News
Nedbank takes Reuters’ web OMS
JOHANNESBURG -- South African bank Nedbank became the first bank to go live with an internet-enabled forex order management service from Reuters Treasury Solutions, the bank announced last week.
Saxo takes fund management online
COPENHAGEN -- Danish investment bank Saxo Bank last week launched an online currency fund. Real-time market data, lower outlay and transparency of the fund’s management will enable more institutional and private investors to participate in the forex…
New market, new risks
LONDON -- The structure of the FX market is developing at a rapid pace, said Paul Fisher, head of the Bank of England’s FX division. That brings new opportunities -- but also new risks, Fisher told delegates at FX Week’s inaugural congress held in London…
CLS may affect credit lines
LONDON -- The new settlement service for forex, Continuous Linked Settlement (CLS) could reduce the importance of credit lines in forex, delegates at the inaugural FX Week Congress heard last week.
Prebon joins SwapsWire
LONDON -- Inter-dealer broker Prebon Yamane went live last week on SwapsWire, an electronic service for confirming swaps deals that launched earlier this month.
eB2C relationships prosper
LONDON -- Bank-to-client relationships remain vital despite the march of electronic trading in forex, heard delegates at the inaugural FX Week Congress last week.
China equity reform to boost future FX
BEIJING -- China is set to introduce landmark equity market reforms next month, heralding another step on the road to forex liberalisation.
Cross-products find their feet
LONDON -- Cross-product trading is no longer just a "mantra" chanted by sell-side bankers, said Matt Desselberger, managing director, corporate structured products group at Deutsche Bank in London.
Buy side embraces e-FX
LONDON -- Buy-side consumers of FX are increasingly using technology to add to their trading operations.
East Europe may adopt euro by 2006
LONDON -- Eastern European nations slated to join the European Union in 2004 could adopt the euro by 2006, said Roberto Schiavi, front-office division head at the European Central Bank.
Tech briefs - Multi-bank portals fight for viability
Multi-bank FX portals’ fight for viability is about to be won -- or lost -- said London-based research firm ClientKnowledge, after publishing its estimates of the portals’ trading volumes last week.
Ex-dealers seek to return
LONDON -- January will see a host of forex market participants returning to the markets, after stints in e-commerce or at buy-side firms, report industry recruiters.
WestAM launches currency hedge fund
LONDON -- WestAM, the e38 billion asset management arm of German bank West LB, has launched a currency and fixed-income hedge fund.
HBOS names new treasury head as senior exec resigns
LONDON -- HBOS Treasury Services last week named Lindsay Mackay as its new head of treasury, following the departure of Roger Woodbridge, deputy chief executive.
Goldman refutes rumours of fixed income/equities merger
NEW YORK -- Goldman Sachs dismissed market rumours last week that it is considering a merger of its fixed income and currencies division with equities in the US
New York banks silent on FX job cut rumours
NEW YORK -- Spokespeople for Citigroup and Dresdner Kleinwort Wasserstein (DrKW) in New York last week declined to comment on rumours that both have recently cut FX staff in the centre.
Reuters reasserts forex dominance
UK trading technology and information firm Reuters may be having a difficult year, but its forex business is booming, according to FX Week ’s 2002 survey.
Top five dealers close ranks
Shrinking market rewards top players in biggest ever forex survey
BIS opens Americas office
MEXICO CITY -- The Bank for International Settlements (BIS) has opened a representative office for the Americas in Mexico City.
French push for ECB reform
PARIS -- A French economic think tank has urged European authorities to reform the European Central Bank (ECB) ahead of the enlargement of the European Union and the eurozone.
Trading Places
Rabo trader slated to join NCB
German banks report modest growth
FRANKFURT -- The major German banks reported modest upticks in their FX earnings for the first nine months of 2002.
RBC builds London FX
LONDON -- Royal Bank of Canada is building its London foreign exchange group in response to growing business in London and Europe, a senior official told FX Week .