk tool
BOSTON -- JP Morgan Chase last week demonstrated its new risk management service, MorganRisk, at FX Week sister publication Risk magazine's ninth annual Risk USA conference in Boston.
Twist issues commercial payments requirements
LONDON -- Integration standards body Twist (the Treasury Workstation Integration Standards Team) has issued requirements for a range of XML-based messages to automate commercial payments processing for banks and their clients.
US dealers revise op risk standards
NEW YORK -- The Foreign Exchange Committee, a 20-dealer industry liaison group to the New York Federal Reserve Bank, has made new recommendations for the exercise of in-the-money FX options in a revision of its 1996 forex op risk best practices document…
Ulster Bank reorganises financial markets structure
DUBLIN -- Dublin-based Ulster Bank has reorganised its Corporate Banking and Financial Markets division (CBFM) in light of the imminent departure of Declan O'Neill, head of financial markets and group treasurer later this month, a senior bank official…
Euro pauses for breath as risk appetite wanes
LONDON -- FX traders had a chance to regroup last week following months of volatile dollar declines and new highs for the euro.
Royal Bank of Scotland hires financial markets head in Italy
ROME -- Gianfranco Mattei joined Royal Bank of Scotland (RBS) last Monday (June 9) as head of its Corporate Banking and Financial Markets (CBFM) business in Rome.
GFI targets corporates for options pricing
LONDON -- New York-based interdealer broker GFI Group today (June 16) launches a new online FX option pricing service targeting corporate firms and lower-volume FX users.
SEB globalises options
STOCKHOLM -- Swedish bank SEB has globalised FX options in anticipation of Sweden's entry into the eurozone.
Reduced capital requirements boost brokerage prospects in Hong Kong
HONG KONG -- Companies offering leveraged forex brokerage services in Hong Kong should brace themselves for an influx of competition. New players are being enticed into the market by reduced capital requirements for firms wishing to offer leveraged…
CME e-ratio exceeds 50%
CHICAGO -- The Chicago Mercantile Exchange's (CME) ratio of electronically traded FX trades is increasing rapidly every month, senior CME officials told FX Week .
UK top tier to survive euro
LONDON -- The UK government outlined its view on euro entry last week, but the potential death of the sterling market would be unlikely to dent the top UK banks in FX.
Analysts play down yuan revaluation talk
SHANGHAI -- Despite speculation that China may revalue its yuan currency, analysts polled by FX Week said an imminent change in the currency's peg is unlikely.
Huge profits for German auto hedges
MUNICH -- The euro’s continued rise against the US dollar has turned forex hedges into a huge money-maker for German auto manufacturers, according to research made public last week.
Yen drives fund gains
STAMFORD, CT -- Movements in Japanese yen helped nearly 75% of currency managers on the Parker FX Index to record positive returns in April, while the index itself was up 0.9%.