Foreign exchange
EBS set to cut delays with direct data feed
LONDON -- Spot broker EBS will launch a new direct data feed today, February 2, which aims to cut delays in the distribution of its spot prices from third parties such as Bloomberg, Moneyline and Reuters.
FX group works on Fix 4.5
NEW YORK -- The Fix (Financial Information Exchange Protocol) FX working group is preparing an analysis of the requirements for applying the next version of the protocol to foreign exchange.
NAB ‘rogue trading’ dates from 2002
MELBOURNE -- Alleged rogue trading in forex options at National Australia Bank (NAB) had been going on for at least a year before the bank’s original estimate, an NAB official said last week, as the bank revised its final estimate for losses up to A$360…
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
Clearview charged by CFTC
NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Assessing the value of e-FX trading
Predicting future currency movements is not the only problem currency managers face. Finding the best method of dealing is also an issue, explains Neil Record, chairman and chief executive officer of Windsor-based currency overlay manager Record Currency…
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
EBS outage sparks BoJ rumours
LONDON -- Dealers acting on behalf of the Bank of Japan (BoJ) may have been among the customers frustrated by momentary lapses in spot broking platform EBS’s dealable rates last week.
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.
August - HSBC challenges Citi on Mexican remittances
HSBC issued a challenge to Citigroup in August by declaring its intention to target the $10 billion a year US/Mexican remittances market.
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.
December - AIG cuts ahead of merger
The year ended on a bad note as recruiters in the US and Europe started to report widespread cuts at American Insurance Group in Connecticut and London in December.
July - Indian market opens up
The Reserve Bank of India lifted restrictions on trading currency options in July. The move was a major development for FX in one of the world’s fastest growing economies.