News
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 .
HVB to shift global FX sales head to London
LONDON -- German bank HVB's global head of FX sales, Bob Mills, will transfer to London this month as part of a forex reorganisation, the bulk of which was completed in 2002.
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
SingTech FXportal continues to grow
SINGAPORE -- PrismLight, Singapore Technologies' in-house, multi-bank FX trading portal, has signed around 10 new users since the start of 2003, a senior official at the firm told FX Week .
ETrade enters FX with Saxo Bank
LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.
Italian dealers in demand
LONDON -- Italian FX clients' increasingly sophisticated approach to FX has made Italian FX sales dealers a highly prized asset, market participants told FX Week .
BTM top in Japanese FX
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) has cemented its position as the top Japanese forex provider, reporting a 3% rise in yen terms in revenues for the full-year 2002.