Foreign exchange
Ignore FX at your peril, funds told
LONDON -- UK pension funds are losing out by failing to examine the charges they pay for FX, according to new research published last week.
Investment banks cut FX
NEW YORK -- Lehman Brothers and JP Morgan Chase have cut FX jobs, senior officials told FX Week. The cuts are the first sign that forex may suffer as a result of the year’s depressed investment-banking activity -- so far the product has benefited from…
North Korea shuns dollar, welcomes euro
PYONGYANG -- North Korea is to ban the use of US dollars from the start of December in retaliation for the US decision to freeze oil exports to the communist nation.
Unusual suspects boosted by the return of rate differentials
LONDON -- Interest rate differentials are making a comeback as a driving force in foreign exchange, as currencies backed by high interest rates continue to strengthen.
FI and forex down at UBSWarburg
ZURICH -- UBS Warburg reported a downturn in its third-quarter earnings for fixed income and forex.
Dealers cautious on bonus expectations
LONDON -- FX dealers are expecting moderate payouts this year, as the bonus season kicks off with payout announcements from the US investment banks this month.
Saxo takes fund management online
COPENHAGEN -- Danish investment bank Saxo Bank last week launched an online currency fund. Real-time market data, lower outlay and transparency of the fund’s management will enable more institutional and private investors to participate in the forex…
New market, new risks
LONDON -- The structure of the FX market is developing at a rapid pace, said Paul Fisher, head of the Bank of England’s FX division. That brings new opportunities -- but also new risks, Fisher told delegates at FX Week’s inaugural congress held in London…
CLS may affect credit lines
LONDON -- The new settlement service for forex, Continuous Linked Settlement (CLS) could reduce the importance of credit lines in forex, delegates at the inaugural FX Week Congress heard last week.
eB2C relationships prosper
LONDON -- Bank-to-client relationships remain vital despite the march of electronic trading in forex, heard delegates at the inaugural FX Week Congress last week.
China equity reform to boost future FX
BEIJING -- China is set to introduce landmark equity market reforms next month, heralding another step on the road to forex liberalisation.
WestAM launches currency hedge fund
LONDON -- WestAM, the e38 billion asset management arm of German bank West LB, has launched a currency and fixed-income hedge fund.
BEST "BANKS SURVEY" 2002 -- DERIVATIVES
Citigroup, Deutsche Bank and UBS Warburg still reign in FX derivatives
Reuters reasserts forex dominance
UK trading technology and information firm Reuters may be having a difficult year, but its forex business is booming, according to FX Week ’s 2002 survey.
Top five dealers close ranks
Shrinking market rewards top players in biggest ever forex survey
French push for ECB reform
PARIS -- A French economic think tank has urged European authorities to reform the European Central Bank (ECB) ahead of the enlargement of the European Union and the eurozone.
Aussie funds shun overlay
SYDNEY -- Australian superannuation funds’ use of currency overlay has declined, according to a report made public last week.
Malaysian central banker addresses forex market
KUALA LUMPUR -- The governor of the Central Bank of Malaysia last week told forex dealers the concept of a single Asian currency was unlikely in the immediate future. But, "this does not preclude greater co-operation on exchange rate issues and other…
AIG joins CLS as new shareholder
LONDON -- American International Group (AIG) has become a shareholder of CLS Group Holdings, the holding company for Continuous Linked Settlement (CLS), the firm announced last week.
Asian banks reinvent treasury
KUALA LUMPUR -- Banks in Asia are reinventing their treasury departments to become more customer-centric, with increasingly sophisticated products, heard delegates at the forex industry congress in Kuala Lumpur.
Vendors showcase custom-built solutions
KUALA LUMPUR -- Customised solutions dominated the trade show at the ACI -- The Financial Markets Association’s 22nd Asia Pacific Congress earlier this month.
Congress bites
CME launches online futures tool
Reuters adds Singapore dollar trading to D-3000
SINGAPORE -- Information and technology firm Reuters last week launched Singapore dollar forwards trading on its Dealing 3000 platform.
Reuters adds Singapore dollar trading to D-3000
SINGAPORE -- Information and technology firm Reuters last week launched Singapore dollar forwards trading on its Dealing 3000 platform.