News
Cost of exceptions down 30%
LIVINGSTON, NJ -- The cost of exceptions, or failed trades, has fallen almost 30% in the past year, as institutions automate exception processing, according to the latest survey by SunGard eProcess Intelligence (ePI), the processing unit of SunGard. The…
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
Market upbeat on Reuters’ Q4 decline
LONDON -- Reuters’ share price rose by more than 13% on the London Stock Exchange on January 15 from £2.79 to £3.17 -- where it hovered until close of trading last week -- following a statement by the vendor on its Q4 performance.
UBS announces 50th CLS client
Zurich -- Vienna-based bank Raiffeisen Zentralbank Österreich (RZB) is the fiftieth client to sign up for UBS’s third-party continuous-linked settlement (CLS) service, UBS announced last week.
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
Analysts mull expectations for Japan
TOKYO -- Analysts expect Japanese authorities to continue intervening in the currency markets this year, following the Ministry of Finance’s (MoF) record spend of ¥21 trillion ($198 billion) in 2003. However, the consensus view is that the MoF may…
ANZ hires two for investor sales
SYDNEY -- ANZ Investment Bank has made two senior hires to its FX investor sales team, it announced last week.
State Street’s Snyder becomes head of NY FX committee
NEW YORK -- Mark Snyder, State Street’s global head of currency and money market sales and trading, took over as chairman of the Foreign Exchange Committee in New York last week.
Clearview charged by CFTC
NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Banks buy out bonuses to fill seats in new year markets buzz
LONDON -- The recruitment industry has started with a bang this year, replicating heavy activity in the currency markets.
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.