News
Chaos in Hungary as forint volatility rockets
BUDAPEST -- The Hungarian central bank was forced to spend around e6 billion after the pegged forint almost broke its trading band last week.
Tech briefs
ADB adopts Summit
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
Amex expands in FX options
LONDON -- American Express Bank (Amex) has expanded its European FX options team with the hire of Albert Chang.
COESfx to go live in March
NEW YORK -- COESfx, an online FX electronic communications network (ECN) platform, will go live in March, Tim Kelly, president and chief executive officer of the firm told FX Week .
Gain Capital refutes fraud accusation
NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.
US banks see slumped FX revenues in 2002
NEW YORK -- US banks suffered reduced revenues from foreign exchange for 2002, according to financial reports made public last week.
FX portal for SingTech
SINGAPORE -- Multinational conglomerate Singapore Technologies last week announced the launch of a multi-bank FX trading portal for its subsidiaries.
BIS announces hire of new chief
BASEL -- The Bank for International Settlements (BIS) last week named senior central banker Malcolm Knight as general manager.
Reuters swaps plans won’t change Icor FX
NEW YORK -- Reuters’ recent agreement in principle to take control of its part-subsidiary Icor Brokerage’s interest rate swaps platform, will not be extended to forex, an Icor official told FX Week .
Euro wins as North Korea tensions rise
LONDON -- The euro was the biggest beneficiary in the currency markets as tensions in Asia increased over North Korea’s nuclear intention last week.
Trading places
BarCap hires new FX sales head
Path to ECB presidency opens up for Trichet
PARIS -- Bank of France governor Jean-Claude Trichet’s path to the presidency of the European Central Bank (ECB) was partially cleared last week when Judge Olivier Perusset declined a prosecution request to postpone his trial.
China forex drive continues
SHANGHAI -- The liberalisation of China’s FX market continued apace last week, as the People’s Bank of China (PBoC) announced that a further 50 foreign banks have been authorised to trade the yuan.
Dollar in for mixed week
Dollar trends will diverge in the week ahead, says John Normand, global fixed income and FX strategist at JP Morgan in London
Citi merges FX and rates
NEW YORK -- Citigroup has merged foreign exchange with derivatives and interest rate products to form the Global Rates and Currencies group.
Portals prepare for crucial year
LONDON -- The coming year will be decisive for multi-bank foreign exchange, according to industry participants polled by FX Week .
HBOS sheds London staff
LONDON -- HBOS Treasury Services last week shed three forex staff as part of a reorganisation aimed at a more "efficient use of resources", said a spokesperson for the bank in Edinburgh.
Brazilian real firms as Lula calms markets
SAO PAULO -- The Brazilian real has been on a firmer footing so far this year as the market reacts favourably to the new government, headed by president Luiz Inacio Lula da Silva [Lula].
FIXing it for buy-side and sell-side firms
LONDON -- Buy-side and sell-side firms are increasingly adopting the Financial Information eXchange (FIX) messaging standard for FX, according to senior officials.
CMC returns to US
NEW YORK -- Online trading platform CMC is returning to the US after nearly two years away, an official told FX Week .