News
Chinese liberalisation driving increased demand for sales staff
HONG KONG -- Foreign exchange sales staff with expertise in China are set to be in particular demand in 2004, according to recruitment specialists in the Asia-Pacific.
Travelex to buy Fortis FX unit
TORONTO -- FX services group Travelex has reached an agreement to buy Fortis’ Dutch corporate and retail FX subsidiary GWK Bank for e17.5 million, the firm announced last week.
South Africa to register FX brokers
PRETORIA -- Foreign exchange brokers in South Africa will have to register with the Financial Services Board (FSB) by July 31 to continue their business under new rules announced by finance minister Trevor Manuel last week.
HSBC reaps rewards in US
NEW YORK -- HSBC has seen a threefold increase in FX client volume in North America over the past year, following its recruitment drive in the region. And gains made in the first quarter of 2004 suggest it is continuing to build that volume "at a very…
NZ ups reserves as "insurance"
WELLINGTON -- The Reserve Bank of New Zealand (RBNZ) is proposing to enhance its capacity to intervene in FX markets. The central bank wants to increase the amount of foreign currency reserves it holds as "insurance" against a non-convertible Kiwi dollar…
Watchdog savages NAB
MELBOURNE -- National Australia Bank’s currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released last week.
TWD defies poll woes
TAIPEI -- Taiwan’s presidential election debacle will not have a significant impact on the Taiwan dollar in the medium- to long-term.
Calyon names regional managers
PARIS -- Calyon, the group to be formed from the merger of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) on April 30, has agreed the structure of its global spot FX business and appointed regional heads, a senior official said last week.
Fundtech adds two CLS clients
NEW JERSEY -- Two Fundtech clients have extended their use of payments software Payplus for CLS (continuous-linked settlement) to support the growth of their FX businesses.
Deutsche names trading chiefs
LONDON -- Deutsche Bank has promoted its London head of FX trading, Gordon Wallace and Singapore manager Nitin Gulabani, to become co-heads of global FX trading.
Lehman raids Merrill team
LONDON -- Lehman Brothers has raided rival investment house Merrill Lynch for a team of three FX options dealers in London, according to sources close to the bank.
Investment banks break records
NEW YORK -- This year looks set to be a record-breaker for banks' FX earnings, if the commercial banks follow the lead set by the US investment houses.
NAB OPTIONS SCANDAL - NAB crisis deepens with latest departure
MELBOURNE -- The staffing crisis at National Australia Bank (NAB) deepened last week as Peter Cunningham, joint global head of FX left the bank, in a move a NAB spokesperson described as a "mutual agreement".
Seven leave Dresdner in FX flight
LONDON -- Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month.
EBS sees fruit of 'sustained effort on sterling'
LONDON -- Spot broker EBS last week quantified the success of its initiative to build sterling volumes on its platform.
Reuters buys remainder of Icor
LONDON -- Reuters has taken over Icor Brokerage's electronic FX options platform, following its announcement last week that it has bought the remaining 50% stake in Icor it did not already own.
Dollar volatility rockets over terror fears
LONDON -- Continued terrorist threats are expected to plague the FX markets in the coming weeks, due to a heightened level of concern over further attacks following the Madrid bombing on March 11, analysts warned last week.
SuperD adds 10 European banks
LONDON -- Ten more banks in Germany and Austria have started using SuperDerivatives’ FX options pricing system, the vendor said last week.
Banks add NDFs to e-trading tools
LONDON -- Royal Bank of Scotland, Barclays Capital and Standard Chartered are planning to launch electronic trading of non-deliverable forwards (NDFs) this year, chasing market leaders in the field such as Dresdner Kleinwort Wasserstein and Deutsche Bank.
FXpress switches architecture
BALA CYNWYD, PA -- A new version of vendor FXpress’ exposure management and trading platform will enable corporate users to share position-keeping information with their remote offices via the internet.
US election to highlight Asian intervention issues
BEIJING -- As the US presidential race picks up, campaigning will inevitably highlight US opposition to Asian currency intervention. But analysts interviewed by FX Week disagreed on the impact this added pressure would have on the ground in Asia.