News
Deal4Free white-label vols grow
LONDON -- Currency Management Corporation (CMC) Group has seen a 19% month-on-month rise in FX volumes through white-label partners on its Deal4Free trading platform since the beginning of the year, a senior CMC official told FX Week .
Yield chasers boost British pound
LONDON -- In a week dominated by interest rate decisions and outlooks, the British pound powered to a three-and-a-half-year peak against the US dollar.
Growth in prime brokerage reveals staffing divergence
LONDON -- The rapidly developing FX prime brokerage industry is revealing differing staffing approaches among banks active in the segment.
HSBC creates new sales role
LONDON -- UK bank HSBC has appointed Joakim Bergander as head of relationship management, institutional sales and global markets.
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
Trema revenues rocket
MONACO -- Swedish FX technology vendor Trema reported a 17% rise in revenues for 2002 last week on the back of the increasing dominance of the central-banking market.
Sars leaves FX untouched
HONG KONG/TORONTO -- Despite fears that the Sars outbreak would affect volumes and markets globally, the forex industry escaped the crisis unscathed.
JPMC expands UK forex
LONDON -- JP Morgan Chase has made three new hires to its London FX team over the last month as part of its continued growth strategy in Europe, a senior official told FX Week .
Rabobank to change credit lines post-CLS adoption
UTRECHT -- Rabobank is to change its FX credit lines to differentiate between members and non-members of the Continuous Linked Settlement (CLS) service, a senior official at the bank told FX Week .
HVB to shift global FX sales head to London
LONDON -- German bank HVB's global head of FX sales, Bob Mills, will transfer to London this month as part of a forex reorganisation, the bulk of which was completed in 2002.
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
SingTech FXportal continues to grow
SINGAPORE -- PrismLight, Singapore Technologies' in-house, multi-bank FX trading portal, has signed around 10 new users since the start of 2003, a senior official at the firm told FX Week .
ETrade enters FX with Saxo Bank
LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
BTM top in Japanese FX
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) has cemented its position as the top Japanese forex provider, reporting a 3% rise in yen terms in revenues for the full-year 2002.
Prop desks reap rewards of heightened FX volatility
LONDON -- Banks could be reaping rewards from their proprietary FX trading desks, as swift intra-day market moves continue, dealers have told FX Week .
Prat-Gay rapped by Argentine cabinet
BUENOS AIRES -- Alfonso Prat-Gay, former FX research chief at JP Morgan Chase in London and now president of Argentina's central bank, landed in hot water last week over comments he made about the Argentine currency.
Forex sales moves afoot at DrKW
NEW YORK -- Dresdner Kleinwort Wasserstein (DrKW) has made a senior hire to its North American FX sales team and re-aligned responsibilities on the desk, a spokeswoman for the bank told FX Week .
Japan fights to keep yen down
TOKYO -- Data issued last week by the Bank of Japan (BoJ) revealed that May saw a record amount spent in the FX markets, and proved that Japanese authorities are willing to enter into a protracted battle to prevent yen strength.