News
Citi plugs Dutch sales gap
AMSTERDAM -- Citigroup has transferred two FX sales dealers to Amsterdam, to cover growing business from Dutch institutional clients.
China ‘closer to flexible exchange rate’
BEIJING -- China moved a step closer towards a flexible exchange rate last week, with the announcement that the Chinese State Administration of Foreign Exchange (Safe) has given the two largest state-owned banks a total of US$45 billion in foreign…
Aussie dollar going up Down Under
SYDNEY -- The dramatic gains the Australian dollar made against the greenback in 2003 show no sign of abating in the medium term, according to market participants in Australia. In fact, the Aussie is set to get even stronger.
Lehman dealers move in Tokyo
TOKYO -- FX staff at Lehman Brothers in Japan are preparing for an imminent move to Roppongi Hills Mori Tower in central Tokyo. The relocation is part of a project that will see all the bank’s 800 staff in the Japanese capital migrating to the new site…
Pronet Analytics and FXCM forge mutual distribution deal
LONDON -- Pronet Analytics, a subsidiary of The Market Age group, and New York-based retail trading platform Forex Capital Markets (FXCM), have forged a deal to allow clients of both firms to use their respective services.
Five-year-old euro comes of age
FRANKFURT -- When the euro was first introduced, many were sceptical about its potential for success and concerned about its impact on the FX market as a whole. But as it celebrated its five-year anniversary this month, the euro’s status is gradually…
EBS outage sparks BoJ rumours
LONDON -- Dealers acting on behalf of the Bank of Japan (BoJ) may have been among the customers frustrated by momentary lapses in spot broking platform EBS’s dealable rates last week.
BarCap adds online sterling swaps
LONDON -- Barclays Capital added sterling swaps to its single dealer online interest rate swaps platform last month.
Dollar slide hits bonuses
LONDON -- Recent US dollar falls are expected to negatively affect the bonuses paid to European staff of US banks. Forex dealers expecting large increases in their bonus awards as a result of stellar performances in FX are likely to be disappointed when…
IFX upgrades FX back office
LONDON -- Financial trading and spread-betting firm IFX went live with a new FX back-office system from London-based vendor ForexManage last week (January 5).
Coca Cola Oz takes SuperDerivatives
LONDON -- SuperDerivatives has licensed its currency options pricing and risk management system to Australia-based beverage manufacturer Coca-Cola Amatil, the vendor said last week.
Dollar freefalls in holiday trading
NEW YORK -- The dollar’s freefall during thin trading over the holiday season is set to continue as markets return to full activity, analysts said last week.
US sets trend for high bonuses
NEW YORK -- Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December.
BNP Paribas hires head of institutional sales
AMSTERDAM -- BNP Paribas hired Dietert Wesselius as head of institutional FX sales in Amsterdam on December 1. Wesselius joined the bank to manage a team of five, which was recently expanded by the appointment of Martin Knol and James McHardy in October…
GFI continues Asian build-up
SINGAPORE -- Two support staff are set to join inter-dealer broker and market data supplier GFI in Asia in January, as the firm aims to capitalise on growing opportunities in the region.
Funds find profits elusive in November
LONDON -- Currency fund managers found it difficult to make profits in November, according to the Parker FX Index for that month, published at the end of December.