News
Bank One aims high
CHICAGO -- Bank One is set to hire 13 FX staff globally in the coming months in a bid to capture more top-tier corporate business, officials told FX Week .
War opposition deepens dollar sell-off
NEW YORK -- The US dollar hit multi-year lows against major currencies last week as the rift between the US and Europe over war in Iraq deepened.
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.
Euro/sterling set to rise
Euro/sterling looks set to head higher in the coming weeks, says Jake Moore, currency strategist at Barclays Capital in London
E-prime brokerage at DrKW
LONDON -- Dresdner Kleinwort Wasserstein’s e-FX prime brokerage service now offers full straight-through processing (STP) for its users, senior officials at the bank in London told FX Week .
Busy year ahead for FX committees
LONDON -- The forex committees of the eurozone, US and UK’s central banks will have a full agenda this year, senior officials told FX Week .
Dollar routed again as war looms
NEW YORK -- The dollar was roundly routed last week as tensions between the US and Iraq were ratcheted up a notch.
Trading places
Tullett’s Brown retires
Dealers prepare for worst from gloomy bonus season
LONDON/NEW YORK -- Bonus payments in FX for 2002 could be slashed by half following a difficult year in forex, traders and recruiters told FX Week .
Chaos in Hungary as forint volatility rockets
BUDAPEST -- The Hungarian central bank was forced to spend around e6 billion after the pegged forint almost broke its trading band last week.
Tech briefs
ADB adopts Summit
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
Amex expands in FX options
LONDON -- American Express Bank (Amex) has expanded its European FX options team with the hire of Albert Chang.
COESfx to go live in March
NEW YORK -- COESfx, an online FX electronic communications network (ECN) platform, will go live in March, Tim Kelly, president and chief executive officer of the firm told FX Week .
Gain Capital refutes fraud accusation
NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.
US banks see slumped FX revenues in 2002
NEW YORK -- US banks suffered reduced revenues from foreign exchange for 2002, according to financial reports made public last week.
FX portal for SingTech
SINGAPORE -- Multinational conglomerate Singapore Technologies last week announced the launch of a multi-bank FX trading portal for its subsidiaries.
BIS announces hire of new chief
BASEL -- The Bank for International Settlements (BIS) last week named senior central banker Malcolm Knight as general manager.
Reuters swaps plans won’t change Icor FX
NEW YORK -- Reuters’ recent agreement in principle to take control of its part-subsidiary Icor Brokerage’s interest rate swaps platform, will not be extended to forex, an Icor official told FX Week .
Euro wins as North Korea tensions rise
LONDON -- The euro was the biggest beneficiary in the currency markets as tensions in Asia increased over North Korea’s nuclear intention last week.
Trading places
BarCap hires new FX sales head
Path to ECB presidency opens up for Trichet
PARIS -- Bank of France governor Jean-Claude Trichet’s path to the presidency of the European Central Bank (ECB) was partially cleared last week when Judge Olivier Perusset declined a prosecution request to postpone his trial.