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Forex downturn hits US wages

NEW YORK -- Market stagnation has resulted in near flat foreign exchange wages for dealers in the US, with senior managers receiving increases less than the yearly inflation rate, according to a report made public earlier this month.

Verdict due on Beirut meeting

BEIRUT -- The fate of the global forex industry’s biennial meeting, due to take place in Beirut in just two months, will be decided on March 17.

Vol surge expected from east Europe

WARSAW -- Political events in countries slated to join the European Union and the euro are set to trigger a wave of FX volatility in emerging European countries, market participants told FX Week .

Emerging markets boost HSBC’s profits

LONDON -- A strong performance in emerging markets FX helped HSBC to its biggest-ever yearly forex profits, an official said last week. The bank made $1.17 billion from forex in 2002, up by 4% from $1.12 billion the year before. Based on banks’ financial…

Asian forex still untapped

SINAGPORE -- Five years on from the Asian financial crisis, FX trading opportunities in the region remain largely untapped, market participants told FX Week .

Economy buoys UK banks’ forex vols

LONDON -- UK banks have managed to avoid the widespread year-on-year downturns in foreign exchange revenues suffered by their US counterparts, financial reports revealed last week.

Traders reap rewards in LatAm markets

MEXICO CITY -- As clients and banks scour the globe for volatile FX markets, Latin America has become a key battleground for new FX business, senior market participants told FX Week .

BIS expands derivatives data

BASEL -- The Bank for International Settlements said last week that it is expanding its statistics on banks’ country risk exposures to include data on derivatives exposures to individual countries.

Rusnak lessons still unheeded

NEW YORK -- Global banks are yet to implement key recommendations to limit rogue trading losses, one year on from John Rusnak’s record $700 million forex fraud.

Zero-coupon woes for DZ

FRANKFURT -- DZ Bank, the largest central co-operative bank in Germany, has announced e140 million losses from its zero-coupon interest rate swaps positions due to a mis-keying error.

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.

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