Articles by FX Markets Staff
Williams quits Hotspot
Mike Williams, senior managing director, Hotspot FX in Jersey City, New Jersey resigned from the electronic communications network yesterday (January 20).
What a difference a year makes
The foreign exchange business was a clear outlier in what has been a historic year for global financial markets. But no single entity experienced as significant a reversal of fortunes as a result of the market turbulence this year as settlement system…
All change for Citi's structured products team
LONDON - Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as head of structuring for Europe, the Middle East and Asia (EMEA).
Future bright for CE-3
With the Slovak koruna joining the eurozone in January, the Hungarian forint and the Polish zloty are next in line for a convergence rally in 2009, says David Hauner, currency strategist at Bank of America in London
Yen intervention risk rises
TOKYO - Analysts expect the Japanese government to intervene to curb the rapid appreciation in the yen, which reached near-record levels against the US dollar last week.
Davidson gets key BoA role
NEW YORK - Cameron Davidson has been appointed head of global currencies sales at the merged Bank of America (BoA)/Merrill Lynch entity, the bank has confirmed.
Murphy ends 14 years at Morgan Stanley
LONDON - Chris Murphy, European head of interest rate trading at Morgan Stanley in London, resigned from the firm last week, while the US bank announced falling profits and a 50% reduction in the bonus pool.
JP Morgan slashes jobs in SIDM
LONDON - JP Morgan is downsizing its structured investments distributor marketing (SIDM) division by as much as 50%, according to market sources.
Strong forex fails to cover fixed-income losses in Q4
NEW YORK - Foreign exchange business continues to be an outlier in otherwise dismal fourth-quarter results from the fixed-income divisions of Goldman Sachs and Morgan Stanley.
Indonesia bans FX derivatives
JAKARTA - Indonesia's central bank moved to curb speculation on the rupiah last week, by banning banks from making loans for derivatives transactions. The regulations went into effect last Tuesday (December 16).
Offshore króna market trading thinly
REYKJAVIK - The offshore market in Icelandic króna remained illiquid last week despite a loosening up of capital controls, as liquidity providers stayed out of the market.
Investors turn to FX-only funds
LONDON - A greater number of institutional investors demonstrated an interest in FX-only hedge funds this year in an effort to manage currency exposure, according to data from London-based research company Preqin Hedge.
Risk reversals slowing down
LONDON - Risk reversals on emerging market currencies indicate a reduction in the magnitude of the sell-off compared with that over the past six months, according to Barclays Capital.
Forex turnover slumps in Sweden
STOCKHOLM - Turnover slumped 14% in the Swedish foreign exchange markets in November compared with the same month last year, according to the country's central bank.
EM to diversify in 2009
LONDON - The Indian rupee, Chinese yuan, yen and Swiss franc will outperform in the new year, benefiting from strong fundamentals in an environment driven by capital account deficits, says Bank of America.
Credit Suisse cuts rates teams in Asia, but FX safe
HONG KONG - Credit Suisse began cutting its work force in Hong Kong last Wednesday, primarily hitting credit and equities structuring, but sources say rates teams in the city were also affected.
Kelly ends short stint at Deutsche
LONDON - Connor Kelly has left Deutsche Bank less than six months after being poached from US rival Goldman Sachs.
Yen rally leaves traders short
TOKYO - The value of retail trading accounts at FXOnline Japan fell by 75% between July and October, as the yen rally caused losses in short yen positions.