Foreign exchange
AIB rapped for overcharging
DUBLIN – Allied Irish Banks (AIB) sailed into another forex controversy last week, as it emerged the bank has been overcharging for forex deals for the past eight years.
BIS reports FX options surge
BASEL – FX options business increased by a massive 77% year-on-year in the second half of last year, according to Bank for International Settlements (BIS) statistics released last week.
Banks compete for e-FX talent
LONDON – Dealers combining technological and sales expertise are in short supply as banks compete to secure staff that can aid their success in the growing online FX market.
Solving investment problems with forex
An asset manager may look to euro/Swiss franc and euro/sterling structures to take advantage of investor uncertainty, says David Durrant, chief currency strategist at Julius Baer Asset Management International in New York
Commodities drive client FX
LONDON – Banks are reporting growing business from clients needing structured FX and commodities solutions. The growth of commodity trading adviser (CTA), private banking, hedging and investor interest in FX is helping to boost demand, said bankers in…
NAB options desk "open again"
MELBOURNE – National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week.
Bank rivalry in treasury opens clients’ credit lines
GREENWICH, CT – Increased competition for treasury management business among banks is making credit more easily available to global corporates and institutions, according to new research published last week.
CME FX up 50%
CHICAGO – The Chicago Mercantile Exchange last week said FX volumes were up 50% year-on-year in Q1 to 188,000 rounds per day, while revenues for forex rose 43% to $21 million.
Corporates and banks still behind on IAS 39
LONDON – With the January 2005 implementation date for accounting standard IAS 39 fast approaching, corporates and financial institutions are still behind in their preparation, according to a recent survey carried out by Reuters and FX Week ’s sister…
ACI expects 1,200 delegates in London
LONDON – Forex industry body ACI is expecting 1,200 attendees for the European congress in London later this month, said Robin Poynder, chairman of the congress organising committee.
ABN Amro Q1 figures show return to form in forex
AMSTERDAM – ABN Amro has seen a return to form in forex, with a year-on-year rise of 47% in its Q1 FX dealing income, published last week.
Martin Wiedmann leaves UBS
ZURICH – The departure of Martin Wiedmann from UBS in Zurich last week sparked a guessing game among his peers over which bank he is set to join.
Kemp takes FX helm at Merrill
NEW YORK – Morgan Stanley FX chief Stephen Kemp is set to take on the continued build-up of Merrill Lynch’s forex business, following the resignation of co-head of global FX and rates Michael DeSa.
News and research firms set to diversify
NEW YORK – News and research firms are looking to diversify their offerings following the recent take-over of currency analysis firm MMS by publishing group Informa Global Markets, said officials.
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
FX profits soar as funds up risk
NEW YORK -- Citigroup and State Street both reported surges in Q1 FX revenue last week on the back of increased activity from fund managers, senior officials told FX Week .
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
Greenwich reports e-FX divide
NEW YORK -- A sharp divide exists between active e-FX clients and those that do not trade FX online, according to new research out this week.
Mid-tier clients pile into rupee options
MUMBAI -- FX options use in India is extending to more mid-market customers, nine months on from the liberalisation of rupee options, local market participants told FX Week .
Polish brokers struggle with new regulations
WARSAW -- Foreign exchange brokers in Poland are set to be in breach of forex law as a result of changes required before Poland accedes to the European Union next month. From May 1, all firms offering any foreign exchange trading services, across spot,…
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
FX hedge funds lure UK govt pensions
MOLD, FLINTSHIRE -- Flintshire County Council in the UK, which leads the £550 million ($1 billion) Clwyd Pension Fund, has become the first local government authority to convert to currency hedge funds.