Foreign exchange

ACI/ICA link-up welcomed

BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.

ACI/ICA link-up welcomed

BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.

Sars leaves FX untouched

HONG KONG/TORONTO -- Despite fears that the Sars outbreak would affect volumes and markets globally, the forex industry escaped the crisis unscathed.

Hedge optimisation under IAS39

All European Union listed companies must implement IAS 39 by the end of this year. Raymond Franzi, head of structuring, and Emmanuel Burot, head of structuring and accounting at Dresdner Kleinwort Wasserstein in London, outline how a European firm should…

ETrade enters FX with Saxo Bank

LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.

BTM top in Japanese FX

TOKYO -- Bank of Tokyo-Mitsubishi (BTM) has cemented its position as the top Japanese forex provider, reporting a 3% rise in yen terms in revenues for the full-year 2002.

Icap thrives on market volatility

LONDON -- UK Inter-dealer broker Icap has seen "another outstanding year" on the back of market volatility, especially in medium-term interest rate markets, said group chief executive Michael Spencer on the announcement of the firm's full-year results…

Gulf currency by 2010, say Saudis

RIYADH -- A common currency for Persian Gulf countries could be a reality as early as 2010, according to officials from the Saudi Arabian Monetary Agency (SAMA).

Intra-day volatility returns

LONDON -- Trading desks buzzed with the return of intra-day volatility to the markets last week, as the euro sailed over its launch price of 1.175 against the dollar.

Saxo Bank’s forex fund flourishes online

COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…

Crackdown on risk budgets

Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…

Intesa bows out of London

LONDON – Banca Intesa, one of the last Italian banks still trading FX in London, closed its desk in April, becoming the latest of its compatriots to consolidate forex in Italy.

EBS prime brokers unveiled

LONDON – Deutsche Bank, JP Morgan Chase (JPMC) and Royal Bank of Scotland (RBS) will be the first prime brokers on a new interbank prime brokerage service from spot broker EBS.

European banks under euro threat

FRANKFURT – Major European banks’ half-year FX earnings could be under threat from the rise of the euro, senior market participants told FX Week .

Market eyes new euro/dollar high

LONDON – A lifetime high for the euro against the dollar became a distinct possibility last week as the greenback continued to crumble across the board.

The leveraged reverse knock-in forward

With the recent strengthening of the Canadian dollar against the US dollar, a Canadian exporter with US receivables would be wise to consider a reverse knock-in forward, says Richard Stang, vice-president in FX sales at TD Securities in Toronto

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