News
Banks buy not build for FX
LONDON -- Banks are increasingly outsourcing FX technology, moving away from proprietary systems, bank officials and FX vendors told FX Week .
Exchange model for e-FX unlikely
DAVOS -- The foreign exchange market is unlikely to move to a formal exchange model, whereby customers can deal directly with each other, said speakers at a seminar organised by ACI -- The Financial Markets Association.
BIS: e-FX may impact liquidity, volatility
BASLE -- Market participants fear the rise of electronic trading may adversely impact liquidity and volatility in the FX markets, according to the Bank for International Settlements (BIS).
Market awaits Japan loan package
TOKYO -- Japanese yen trading was mixed last week after authorities delayed the publication of a report on measures to address the problem of Japanese banks' bad loans.
EU enlargement may increase euro liquidity
FRANKFURT -- Enlargement of the European Union and adoption of the euro by EU ascension countries could see deeper, more liquid trading of the euro.
FX Concepts expands into Australia and New Zealand
NEW YORK -- Currency overlay and research firm FX Concepts has partnered with Melbourne-based marketing firm Sovereign Investment Research to expand its operations in the Australian and New Zealand markets, FX Concepts announced last week.
Exchange model for e-FX unlikely
DAVOS -- The foreign exchange market is unlikely to move to a formal exchange model, whereby customers can deal directly with each other, said speakers at a seminar organised by ACI -- The Financial Markets Association.
Abbey National adds to Arcontech data
LONDON -- Abbey National Treasury Services (Ants) is contributing its interest rates to market data vendors using Arcontech's CityVision Multiple Vendor Contribution System (MVCS), the UK-based technology vendor will announce this week.
CAI builds fixed income and risk
PARIS -- French bank Crédit Agricole Indosuez (CAI) has added six new fixed income and risk staff in Paris following the restructuring of its fixed income group in early September.
Sungard coup for FXConnect
LONDON -- State Street Corporation is to announce this week it has secured a coveted deal with UK treasury software firm Sungard.
Trading places
Lehman promotes head of forex research
Merrill Lynch launches new research products
LONDON -- Merrill Lynch's newly formed FX research team last week launched its new research products.
Structuring trend deepens
LONDON -- More banks are hiring dedicated structuring specialists in a drive to sell FX as part of their financial markets package. Barclays Capital, Deutsche Bank, HSBC, Merrill Lynch, SG and UBS Warburg are among the banks that have hired staff in the…
Market awaits Japan loan package
TOKYO -- Japanese yen trading was mixed last week after authorities delayed the publication of a report on measures to address the problem of Japanese banks' bad loans.
Market mulls options benchmark
LONDON -- Standard FX options benchmark prices could be the answer to inaccuracies in marking exposures to market, but whether the move is possible is a matter for debate, according to senior options market participants.
Tech briefs
SG launches e-MM
Asian currencies stable following Bali attacks
JAKARTA -- Fears of a renewed period of currency instability in South East Asia following the October 12 terrorist attacks in Bali eased as the rupiah stabilised last week. The world's second best performing currency this year bounced back after hitting…
Funds step up online FX trading
NEW YORK -- Fund managers are trading more foreign exchange online, according to numbers released by multi-bank portal FXall last week. The client sector now accounts for one quarter of trades by volume on FXall, up from 7% at its launch in May 2001.
Trading places
Merrill hires in Italian sales
HSBC wins Asian forex derivatives award
HONG KONG -- HSBC was named 'Forex Derivatives House of the Year' in FX Week sister magazine AsiaRisk's 2002 awards, published this month.
De Vries takes on global FX for ING Financial Markets
LONDON -- Ted de Vries, Amsterdam-based global head of ING Financial Markets, has taken over direct responsibility for global FX, the bank said last week.
Bloomberg's e-forwards debut
NEW YORK -- Bloomberg has completed the rollout of its PowerMatch FX interbank platform for forward swaps, it announced last week.
Deutsche Bank reveals role in providing 9/11 liquidity
PARIS -- Michael Reuther, global head of funding at Deutsche Bank, revealed last week how the European Central Bank and the Federal Reserve Bank of New York created an emergency E50 billion 'synthetic' liquidity facility in the wake of last year's World…
e-Mid targets electronic settlement of MM trades
MILAN -- e-Mid, a provider of electronic markets for treasury products, aims to reduce money markets settlement risk on its platforms by automating the process, according to an official at the firm in Milan.