Regulation
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
October - BoA announces Fleet bid
Banking mergers were thin on the ground in 2003, but in October, news came of Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial.
February - Heavyweights tackle anonymity risks
The risk of trading with unnamed counterparties was highlighted in February, when central banks and top players in FX joined together to combat the problem.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
JPMorgan Fleming to launch FX fund
LONDON -- JPMorgan Fleming will launch a fund in February based on research produced by parent group JP Morgan Chase.
Shrinking cost of FX options
LONDON -- The cost of buying currency options has come down only "moderately" for clients in recent weeks and months, said options specialists interviewed by FX Week last week. But in terms of the increased risk protection they currently provide for that…
FSA warns over complex products
LONDON -- Financial Services Authority (FSA) chairman Callum McCarthy has warned of the dangers of banks selling complicated financial products to customers who do not fully understand them.
NFA lifts emergency action against COESfx
NEW YORK -- Regulatory body National Futures Association (NFA) lifted an emergency enforcement action against New York-based electronic currency network COESfx on December 3.
Market eyes fresh dollar falls
LONDON -- Forex market analysts and traders are predicting fresh falls for the dollar in the coming months after euro/dollar hit successive record highs last week.
Icap hires external lawyers over NY fraud allegations
LONDON -- Inter-dealer broker Icap has instructed external lawyers to carry out an investigation into the alleged FX fraud in New York involving three of its Swiss franc brokers.
Market consolidation ‘not all bad’
Consolidation in the FX market has not adversely affected efficiency or liquidity, Mark Monahan, global head of sales at EBS told delegates at the FX Week congress in London last week.
FX scam at top banks exposed
NEW YORK -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered last week as part of…
RG Niederhoffer launches negative correlation fund
NEW YORK -- New York-based hedge fund manager RG Niederhoffer Capital Management has launched a negative correlation fund to help equity investors take advantage of short-term FX moves.
Tax reforms 'could deter corporate hedging'
LONDON -- The UK government's proposals to align corporations' tax more closely with financial accounts could create yet another deterrent for corporate hedging, the Association of Corporate Treasurers (ACT) has warned.
Options use soars, says BIS
BASEL -- FX options business increased by 34% year-on-year in H1, according to Bank for International Settlements statistics released last week.
Central banks need to clarify FX intervention
TOKYO -- Central banks should be encouraged to disclose information on their motives for intervening in foreign exchange markets, according to Priscilla Chiu from the London office of the Hong Kong Monetary Authority (HKMA). In a Bank for International…
New era dawns for FX data
NEW YORK -- A new era in FX data is on its way, as the continuous-linked settlement service (CLS) for forex prepares to sell its market data back to users early next year.
UK senior managers face new rules on conflict of interest
LONDON -- Senior managers in the UK will from next year be responsible for ensuring their currency research does not contravene strict new rules on conflict of interest, regulatory body the Financial Services Authority (FSA) said last week.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
Trichet unlikely to ring changes
FRANKFURT -- There are unlikely to be any major policy changes at the European Central Bank (ECB) following Jean-Claude Trichet’s introduction as president last week.