Foreign exchange
Continuity plans pass outage test
NEW YORK -- Contingency business plans put in place after September 11 passed the test posed by North America's massive power cut last week, market participants reported.
ACI moves forward to Beirut
BEIRUT -- 'Moving forward' is the theme of forex industry body ACI's global congress, due to be held in Beirut on September 10--14.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
FXTV to launch in September
NEW YORK -- A dedicated FX video news service, Forex Television, is set for launch on September 1, said an official at joint owner eTV-Media, a provider of streaming media services.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
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.
Participating in rupee options
Following the launch of rupee options trading in India in July, Arun Khurana, head of financial markets distribution & derivatives marketing at ABN Amro in Mumbai, proposes a zero-cost 'participating forward' solution for an Indian client wanting to…
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.
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.
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 …
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…
Baht appreciation to slow on central bank reforms
BANGKOK -- The decision by the Bank of Thailand (BOT) in late July to loosen FX restrictions should slow the Thai baht’s appreciation, say local market participants. But strong economic fundamentals in Thailand mean that appreciation is unlikely to…
Online retail forex in Asia set to grow
TOKYO -- Online retail FX business in Asia is set to grow, as dealers increasingly move into the sector, market participants in the region told FX Week .
Reuters’ forex growth eases dip in treasury
LONDON -- Technology and information firm Reuters’ results last week showed a fall in treasury revenues for the first six months of 2003, but an increase in FX activity brought some gains.
Uncertainty eases for AIG Trading
GREENWICH, CT -- The tension surrounding the upcoming merger of AIG Trading and AIG Financial Products has eased following the release of an internal statement earlier this month, a source at the firm told FX Week .
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 .
Record Q2 at CME
CHICAGO -- The Chicago Mercantile Exchange (CME) has reported record revenues for the second quarter, spurred by strong trading volume in FX, interest rates and equities.
Saxo adds futures trading with Refco
COPENHAGEN -- Danish investment bank Saxo Bank has added futures coverage to its online trading platform SaxoTrader as part of a partnership with Refco Overseas, the European arm of New York-based Refco Group.
German hedge fund reform raises FX hopes
MUNICH -- New proposals for the laws governing hedge funds and funds of funds in Germany could open up the market to a wider audience and heighten FX opportunities.
State Street and BoNY buck earnings downtrend
NEW YORK -- State Street and Bank of New York bucked a downward trend in US banks’ forex revenues for the first six months of 2003, according to first-half results released last week.