News
Greenback recovery continues apace
The US dollar has brushed aside negative sentiment but this week’s data releases will be pivotal for the currency, says Shahab Jalinoos, currency strategist at UBS Warburg
Investment banks cut FX
NEW YORK -- Lehman Brothers and JP Morgan Chase have cut FX jobs, senior officials told FX Week. The cuts are the first sign that forex may suffer as a result of the year’s depressed investment-banking activity -- so far the product has benefited from…
FXall adds liquidity providers
LONDON -- Multi-bank trading portal FXall will announce the addition of four new liquidity providers to its platform today (December 2).
FX markets shrug off Kenya attacks
LONDON -- There was muted reaction in the FX markets to last week’s terrorist attacks in Kenya.
North Korea shuns dollar, welcomes euro
PYONGYANG -- North Korea is to ban the use of US dollars from the start of December in retaliation for the US decision to freeze oil exports to the communist nation.
Unusual suspects boosted by the return of rate differentials
LONDON -- Interest rate differentials are making a comeback as a driving force in foreign exchange, as currencies backed by high interest rates continue to strengthen.
King in line for BoE top job
LONDON -- The City last week welcomed the appointment of Melvyn King as the next governor of the Bank of England, following the retirement of Edward George in June 2003.
Tech briefs
RBS Greenwich takes FNX
Active FX markets boost Icap’s results
LONDON -- Inter-dealer broker Icap has performed well in active FX markets during the first half of the year, group chief executive Michael Spencer told FX Week, as the firm announced its six-month results last week.
FI and forex down at UBSWarburg
ZURICH -- UBS Warburg reported a downturn in its third-quarter earnings for fixed income and forex.
Dealers cautious on bonus expectations
LONDON -- FX dealers are expecting moderate payouts this year, as the bonus season kicks off with payout announcements from the US investment banks this month.
Forex e-trading volumes rising
NEW JERSEY -- US-based retail and institutional FX trading service Gain Capital notched up record trading volumes in October, the firm said.
Nedbank takes Reuters’ web OMS
JOHANNESBURG -- South African bank Nedbank became the first bank to go live with an internet-enabled forex order management service from Reuters Treasury Solutions, the bank announced last week.
Saxo takes fund management online
COPENHAGEN -- Danish investment bank Saxo Bank last week launched an online currency fund. Real-time market data, lower outlay and transparency of the fund’s management will enable more institutional and private investors to participate in the forex…
New market, new risks
LONDON -- The structure of the FX market is developing at a rapid pace, said Paul Fisher, head of the Bank of England’s FX division. That brings new opportunities -- but also new risks, Fisher told delegates at FX Week’s inaugural congress held in London…
CLS may affect credit lines
LONDON -- The new settlement service for forex, Continuous Linked Settlement (CLS) could reduce the importance of credit lines in forex, delegates at the inaugural FX Week Congress heard last week.
Prebon joins SwapsWire
LONDON -- Inter-dealer broker Prebon Yamane went live last week on SwapsWire, an electronic service for confirming swaps deals that launched earlier this month.
eB2C relationships prosper
LONDON -- Bank-to-client relationships remain vital despite the march of electronic trading in forex, heard delegates at the inaugural FX Week Congress last week.
China equity reform to boost future FX
BEIJING -- China is set to introduce landmark equity market reforms next month, heralding another step on the road to forex liberalisation.
Cross-products find their feet
LONDON -- Cross-product trading is no longer just a "mantra" chanted by sell-side bankers, said Matt Desselberger, managing director, corporate structured products group at Deutsche Bank in London.
Buy side embraces e-FX
LONDON -- Buy-side consumers of FX are increasingly using technology to add to their trading operations.
East Europe may adopt euro by 2006
LONDON -- Eastern European nations slated to join the European Union in 2004 could adopt the euro by 2006, said Roberto Schiavi, front-office division head at the European Central Bank.
Tech briefs - Multi-bank portals fight for viability
Multi-bank FX portals’ fight for viability is about to be won -- or lost -- said London-based research firm ClientKnowledge, after publishing its estimates of the portals’ trading volumes last week.
Ex-dealers seek to return
LONDON -- January will see a host of forex market participants returning to the markets, after stints in e-commerce or at buy-side firms, report industry recruiters.