News
Intervention risk looms
LONDON -- As the US prepares to invade Iraq, FX dealers could soon be facing their own battle against central banks.
Trading places
Commerz names head of options
New US laws could hit retail market
NEW YORK -- New laws being drawn up by US regulators could hit volumes in the US retail FX market, officials said last week.
Hungary: when the funds go marching in
The Hungarian forint’s peg should be scrapped before another speculative attack on the currency, say Marios Maratheftis and David Mann, economists at Standard Chartered Bank in London
Merrill looks to new vendor
NEW YORK -- Merrill Lynch is seeking to install new bank-to-customer (B2C) forex trading technology, according to one source close to the bank. Although Merrill has not yet signed any agreements, the un-named source said Reuters-owned AVT Technologies is…
Japan to sign Indonesia FX swap deal
TOKYO -- The Japanese Ministry of Finance (MoF) and the central Bank of Indonesia will sign a delayed FX swap deal in mid-February, the MoF said last week.
360T targets more price providers
FRANKFURT -- Multi-bank, multi-asset trading platform 360T expects to have 30 banks connected to its system by year-end, a senior official at the Frankfurt-based firm told FX Week .
Forex safe in Tullett sale
LONDON -- Inter-dealer broker Tullett’s global forex division will remain unscathed by equity broker Collins Stewart’s purchase of the firm, according to Collins’ chief executive in London Terry Smith.
Reorg brings ABN derivatives joy
LONDON -- Officials at ABN Amro last week pointed to a recent reorganisation to explain its success as FX Week sister publication Risk ’s currency derivatives house of the year.
360T targets more price providers
FRANKFURT -- Multi-bank, multi-asset trading platform 360T expects to have 30 banks connected to its system by year-end, a senior official at the Frankfurt-based firm told FX Week .
India considers rupee options for corporates
MUMBAI -- The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
BNP Paribas sets up sales desk in Zurich
ZURICH -- French bank BNP Paribas has set up a forex sales desk in Zurich with three staff from its offices in Paris and Basel.
Trading places
Commerz sheds again in sales
Tech briefs
RBC takes Fenics
Shareholders ousted Mirek
NEW YORK -- Lori Mirek, the recently-departed chief executive of multi-bank portal Currenex, was ousted by the firms’ shareholders, FX Week has learned.
Bank One aims high
CHICAGO -- Bank One is set to hire 13 FX staff globally in the coming months in a bid to capture more top-tier corporate business, officials told FX Week .
War opposition deepens dollar sell-off
NEW YORK -- The US dollar hit multi-year lows against major currencies last week as the rift between the US and Europe over war in Iraq deepened.
Goldman's plan pays off
NEW YORK -- Goldman Sachs’ five year investment in foreign exchange is paying off, according to US banks’ financial results published last week.
Euro/sterling set to rise
Euro/sterling looks set to head higher in the coming weeks, says Jake Moore, currency strategist at Barclays Capital in London
E-prime brokerage at DrKW
LONDON -- Dresdner Kleinwort Wasserstein’s e-FX prime brokerage service now offers full straight-through processing (STP) for its users, senior officials at the bank in London told FX Week .
Busy year ahead for FX committees
LONDON -- The forex committees of the eurozone, US and UK’s central banks will have a full agenda this year, senior officials told FX Week .
Dollar routed again as war looms
NEW YORK -- The dollar was roundly routed last week as tensions between the US and Iraq were ratcheted up a notch.
Trading places
Tullett’s Brown retires
Dealers prepare for worst from gloomy bonus season
LONDON/NEW YORK -- Bonus payments in FX for 2002 could be slashed by half following a difficult year in forex, traders and recruiters told FX Week .