Foreign exchange
December - AIG cuts ahead of merger
The year ended on a bad note as recruiters in the US and Europe started to report widespread cuts at American Insurance Group in Connecticut and London in December.
July - Indian market opens up
The Reserve Bank of India lifted restrictions on trading currency options in July. The move was a major development for FX in one of the world’s fastest growing economies.
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.
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.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
January - Currenex shareholders eject Mirek
From the departure of Currenex’s Lori Mirek as the year opened, to the arrests of 48 forex traders in New York in November, FX Week reviews the top stories of 2003
June - Top three make biggest earnings gains
FX Week’s yearly ranking of banks’ forex revenues in June revealed an acceleration of the trend towards the growing importance of the top banks in FX.
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
April - Sars hits trading in HK
Banks in Hong Kong readied their contingency plans in April as the deadly Sars virus gripped the trading centre.
JPMorgan Fleming to launch FX fund
LONDON -- JPMorgan Fleming will launch a fund in February based on research produced by parent group JP Morgan Chase.
Scandinavian banks look east
STOCKHOLM -- Scandinavian banks are expanding emerging markets teams in Europe and Asia as they seek to upgrade non-Scandi forex in preparation for the anticipated disappearance of the Swedish and Danish crowns.
StanChart tops Asian interbank poll
HONG KONG -- Standard Chartered was the runaway winner for currency products in FX Week sister publication AsiaRisk ’s annual interbank derivatives poll.
Dollar dive helps set new CME records
CHICAGO -- The Chicago Mercantile Exchange reported a succession of record volumes last week, as the dollar’s dive prompted heavy trading in the world’s biggest exchange-traded FX marketplace.
Reuters’ Chinese data deal
SHANGHAI -- Reuters has signed an agreement with the China Foreign Exchange Trade System (CFETS) to deliver enhanced financial market information to CFETS’s customers. CFETS, a subsidiary of the People’s Bank of China, offers yuan foreign exchange…
CME reports November uptick
CHICAGO -- The Chicago Mercantile Exchange (CME) last week reported increased year-on-year foreign exchange volumes for November, citing further growth on its electronic trading platform Globex as a key driver.
NFA lifts emergency action against COESfx
NEW YORK -- Regulatory body National Futures Association (NFA) lifted an emergency enforcement action against New York-based electronic currency network COESfx on December 3.
Hotspot live on Bloomberg
NEW JERSEY -- Hotspot FXi, the New Jersey-based online institutional FX trading platform, goes live today with streaming spot prices on Bloomberg terminals.
Market eyes fresh dollar falls
LONDON -- Forex market analysts and traders are predicting fresh falls for the dollar in the coming months after euro/dollar hit successive record highs last week.
FXall breaks volume record
NEW YORK -- Growing institutional use of FXall helped the multi-bank portal set a new volume record in November, it announced last week.
Non-exporters still have exposure to currencies
Options could be the answer for a manufacturing company facing the twin problems of foreign competitors undercutting its prices and of the companies it supplies being less successful with an appreciating currency. Alex Barrett and Demetri Papacostas, of…
AIG cuts ahead of integration
GREENWICH, CT -- Recruitment consultants in the US report that up to 70 staff have already left the American Insurance Group as it prepares to integrate subsidiaries AIG Trading and AIG Financial Products.