Infrastructure
CAI, CL chiefs share top posts
PARIS -- Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) executives will share the management of foreign exchange after the two banks’ merger on April 30, it emerged last week.
FX group works on Fix 4.5
NEW YORK -- The Fix (Financial Information Exchange Protocol) FX working group is preparing an analysis of the requirements for applying the next version of the protocol to foreign exchange.
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Assessing the value of e-FX trading
Predicting future currency movements is not the only problem currency managers face. Finding the best method of dealing is also an issue, explains Neil Record, chairman and chief executive officer of Windsor-based currency overlay manager Record Currency…
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
March - CLS technical glitch stalls trades
The first operational setback in the life of continuous linked settlement (CLS) came in March, when multiple technical faults stalled settlement in 20,000 Aussie dollar and yen trades.
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
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.
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.
StanChart tops Asian interbank poll
HONG KONG -- Standard Chartered was the runaway winner for currency products in FX Week sister publication AsiaRisk ’s annual interbank derivatives poll.
Dollar dive helps set new CME records
CHICAGO -- The Chicago Mercantile Exchange reported a succession of record volumes last week, as the dollar’s dive prompted heavy trading in the world’s biggest exchange-traded FX marketplace.
Reuters’ Chinese data deal
SHANGHAI -- Reuters has signed an agreement with the China Foreign Exchange Trade System (CFETS) to deliver enhanced financial market information to CFETS’s customers. CFETS, a subsidiary of the People’s Bank of China, offers yuan foreign exchange…
FSA warns over complex products
LONDON -- Financial Services Authority (FSA) chairman Callum McCarthy has warned of the dangers of banks selling complicated financial products to customers who do not fully understand them.
Market eyes fresh dollar falls
LONDON -- Forex market analysts and traders are predicting fresh falls for the dollar in the coming months after euro/dollar hit successive record highs last week.
FXall breaks volume record
NEW YORK -- Growing institutional use of FXall helped the multi-bank portal set a new volume record in November, it announced last week.
Lack of IT raises cost of processing options
LONDON -- The transactional processing cost of spot FX is falling, but a lack of systems investment means the cost of processing currency options remains flat this year, according to the third annual survey of banks by London-based risk management…