News
Wachovia Bank launches second trading platform
CHARLOTTE -- Wachovia Bank, a unit of Wachovia Corp, last week launched Online FX, an in-house-built online FX trading platform for spot, forward and cross-currency deals.
Q1 FX joy for Reuters
LONDON -- Technology and information firm Reuters reported a 10% dip in its Q1 earnings, announced earlier this month, but a strong performance from its FX products helped limit the damage.
Macroeconomic trading back in vogue
LONDON -- Institutional traders are returning to macroeconomic trading styles, after years of position-taking based on other factors.
UK euro speculation gathers pace
LONDON -- With the war in Iraq nearing an end last week, attention in the UK turned to speculation regarding potential membership of the euro.
Clients see modest pay increases
LONDON/NEW YORK -- Buy-side forex staff saw modest increases in their salaries and bonus payouts last year, according to a report published recently.
Market focus shifts to fundamentals
LONDON -- The US dollar slipped across the board last week, as the forex market’s gaze turned from war to economics.
Multi-bank platforms reap e-forex growth rewards
LONDON -- Multi-bank FX trading portals are capturing the greatest amount of e-FX dealing volumes, according to consultancy Greenwich Associates.
BNP Paribas hires Uwe Fuehrer for investor sales
LONDON -- BNP Paribas last week lured Credit Agricole Indosuez’s (CAI) former FX sales head back to the forex market, in an expansion of its UK institutional sales team.
Expanding CDO market exposes new FX risks
LONDON -- The growth of the cross-border collateralised debt obligation (CDO) market -- whereby debts of varying risk are bundled together and sold to investors as one debt-type instrument -- is opening up a new source of FX risks, said market…
HSBC white-labelling by Q3
LONDON -- HSBC’s new white-labelling service for foreign exchange trading, which was announced last week, will go live in Q3, according to an official at the bank in London.
Citi rides out tough Q1
NEW YORK -- Citigroup shrugged off concerns about reduced FX client activity in the first quarter of 2003, reporting largely flat forex trading revenues last week.
New CIBM heads at HSBC
LONDON -- HSBC last week announced the appointment of Stuart Gulliver as co-head of the corporate, investment banking and markets business (CIBM), responsible for FX, fixed income, syndicated loans, structured credit, precious metals, equities and all…
FX safe from equities threat
LONDON -- Top FX officials are confident the current peak in investor currency business could survive an equity market rally -- a prospect brought to the fore by the success of coalition forces in Iraq.
BarCap expands options
LONDON -- Barclays Capital has hired two in FX options and two in FX structuring to join the bank in London this quarter. Three of the new dealers come from Citigroup.
HSBC takes Reuters for white-labelling
LONDON -- HSBC Group has chosen Reuters to develop a white-label FX trading platform the bank will then white-label to client banks and corporates.
ABN realigns risk advisory
LONDON -- ABN Amro has incorporated its FX analytics and risk advisory group into a new cross-product advisory service, the bank announced last week.
Firms line up to join FX standards group
LONDON -- The Treasury Workstation Integration Standards Team (Twist), an industry initiative set up to standardise integration between all FX systems, has doubled its membership to more than 50 firms in the past four months.
MMS enhances fixed-income service
LONDON -- FX and fixed-income research and analysis firm MMS International extended its technical analysis coverage of money market futures last week.