News
Merrill’s Italian sales gap unfilled
LONDON -- Merrill Lynch’s plans to increase corporate risk management and forex in Italy have suffered a setback, as the bank is yet to plug a gap in its Italian sales coverage.
HK launches euro clearing system
HONG KONG -- Hong Kong went live with a new euro clearing system last week, in an effort to reduce FX settlement risk in the Asian timezone.
Market rounds on dollar as US doubts gather
NEW YORK -- The dollar sagged to a four-year low against the euro last week, and fell across the board.
Centralised data is key
LONDON -- The key to effective risk management is centralised market data, according to David Sharratt, head of market data at UK bank Abbey National.
Banco do Brasil uses BoNY for CLS
BRASILIA -- Banco do Brasil is settling its FX trades using Bank of New York’s third-party continuous-linked settlement (CLS) service, SafeSettle.
More outsourcing ahead
LONDON -- Outsourcing in the FX and treasury markets is about to take off, according to Wall Street Systems marketing director, Mike Thrower.
B2C clients stay with Reuters post-merger
LONDON -- Reuters has not lost any clients of its off-the-shelf internet FX dealing product, Automated Dealing (AD), since it bought and merged with AVT Technologies in December.
Misys buys Crossmar
NEW YORK -- UK systems provider Misys has bought the Crossmar Matching Service (CMS), a foreign exchange and money market confirmation matching service, from Citicorp’s subsidiary Crossmar for $13 million in cash.
Faulty switches ground Globex
CHICAGO -- Online FX trading on the Chicago Mercantile Exchange’s (CME) Globex trading platform was hit last week by a five-hour outage. It was taken off-line last Thursday morning (May 1) and re-started after the delay, caused by faulty network switches…
BoA links major and emerging FX forwards in risk strategy drive
LONDON -- Bank of America (BoA) has merged its forwards and emerging markets forwards businesses in London, and hired three forwards traders globally as part of a continued drive to move to a strategic risk management model, a senior official told FX…
ACI UK annual ball raises over £46,000
LONDON -- Forex industry body the ACI’s UK branch last week said it had raised £46,300 at its annual ball held at the Grosvenor House hotel in London on April 25.
Indian market opens up
MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.
Plimsoll steps into currency overlay
NEW JERSEY -- Summit, New Jersey-based fund manager Plimsoll Capital is moving into currency overlay, and expects to secure its first clients this quarter, a senior official told FX Week .
IMF outlines reserve currencies criteria
WASHINGTON -- The currency composition of a central bank’s reserves is not an easy decision to make, according to a collection of case studies compiled by the International Monetary Fund (IMF).
Chinese derivatives regulations expected soon
SHANGHAI -- The Chinese central bank is expected to publish new regulations within the next few months aimed at easing tough restrictions in the country’s forex derivatives market, say bankers.
Technology and market data firms gather for DWT 2003 in London
LONDON -- Forex technology and market data vendors gather in London this week for Dealing With Technology (DWT) 2003. FX Week ’s parent company Risk Waters Group and Write Image PR consultancy, which co-organise the event, said more than 500 delegates…
Emerging markets staff wanted
SINGAPORE -- Emerging markets traders are in demand, as banks seek to staff profitable non-majors desks from a small pool of talent.
US banks revisit specialist sales
NEW YORK -- JP Morgan Chase and Bank of America are among the banks turning back to specialist FX advisory teams, in a move away from cross-product generalist sales.
Funds seek new ways to manage currency
NEW YORK -- Funds are becoming increasingly sophisticated in their use of currency management in an effort to boost returns, officials told FX Week .
CME FX record down to Globex
CHICAGO -- The Chicago Mercantile Exchange (CME) last week attributed record forex volumes to increasing use of its Globex electronic trading platform.
Sars threatens C$ boom
TORONTO -- Booming forex business for Canadian banks could be under threat from the spread of severe acute respiratory syndrome (Sars) to Toronto, senior market participants told FX Week .
Euro powers on as investors desert US
LONDON -- The euro nudged above the $1.10 level against the dollar last week, as the market’s renewed focus on economic fundamentals hurt the greenback.