News
Forex dealers desert Pru-Bache
LONDON -- Spot euro dealer Mark Davison will leave Prudential Bache, the international arm of US-based Prudential Securities, in London next month, a spokesperson for the firm in New Jersey told FX Week .
Forex downturn hits US wages
NEW YORK -- Market stagnation has resulted in near flat foreign exchange wages for dealers in the US, with senior managers receiving increases less than the yearly inflation rate, according to a report made public earlier this month.
Prebon Yamane in emerging FX first
LONDON -- Prebon Yamane has become the first firm to broker a deal in both the Egyptian pound and the Slovakian tolar, it announced last week.
Options staff leave BoA
NEW YORK -- Bank of America has lost three FX options dealers in recent weeks, a spokesperson for the bank in New York told FX Week .
Bank One considers electronic FX options
CHICAGO -- Following its recent purchase of Integral’s MarginMan system, and an expansion of its foreign exchange trading group, Bank One is set to make more foreign exchange trading technology decisions soon, officials said.
Tullett launches global Swapmarker
LONDON -- Tullett Financial Information, a subsidiary of brokerage firm Tullett, last week released a global version of Swapmarker, its capital markets data product.
Real-life problems, innovative solutions
Options for euro-sceptics
Dollar dive boosts fund managers
STAMFORD, CT -- The falling US dollar helped most currency managers achieve positive returns in January, according to the Parker FX Index, which was up 2.45% for the month.
Merrill nabs Goldman dealers
LONDON -- Merrill Lynch in London has hired four European corporate risk managers from Goldman Sachs, the bank announced last week.
Tullett remains silent on resurfacing race charges
LONDON -- Brokerage firm Tullett last week refused to discuss the departure of a London spot forex broker alleged to have left the firm at the end of February over a racist comment made to a colleague.
Bush war stance sinks dollar
NEW YORK -- The US dollar slid to a four-year low against the euro last week, as US president George Bush’s stance over Iraq continued to harden.
Verdict due on Beirut meeting
BEIRUT -- The fate of the global forex industry’s biennial meeting, due to take place in Beirut in just two months, will be decided on March 17.
BarCap rebuts Buffet’s warning on derivatives
LONDON -- Robert Diamond, chief executive of Barclays Capital last week hit back at comments made by US investor Warren Buffett, who said earlier in the week that derivatives were "weapons of mass destruction, carrying dangers that, while now latent, are…
Tech briefs
4Cast adds search facilities
Vol surge expected from east Europe
WARSAW -- Political events in countries slated to join the European Union and the euro are set to trigger a wave of FX volatility in emerging European countries, market participants told FX Week .
Third-party CLS business comes under the spotlight in New York this week
NEW YORK -- The CLS (Continuous Linked Settlement) Group hosts a seminar in New York this Wednesday (March 12) to offer information on linking up third parties to its new forex settlement service.
Zar Amrolia quits Goldman
LONDON -- Former global head of FX sales at Goldman Sachs, Zar Amrolia, has left the bank after a series of job changes divested him of some of his forex responsibilities.
RBS FiXes benchmarks with EBS
LONDON -- The Royal Bank of Scotland (RBS) has gone live with a new benchmark engine for spot and forwards FX rates, called RBSFiX.
Trading places
BTM names London treasurer
SG reorganises forex sales
LONDON -- SG will today (March 10) announce the reorganisation of its London FX and FX derivatives sales team into two client-focused units.
Emerging markets boost HSBC’s profits
LONDON -- A strong performance in emerging markets FX helped HSBC to its biggest-ever yearly forex profits, an official said last week. The bank made $1.17 billion from forex in 2002, up by 4% from $1.12 billion the year before. Based on banks’ financial…
BoJ management moves disappoint forex market
TOKYO -- There was an air of disappointment in the FX markets last week as the Bank of Japan revealed its new management line-up.
CMS Forex launches e-FX platform
NEW YORK -- New York-based broker Capital Market Services Forex (CMS) aims to add 1,000 retail FX clients in the next six months with a new online spot FX trading platform.
MMS relaunches technical pages
LONDON -- FX and fixed-income research and analysis firm MMS International is re-launching its FX Technical Pages.