News
ACI postpones Beirut meeting
BEIRUT -- The biennial meeting of the forex industry organised by ACI-The Financial Markets Association, has been postponed until September 10--14, the ACI announced last week.
ECB highlights dangers of over-concentrated market
FRANKFURT -- Market consolidation and a reliance on electronic trading could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.
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BNP Paribas boosts FX sales
Rumours hit jumpy FX markets
LONDON -- FX markets starved of certainty saw some price movement last week, mostly on the back of unconfirmed rumours regarding the war in Iraq.
Citigroup’s Englander joins BarCap but top research post stays vacant
LONDON -- Brian Martin, global head of FX research at Barclays Capital in London, has left the bank.
CBA takes SunGard’s eGT
SYDNEY -- Commonwealth Bank of Australia (CBA) has gone live with SunGard Trading Systems/Front’s eGlobalTrader (eGT), a browser-based dealer distribution system, for front-office deal capture in FX and money markets.
AIG hires ex-Commerzbank options dealers in London
LONDON -- Former Commerzbank FX options dealers Behnouche Mostachfi and Damian Zihlman have joined AIG Trading in London, a spokesperson for the firm told FX Week . Both report to Greenwich-based global head of FX options and head of FX Donald Lee.
Refco signs up Future Dynamics
CHICAGO -- US broker Refco has signed up derivatives software firm Future Dynamics to develop customised clearing products for its clients globally.
FXall opens office in Singapore
SINAGPORE -- Multi-bank FX trading portal FXall has opened an office in Singapore, the firm said last week.
ACM grows FX volumes
GENEVA -- Online FX trading firm AC Markets (ACM) traded over $8 billion in February, despite only launching in November last year, a senior official at the firm told FX Week .
Merrill extends SuperDerivatives use
LONDON -- Merrill Lynch has renewed its licence to use SuperDerivatives’ currency options pricing system, SuperDerivatives said last week.
Forex dealers desert Pru-Bache
LONDON -- Spot euro dealer Mark Davison will leave Prudential Bache, the international arm of US-based Prudential Securities, in London next month, a spokesperson for the firm in New Jersey told FX Week .
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.
Prebon Yamane in emerging FX first
LONDON -- Prebon Yamane has become the first firm to broker a deal in both the Egyptian pound and the Slovakian tolar, it announced last week.
Options staff leave BoA
NEW YORK -- Bank of America has lost three FX options dealers in recent weeks, a spokesperson for the bank in New York told FX Week .
Bank One considers electronic FX options
CHICAGO -- Following its recent purchase of Integral’s MarginMan system, and an expansion of its foreign exchange trading group, Bank One is set to make more foreign exchange trading technology decisions soon, officials said.
Tullett launches global Swapmarker
LONDON -- Tullett Financial Information, a subsidiary of brokerage firm Tullett, last week released a global version of Swapmarker, its capital markets data product.
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Dollar dive boosts fund managers
STAMFORD, CT -- The falling US dollar helped most currency managers achieve positive returns in January, according to the Parker FX Index, which was up 2.45% for the month.
Merrill nabs Goldman dealers
LONDON -- Merrill Lynch in London has hired four European corporate risk managers from Goldman Sachs, the bank announced last week.
Tullett remains silent on resurfacing race charges
LONDON -- Brokerage firm Tullett last week refused to discuss the departure of a London spot forex broker alleged to have left the firm at the end of February over a racist comment made to a colleague.
Bush war stance sinks dollar
NEW YORK -- The US dollar slid to a four-year low against the euro last week, as US president George Bush’s stance over Iraq continued to harden.
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.