Regulation
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.
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 …
Basel may advise banks on outsourcing
BASEL -- The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week .
Single currency in west Africa still a long way off
ABUJA -- Efforts to establish a single currency across west Africa continue to falter due to a lack of political commitment and inconsistencies in meeting the convergence criteria, said Joseph Sanusi, governor of the Central Bank of Nigeria, speaking in…
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Yuan’s US dollar peg to stay despite speculation
Beijing – Speculation that China may relax the yuan’s US dollar peg refuses to go away. Following media reports in June of US Treasury Secretary Jon Snow saying the Chinese government is considering widening the yuan’s trading band, the rumour mill is…
ING to merge central European back offices
BUDAPEST – ING plans to set up a central European processing centre in Budapest by the second half of 2003, the bank announced last week. The move is part of a global strategy to reduce costs and increase efficiency by consolidating back-office functions…
CFTC continues FX fraud crusade
WASHINGTON – The US Commodity Futures Trading Commission (CFTC) has continued its crusade against fraudulent retail FX firms in the US, with three enforcement actions so far in July.
Dealing with yen downside risk
A collapse in the dollar/yen could offer significant trading benefits. How should an FX trader deal with the downside risk? By John Taylor, chairman of FX Concepts in New York
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.
Banks make headway on IAS 39 macro hedging
LONDON -- The International Accounting Standards Board (IASB) has proposed a new solution to macro hedging for European banks that will adopt the new IAS 39 accounting standards in January 2005.
OCC reports earnings uptick for US banks
WASHINGTON -- US commercial banks' revenues from FX positions increased by $220 million year-on-year, to $1.4 billion in Q1 2003, said the Office of the Comptroller of the Currency (OCC) last week.
Banks counter IAS39 threat
LONDON -- Banks are developing new structuring models for corporate clients to ensure the IAS39 accounting standards do not result in a reduction of complex FX hedging activity.
Cheap volatility brings yen opportunities
Japanese economic growth has outstripped many western economies over the past year, and the next currency breakout in the FX markets could be yen strength. Alex Schumann and Trevor Nathan, of Commonwealth Bank of Australia in Sydney, show how investors…
Hedge optimisation under IAS39
All European Union listed companies must implement IAS 39 by the end of this year. Raymond Franzi, head of structuring, and Emmanuel Burot, head of structuring and accounting at Dresdner Kleinwort Wasserstein in London, outline how a European firm should…
Japan fights to keep yen down
TOKYO -- Data issued last week by the Bank of Japan (BoJ) revealed that May saw a record amount spent in the FX markets, and proved that Japanese authorities are willing to enter into a protracted battle to prevent yen strength.
FX derivatives activity flat but healthy
BASEL -- FX derivatives volumes were relatively unchanged in the second half of 2002, the Bank for International Settlements reported last month.
Reuters FX under threat EBS-Bloomberg forex alliance prompts defiant response from UK firm
LONDON -- Reuters was last week fighting back to secure its position in FX, following the announcement of an alliance between two rivals.
Global banks winning in Italy
MILAN -- The first survey of Italian derivatives dealers conducted by Risk Italia , the Italian language edition of Risk , found that international banks have a stronghold in the Italian derivatives market. But the results were also encouraging for…
Intra-day volatility returns
LONDON -- Trading desks buzzed with the return of intra-day volatility to the markets last week, as the euro sailed over its launch price of 1.175 against the dollar.