News
Portals prepare for crucial year
LONDON -- The coming year will be decisive for multi-bank foreign exchange, according to industry participants polled by FX Week .
HBOS sheds London staff
LONDON -- HBOS Treasury Services last week shed three forex staff as part of a reorganisation aimed at a more "efficient use of resources", said a spokesperson for the bank in Edinburgh.
Brazilian real firms as Lula calms markets
SAO PAULO -- The Brazilian real has been on a firmer footing so far this year as the market reacts favourably to the new government, headed by president Luiz Inacio Lula da Silva [Lula].
FIXing it for buy-side and sell-side firms
LONDON -- Buy-side and sell-side firms are increasingly adopting the Financial Information eXchange (FIX) messaging standard for FX, according to senior officials.
CMC returns to US
NEW YORK -- Online trading platform CMC is returning to the US after nearly two years away, an official told FX Week .
Tech briefs
Bank of Taiwan takes Citi for CLS
Research crucial in battle for investors
LONDON -- Banks are increasingly tailoring forex research for funds clients in response to more currency trading business from that client base.
HSBC hires new NY forex chief
NEW YORK -- Ben Welsh joined HSBC in New York last week as head of FX sales and trading, a bank official told FX Week.
CLS showdown in 2003
LONDON -- The stage is set for a pitched battle for third-party CLS business in 2003, according to senior bankers interviewed by FX Week.
Israel completes shekel liberalisation
TEL AVIV -- The Bank of Israel last week announced the abolition of the last of its FX controls, making the new Israeli shekel fully convertible.
Citi endorses job sharing
LONDON -- Job sharing among forex professionals is becoming a growing trend in the markets, senior officials told FX Week .
HSBC relocates to Canary Wharf
LONDON -- HSBC’s 120-plus forex staff in London move into the bank’s new building in Canary Wharf on February 17, a spokesperson confirmed.
Currency managers slip in November
STAMFORD, CT -- Just over half the currency managers on the Parker Global Strategies’ FX index saw positive returns in November, Parker announced last week.
Technology briefs
Bundesbank completes STP for foreign currency reserves
Markets get off to a busy start
LONDON -- There was no rest for FX markets through the festive period and into 2003, as the euro hit a three-year high against the dollar before the greenback fought back to recover.
Trading places
SG’s Debonneuil dies in car crash
No lull for FX dealers
LONDON -- The usual pre-holiday lull in FX markets was pushed back last week as growing risk aversion kept dealers busy.
V-Banking upgrade
SYDNEY -- Australian FX dealing technology firm Velocity Systems International last week unveiled a new version of its web-based e-treasury software.
Tech briefs
Bank One installs Calypso to help expand interest rate derivatives
Problem trades are ‘eating up forex profits’ -- SunGard
LONDON -- Nearly a quarter of FX transaction profits are eaten up by ‘exceptions’, or problem trades, according to a survey of 500 financial institutions.
Hotspot FXi plans launch in Europe
NEW JERSEY -- Online institutional FX trading platform Hotspot FXi will launch a European office in the first quarter of next year, in response to increasing volumes, president and chief executive officer John Eley told FX Week .
Prebon derivatives reorg
LONDON -- UK-based inter-dealer broker Prebon Marshall Yamane has reorganised its cash forwards and derivatives businesses in London.
ABN Amro names A-P sales head
SINGAPORE -- ABN Amro last week announced the appointment of Wolfgang Platzer as regional sales head for Asia-Pacific, in the banks and brokers division -- a subdivision of Global Transaction Services (GTS).