News
Plimsoll steps into currency overlay
NEW JERSEY -- Summit, New Jersey-based fund manager Plimsoll Capital is moving into currency overlay, and expects to secure its first clients this quarter, a senior official told FX Week .
IMF outlines reserve currencies criteria
WASHINGTON -- The currency composition of a central bank’s reserves is not an easy decision to make, according to a collection of case studies compiled by the International Monetary Fund (IMF).
Chinese derivatives regulations expected soon
SHANGHAI -- The Chinese central bank is expected to publish new regulations within the next few months aimed at easing tough restrictions in the country’s forex derivatives market, say bankers.
Technology and market data firms gather for DWT 2003 in London
LONDON -- Forex technology and market data vendors gather in London this week for Dealing With Technology (DWT) 2003. FX Week ’s parent company Risk Waters Group and Write Image PR consultancy, which co-organise the event, said more than 500 delegates…
Emerging markets staff wanted
SINGAPORE -- Emerging markets traders are in demand, as banks seek to staff profitable non-majors desks from a small pool of talent.
US banks revisit specialist sales
NEW YORK -- JP Morgan Chase and Bank of America are among the banks turning back to specialist FX advisory teams, in a move away from cross-product generalist sales.
Funds seek new ways to manage currency
NEW YORK -- Funds are becoming increasingly sophisticated in their use of currency management in an effort to boost returns, officials told FX Week .
CME FX record down to Globex
CHICAGO -- The Chicago Mercantile Exchange (CME) last week attributed record forex volumes to increasing use of its Globex electronic trading platform.
Sars threatens C$ boom
TORONTO -- Booming forex business for Canadian banks could be under threat from the spread of severe acute respiratory syndrome (Sars) to Toronto, senior market participants told FX Week .
Euro powers on as investors desert US
LONDON -- The euro nudged above the $1.10 level against the dollar last week, as the market’s renewed focus on economic fundamentals hurt the greenback.
Wachovia Bank launches second trading platform
CHARLOTTE -- Wachovia Bank, a unit of Wachovia Corp, last week launched Online FX, an in-house-built online FX trading platform for spot, forward and cross-currency deals.
Q1 FX joy for Reuters
LONDON -- Technology and information firm Reuters reported a 10% dip in its Q1 earnings, announced earlier this month, but a strong performance from its FX products helped limit the damage.
Macroeconomic trading back in vogue
LONDON -- Institutional traders are returning to macroeconomic trading styles, after years of position-taking based on other factors.
UK euro speculation gathers pace
LONDON -- With the war in Iraq nearing an end last week, attention in the UK turned to speculation regarding potential membership of the euro.
Clients see modest pay increases
LONDON/NEW YORK -- Buy-side forex staff saw modest increases in their salaries and bonus payouts last year, according to a report published recently.
Market focus shifts to fundamentals
LONDON -- The US dollar slipped across the board last week, as the forex market’s gaze turned from war to economics.
Multi-bank platforms reap e-forex growth rewards
LONDON -- Multi-bank FX trading portals are capturing the greatest amount of e-FX dealing volumes, according to consultancy Greenwich Associates.
BNP Paribas hires Uwe Fuehrer for investor sales
LONDON -- BNP Paribas last week lured Credit Agricole Indosuez’s (CAI) former FX sales head back to the forex market, in an expansion of its UK institutional sales team.
Expanding CDO market exposes new FX risks
LONDON -- The growth of the cross-border collateralised debt obligation (CDO) market -- whereby debts of varying risk are bundled together and sold to investors as one debt-type instrument -- is opening up a new source of FX risks, said market…