News
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.
JPMorgan rolls out EM carry-to-risk model
LONDON – JP Morgan has rolled out a model that analyses risk-adjusted returns on emerging market currency positions.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.
FX faces employee shortage
LONDON – The FX industry could face an employee shortage unless banks start recruiting younger staff, say market participants.
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
HSBC adds in FX options
LONDON -- HSBC has gazumped Goldman Sachs in hiring Patrick Schartner for its sales team.
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.
BoA continues FX hiring spree
NEW YORK & LONDON -- Bank of America (BoA) has announced more changes on both sides of the Atlantic as it continues its new year hiring spree.
Lloyds TSB to open night desk
LONDON -- Lloyds TSB will be opening a forex night desk in March as part of its continued expansion into FX.
European banks get boost in Q4
ZURICH -- European banks were back in the black by the end of 2004 after tough market conditions in the third quarter brought about dire results for foreign exchange.
Etrali connects trading rooms
PARIS -- Etrali is offering an internet protocol (IP) gateway allowing FX traders to access positions and conferencing facilities while moving between trading floors globally.
Asia to set up Bellagio Group
BANGKOK -- Asian nations are looking to set up a group that will bring greater regional co-operation.
China prepares for currency flexibilit
HONG KONG -- Chinese authorities are making further preparations towards a more flexible currency with new rules aimed at minimising an appreciation in the renminbi, say analysts.
Wachovia adds in UK and HK
LONDON & HONG KONG -- Wachovia Bank is continuing its expansion in Europe and Asia with two recent hires.
CFTC shuts down forex boiler operation
WASHINGTON, DC -- US authorities have frozen the assets of six firms and arrested four of their employees after the Commodity Futures Trading Commission (CFTC) charged them with fraud last week.
Deutsche quits EBS Prime
LONDON -- Deutsche Bank is pulling out of EBS Prime due to a lack of economic benefit it has seen from being on the platform.
NAB gears up for forex options restart
SYDNEY -- National Australia Bank (NAB) has hired in preparation for the re-launch of its forex options desk, following its closure last year as a result of a trading scandal.
ABN begins restructuring
LONDON -- ABN Amro’s restructuring has led to the first forex casualties.
FNX extends in Thailand
BANGKOK -- FNX, the Philadelphia-based technology vendor, has said that Siam Commercial Bank (SCB) is now using its Sierra Treasury Solution, the third client to go live with it in Thailand.
Legal standards for FX prime brokers
NEW YORK -- Legal standards for documentation between foreign exchange prime brokers and their dealers will be introduced next month.