LOOSE CHANGE

William McDonough, president and chief executive of the Federal Reserve Bank of New York, will be the keynote speaker at the Philadelphia Stock Exchange's annual currency options symposium next month in New York (see related article, this issue). The theme of the two-day conference is "solutions," with presentations and panel discussions on issues facing international securities and derivatives markets. "At this year's symposium, attendees will hear from every possible interested party: regulators, legislators, market users, the media, the exchange traded marketplace, the interbank market and emerging market representatives," says Joseph Rizzello, Phlx vice president.

A minibus specially adapted for use by handicapped children has been given to the William Morris School in Walthamstow in London by the Forex Association of London. This is the fourth bus which the association has presented to London schools. Funds are primarily raised at an annual ball and through members' contributions through a 'Give as you Earn' scheme.

Moody's Investors Service, the U.S. credit ratings agency, has lowered the long-term debt rating of Industrial Bank of Japan to A1 from Aa3, officials say. The agency claimed the bank faced continued weak profitability due to asset quality problems and the bank's weak retail base.

Arrows from Cupid's bow have hit their targets in Singapore through the unusual medium of Futures Pager, sources say. The liaison was between the customer service executive of a Futures Pager agent on the island and a trader at a French bank. The trader ordered a free trial of a pager but soon became more interested in the executive who demonstrated it, especially as it quite conveniently kept breaking down. And the happy ending? The pager has been fixed and the couple who wish to remain unnamed have married after a whirlwind romance.

The Malaysian central bank Bank Negara's foreign exchange, gold and other reserves including special drawing rights declined to M$83.95 billion by July 31. Its total assets also declined to M$109.45 billion, officials say.

Reuters has thought of an unusual way of reaching City traders during their lunch break, especially now that the 90s work ethic dictates that lunch should be a sandwich at the desk rather than fizz at the wine bar. The world's leading news agency is putting out its message on sandwich bar napkins. Appropriately enough, the legend on the napkins promotes the LOLO page for the City jobs service.

The Japanese Ministry of Finance (MoF) has finally decided to permit over-the-counter trading in forward rate and forward exchange agreements (FRAs and FXAs) starting this week, setting aside concerns that they are a form of gambling for cash, forbidden by Japanese law. But the deregulation, long-desired by Japanese and foreign commercial banks, has a catch: banks and other players must report regularly to MoF on contract details such as currency, settlement and counterparties.

Thirty Dealing 2000-2 traders in Reuters City West division gained a lasting impression of an evening out tasting beers from ten different countries at the curiously named House of Detention pub in Clerkenwell. The dealers from Bank of Austria, Bank of Tokyo, Sumitomo Bank, Mitsui Trust & Banking and Daiwa Europe were offered the option of a free tattoo. The unnamed tattooist says the designs requested for various parts of the anatomy were "by far the most challenging" of his career.

The Bank of Japan reports that dollar/yen turnover in Tokyo rose to an average $5.66 billion per day for the week ended September 23, from $4.3 billion per day for the week ended September 16. Average daily dollar/mark turnover increased to $2.8 billion from $2.5 billion for the same period. The week was shorter than normal due to a bank holiday in Japan on September 23.