News
Weak dollar hurts Toyota
TOKYO -- US dollar weakness against the Japanese yen has had a negative impact on Toyota's profits, the car manufacturer said last week. In its financial results for the three months to the end of June, the Japanese firm said exchange rate changes had…
UK banks profit on volatility
LONDON -- Active and volatile currency markets helped UK banks to increase profits from foreign exchange dealing, according to interim results announced last week.
Revenues up for Singapore's 'big three'
SINGAPORE -- FX revenues have increased year-on-year for the first six months of 2003 at Singapore's 'big three' domestic banks.
European struggles may prove positive for the dollar
LONDON -- European economic data released this week could cause investors to turn back to the dollar, despite recent negative sentiment towards it and aggressive selling of US Treasuries.
London broker partners with Gain to launch forex
LONDON -- Electronic broker London Capital Group (LCG) has formed a white-label partnership with New Jersey-based Gain Capital, a trading technology provider and FX market-maker, as LCG expands into forex trading.
Dealers leave Fimat Chicago
CHICAGO -- Fimat, the brokerage arm of French investment bank SG, shed four staff from its US dealing team earlier in August, said sources close to the company.
Prebon Yamane goes live with SwapsWire in Tokyo
TOKYO -- Brokerage house Prebon Yamane has gone live with SwapsWire in Asia, making it the first brokerage in Tokyo to use the system since it went live in Japan last July.
Bomb fails to blast rupiah
JAKARTA -- Last week's bomb blast outside a hotel in Jakarta will have a minimal long-term impact on the Indonesian rupiah, say local market participants.
HSBC issues remittances challenge to Citi
LONDON -- HSBC last week issued a challenge to Citigroup by declaring its intention to target the $10 billion a year US/Mexican remittances market.
CSFB up, ABNAmro down for first-half FX revenues
ZURICH -- Credit Suisse First Boston, part of the Credit Suisse Group, has seen improved year-on-year FX revenues for the first half of 2003, a senior official told FX Week .
CLS to include Korean won
NEW YORK -- CLS Bank, which operates the continuous-linked settlement service for FX, will today announce its plans to include the Korean won as a CLS-eligible currency.
Amex Bank results jump
American Express Bank last week reported year-on-year growth of 30% in revenues from FX trading for the first half of 2003.
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…
Banks win a partial reprieve from IAS 39
BRUSSELS -- The International Accounting Standards Board (IASB) has approved an amendment to rules for macro hedging under the upcoming IAS 39 accounting standard for European banks.
ABN Amro names FX strategists
LONDON -- ABN Amro last week named the two remaining hires to the expanded forex strategy team it announced two weeks ago ( FX Week , July 14).
Currency funds fall in June
STAMFORD, CT -- Fewer than half of currency managers achieved positive returns for June, according to Parker Global Strategies’ FX Index, which was down 0.92% for the month.
Lehman Brothers continues forex hiring drive in London
LONDON -- Lehman Brothers has hired nine forex staff in London in the past three months as part of its continued FX build-up. Two more -- including global head of FX Grant Whiteside -- have transferred to the City from New York, as the bank pursues a …
Hotspot’s Ogg on the move
NEW YORK -- Hotspot founder and former chief executive David Ogg has left the New Jersey-based online foreign exchange trading company to join equities technology firm Lava Trading in New York.
Deutsche says FX strong in H1
FRANKFURT -- Deutsche Bank last week said it had "very strong" FX trading results for the first six months of the year, reflecting the bank’s overall interim results. Jim Turley, global head of foreign exchange at Deutsche Bank in London said: "Client…
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…