Trading
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.
Deutsche is top currency forecaster
Deutsche Bank is the top forecaster on FX Week’s weekly index of 10 banks since its launch in July.
The ghost of Bentsen
The lessons of history may help in assessing the dollar’s fortunes in 2004, says Peter Luxton, economic adviser at Informa Global Markets in London
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.
US sets trend for high bonuses
NEW YORK -- Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December.
GFI continues Asian build-up
SINGAPORE -- Two support staff are set to join inter-dealer broker and market data supplier GFI in Asia in January, as the firm aims to capitalise on growing opportunities in the region.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
January - Currenex shareholders eject Mirek
From the departure of Currenex’s Lori Mirek as the year opened, to the arrests of 48 forex traders in New York in November, FX Week reviews the top stories of 2003
June - Top three make biggest earnings gains
FX Week’s yearly ranking of banks’ forex revenues in June revealed an acceleration of the trend towards the growing importance of the top banks in FX.
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
April - Sars hits trading in HK
Banks in Hong Kong readied their contingency plans in April as the deadly Sars virus gripped the trading centre.
The kick-knock solution for cable
Trevor Carr, manager in FX options at HBOS Treasury Services in London, suggests a creative solution for a UK parent company wanting to hedge against continuing sterling strength
More dollar pain before H2 rebound
The dollar will suffer much more pain in the near term before rebounding in the second half of 2004, says Larry Kantor, global head of economics and market strategy at Barclays Capital in New York
JPMorgan Fleming to launch FX fund
LONDON -- JPMorgan Fleming will launch a fund in February based on research produced by parent group JP Morgan Chase.
Scandinavian banks look east
STOCKHOLM -- Scandinavian banks are expanding emerging markets teams in Europe and Asia as they seek to upgrade non-Scandi forex in preparation for the anticipated disappearance of the Swedish and Danish crowns.