Trading
Amex Bank’s FX revenues rising
BOSTON -- American Express Bank last week announced an uptick in its FX revenues for 2002. Amex reported foreign exchange income and other, undefined, trading revenues for full-year 2002 of $170 million, up 18% from $144 million in 2001.
Shift in risk sentiment shores up Australian options market
SYDNEY -- A change in risk sentiment, coupled with major underlying spot moves in local currencies, is bringing extra FX options business to Australia, according to local dealers.
Egypt floats pound
CAIRO -- The Egyptian pound remained stable last week at 5.41 per dollar after it was freely floated for the first time last Wednesday (January 29).
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
Lessons in FX
Rob Carnell, senior international economist at Commonwealth Bank in London, reveals the lessons to be learned from the last 12 months in FX -- but warns that 2002’s peacock could always be this year’s turkey
Reorg brings ABN derivatives joy
LONDON -- Officials at ABN Amro last week pointed to a recent reorganisation to explain its success as FX Week sister publication Risk ’s currency derivatives house of the year.
India considers rupee options for corporates
MUMBAI -- The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
Shareholders ousted Mirek
NEW YORK -- Lori Mirek, the recently-departed chief executive of multi-bank portal Currenex, was ousted by the firms’ shareholders, FX Week has learned.
Goldman's plan pays off
NEW YORK -- Goldman Sachs’ five year investment in foreign exchange is paying off, according to US banks’ financial results published last week.
Busy year ahead for FX committees
LONDON -- The forex committees of the eurozone, US and UK’s central banks will have a full agenda this year, senior officials told FX Week .
Dollar routed again as war looms
NEW YORK -- The dollar was roundly routed last week as tensions between the US and Iraq were ratcheted up a notch.
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 .
Chaos in Hungary as forint volatility rockets
BUDAPEST -- The Hungarian central bank was forced to spend around e6 billion after the pegged forint almost broke its trading band last week.
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
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.
US banks see slumped FX revenues in 2002
NEW YORK -- US banks suffered reduced revenues from foreign exchange for 2002, according to financial reports made public last week.
Ports in a storm
Uncertainties surrounding the euro and the dollar mean investors should look further afield to avoid geopolitical risks, says Craig Larimer, managing director, international research group, Banc One Capital Markets in Chicago
Will white labelling stick?
Citigroup’s new white-label service has prompted interest from other banks. But a number of problems must be overcome before they can launch similar products, says James Kemp, London-based managing director of UK technology firm Stentra
Euro wins as North Korea tensions rise
LONDON -- The euro was the biggest beneficiary in the currency markets as tensions in Asia increased over North Korea’s nuclear intention last week.
China forex drive continues
SHANGHAI -- The liberalisation of China’s FX market continued apace last week, as the People’s Bank of China (PBoC) announced that a further 50 foreign banks have been authorised to trade the yuan.
Dollar in for mixed week
Dollar trends will diverge in the week ahead, says John Normand, global fixed income and FX strategist at JP Morgan in London
Citi merges FX and rates
NEW YORK -- Citigroup has merged foreign exchange with derivatives and interest rate products to form the Global Rates and Currencies group.