News
Ulster Bank reorganises financial markets structure
DUBLIN -- Dublin-based Ulster Bank has reorganised its Corporate Banking and Financial Markets division (CBFM) in light of the imminent departure of Declan O'Neill, head of financial markets and group treasurer later this month, a senior bank official…
Euro pauses for breath as risk appetite wanes
LONDON -- FX traders had a chance to regroup last week following months of volatile dollar declines and new highs for the euro.
Royal Bank of Scotland hires financial markets head in Italy
ROME -- Gianfranco Mattei joined Royal Bank of Scotland (RBS) last Monday (June 9) as head of its Corporate Banking and Financial Markets (CBFM) business in Rome.
GFI targets corporates for options pricing
LONDON -- New York-based interdealer broker GFI Group today (June 16) launches a new online FX option pricing service targeting corporate firms and lower-volume FX users.
SEB globalises options
STOCKHOLM -- Swedish bank SEB has globalised FX options in anticipation of Sweden's entry into the eurozone.
Reduced capital requirements boost brokerage prospects in Hong Kong
HONG KONG -- Companies offering leveraged forex brokerage services in Hong Kong should brace themselves for an influx of competition. New players are being enticed into the market by reduced capital requirements for firms wishing to offer leveraged…
CME e-ratio exceeds 50%
CHICAGO -- The Chicago Mercantile Exchange's (CME) ratio of electronically traded FX trades is increasing rapidly every month, senior CME officials told FX Week .
UK top tier to survive euro
LONDON -- The UK government outlined its view on euro entry last week, but the potential death of the sterling market would be unlikely to dent the top UK banks in FX.
Analysts play down yuan revaluation talk
SHANGHAI -- Despite speculation that China may revalue its yuan currency, analysts polled by FX Week said an imminent change in the currency's peg is unlikely.
Huge profits for German auto hedges
MUNICH -- The euro’s continued rise against the US dollar has turned forex hedges into a huge money-maker for German auto manufacturers, according to research made public last week.
Yen drives fund gains
STAMFORD, CT -- Movements in Japanese yen helped nearly 75% of currency managers on the Parker FX Index to record positive returns in April, while the index itself was up 0.9%.
Deal4Free white-label vols grow
LONDON -- Currency Management Corporation (CMC) Group has seen a 19% month-on-month rise in FX volumes through white-label partners on its Deal4Free trading platform since the beginning of the year, a senior CMC official told FX Week .
Yield chasers boost British pound
LONDON -- In a week dominated by interest rate decisions and outlooks, the British pound powered to a three-and-a-half-year peak against the US dollar.
Growth in prime brokerage reveals staffing divergence
LONDON -- The rapidly developing FX prime brokerage industry is revealing differing staffing approaches among banks active in the segment.
HSBC creates new sales role
LONDON -- UK bank HSBC has appointed Joakim Bergander as head of relationship management, institutional sales and global markets.
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
ACI/ICA link-up welcomed
BEIRUT -- Forex vendors last week welcomed the decision by ACI -- The Financial Markets Association to combine its global forex congress with the InterArab Cambist Association (ICA) congress in Beirut, Lebanon.
Trema revenues rocket
MONACO -- Swedish FX technology vendor Trema reported a 17% rise in revenues for 2002 last week on the back of the increasing dominance of the central-banking market.
Sars leaves FX untouched
HONG KONG/TORONTO -- Despite fears that the Sars outbreak would affect volumes and markets globally, the forex industry escaped the crisis unscathed.
JPMC expands UK forex
LONDON -- JP Morgan Chase has made three new hires to its London FX team over the last month as part of its continued growth strategy in Europe, a senior official told FX Week .
Rabobank to change credit lines post-CLS adoption
UTRECHT -- Rabobank is to change its FX credit lines to differentiate between members and non-members of the Continuous Linked Settlement (CLS) service, a senior official at the bank told FX Week .