Regulation
BIS expands derivatives data
BASEL -- The Bank for International Settlements said last week that it is expanding its statistics on banks’ country risk exposures to include data on derivatives exposures to individual countries.
Rusnak lessons still unheeded
NEW YORK -- Global banks are yet to implement key recommendations to limit rogue trading losses, one year on from John Rusnak’s record $700 million forex fraud.
GFI closes FX options mark-to-market gap
NEW YORK -- Solving the problem of marking FX options to market came a step closer to being resolved last week, with the launch of a new ‘revaluation fixing’ service from New York-based interdealer broker GFI.
Combined sales teams take off
LONDON -- The FX sales dealer may soon be a thing of the past if a new trend for cross-product sales teams catches on.
BoA HK focuses on debt capital raising
HONG KONG -- Bank of America has hired Abidin Siregar in a newly created role as head of global markets, Hong Kong. He will cover sales, trading and research, and build the bank’s debt capital raising business across the region.
Heavyweights tackle rising un-named counterparty risk
NEW YORK -- Top FX banks are joining forces with central banks and industry groups to eliminate un-named counterparty risk.
BoA HK focuses on debt capital raising
HONG KONG -- Bank of America has hired Abidin Siregar in a newly created role as head of global markets, Hong Kong. He will cover sales, trading and research, and build the bank’s debt capital raising business across the region.
Intervention risk looms
LONDON -- As the US prepares to invade Iraq, FX dealers could soon be facing their own battle against central banks.
New US laws could hit retail market
NEW YORK -- New laws being drawn up by US regulators could hit volumes in the US retail FX market, officials said last week.
Hungary: when the funds go marching in
The Hungarian forint’s peg should be scrapped before another speculative attack on the currency, say Marios Maratheftis and David Mann, economists at Standard Chartered Bank in London
Dealers prepare for worst from gloomy bonus season
LONDON/NEW YORK -- Bonus payments in FX for 2002 could be slashed by half following a difficult year in forex, traders and recruiters told FX Week .
Gain Capital refutes fraud accusation
NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.
May - ACI Congress spots euro rise
ACI Congress spots euro rise
February - Rogue trading hits the headlines – again
Rogue trading hits the headlines -- again
New Europe to bring more forex trading opportunities
FRANKFURT -- The expansion of the European Union and subsequently the eurozone will bring new markets for generating forex profits, senior officials told FX Week.
All talk no action
The current round of yen weakening differs from previous incarnations, says Koji Fukaya, senior forex strategist at Bank of Tokyo-Mitsubishi in Tokyo. A drop to 135 is not expected this time
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.
Top five dealers close ranks
Shrinking market rewards top players in biggest ever forex survey
BIS: e-FX may impact liquidity, volatility
BASLE -- Market participants fear the rise of electronic trading may adversely impact liquidity and volatility in the FX markets, according to the Bank for International Settlements (BIS).
EU enlargement may increase euro liquidity
FRANKFURT -- Enlargement of the European Union and adoption of the euro by EU ascension countries could see deeper, more liquid trading of the euro.
Market mulls options benchmark
LONDON -- Standard FX options benchmark prices could be the answer to inaccuracies in marking exposures to market, but whether the move is possible is a matter for debate, according to senior options market participants.
Citigroup defies downturn
Top player’s revenues up again as gap widens between the best and the rest