News
Hotspot FXi adds Bear
NEW JERSEY -- New Jersey-based online institutional FX trading platform Hotspot FXi has signed up Bear Stearns as a prime broker and market maker on its FX electronic communications network (ECN), the firm will announce today.
Bank One adds more traders
CHICAGO -- Bank One hired two FX traders in March, continuing a build-up in spot and options trading begun earlier this year.
Hong Kong banks ready SARS contingency plans
HONG KONG -- Banks are readying contingency plans for FX trading in Hong Kong, as a potentially fatal pneumonia virus grips the trading centre.
War nerves compound cross-border M&A slump
LONDON -- Increased risk aversion due to uncertainty over the war in Iraq took its toll on cross-border mergers and acquisitions (M&A) in the first quarter of this year, according to data released at the end of March.
Market looks to post-war scenarios
LONDON -- The war in Iraq continued to dominate forex trading last week, but analysts are starting to look beyond the current conflict to what might happen next.
Trading practices yet to change post-CLS
NEW YORK -- Banks are reporting little change in the way they trade as a result of using the new continuous-linked settlement (CLS) service, according to an official survey out this week.
Electronic options broking to rise
LONDON -- Electronic broking of FX options is set to rise over the next 12 months, finds new research out this week.
Market suspects yen intervention
TOKYO -- Speculation was rife in FX markets last week that the Bank of Japan was intervening to attempt to keep the yen above 120 per dollar ahead of the Japanese fiscal year-end today (March 31).
Tech glitch strikes CLS
NEW YORK -- The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the Continuous Linked Settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials told FX Week .
Manila clamps down on ‘dollar hoarders’
MANILA -- Bangko Sentral ng Pilipinas, the Philippines central bank, last week imposed monetary and non-monetary sanctions on eight banks for violating FX laws.
NextSet enters forex market
PALO ALTO -- NextSet Software last week released an FX module for its Private Trading Exchange (PTX) system. PTX allows banks to offer bilateral, web-based trading to institutional and corporate clients, said Stephen Brown, director of product management.
Conflict puts newswires on overdrive
LONDON -- Market data firms reported booming interest in their services last week, as traders are increasingly turning to war reports to influence their trading.
Moneyline adds FXall quotes
NEW YORK -- Moneyline Telerate clients will be able to access real-time forex quotes from multi-bank trading portal FXall during the second quarter and make request-for-quotes by the third, the firms said last week.
Tech glitch strikes CLS
NEW YORK -- The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the Continuous Linked Settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials told FX Week .
State St drives into options
BOSTON -- State Street has created a global FX options head role for Hank Lynch, in a bid to expand its options business and serve the changing needs of its existing client base.
Electronic options broking to rise
LONDON -- Electronic broking of FX options is set to rise over the next 12 months, finds new research out this week.
Forexster signs up first bank
BERMUDA -- Bear Stearns is participating in Forexster, a Bermuda-based FX dealing application service provider, Forexster announced last week.
Commerzbank loses more FX sales dealers in London
LONDON -- Commerzbank in London has lost two more forex sales dealers, further reducing an already depleted sales force.
Market suspects yen intervention
TOKYO -- Speculation was rife in FX markets last week that the Bank of Japan was intervening to attempt to keep the yen above 120 per dollar ahead of the Japanese fiscal year-end today (March 31).
SG names institutional sales head
NEW YORK -- SG has appointed a new global head of institutional sales in New York, as part of its effort to better align itself with its clients’ needs, the bank announced last week.
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .