Foreign exchange
Goldman's plan pays off
NEW YORK -- Goldman Sachs’ five year investment in foreign exchange is paying off, according to US banks’ financial results published last week.
Busy year ahead for FX committees
LONDON -- The forex committees of the eurozone, US and UK’s central banks will have a full agenda this year, senior officials told FX Week .
Dealers prepare for worst from gloomy bonus season
LONDON/NEW YORK -- Bonus payments in FX for 2002 could be slashed by half following a difficult year in forex, traders and recruiters told FX Week .
All change at Currenex
LONDON -- FX trading portal Currenex announced last week that the firm’s chief executive Lori Mirek has stepped down.
Gain Capital refutes fraud accusation
NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.
US banks see slumped FX revenues in 2002
NEW YORK -- US banks suffered reduced revenues from foreign exchange for 2002, according to financial reports made public last week.
China forex drive continues
SHANGHAI -- The liberalisation of China’s FX market continued apace last week, as the People’s Bank of China (PBoC) announced that a further 50 foreign banks have been authorised to trade the yuan.
Citi merges FX and rates
NEW YORK -- Citigroup has merged foreign exchange with derivatives and interest rate products to form the Global Rates and Currencies group.
Portals prepare for crucial year
LONDON -- The coming year will be decisive for multi-bank foreign exchange, according to industry participants polled by FX Week .
CMC returns to US
NEW YORK -- Online trading platform CMC is returning to the US after nearly two years away, an official told FX Week .
Research crucial in battle for investors
LONDON -- Banks are increasingly tailoring forex research for funds clients in response to more currency trading business from that client base.
June - The return of volatility
The return of volatility
July - Top banks reap FX rewards
Top banks reap FX rewards
December - Year ends in vendor dispute
Year ends in vendor dispute
April - Merrill Lynch props up recruitment industry
Merrill Lynch props up recruitment industry
January - Prime brokerage kick-starts the year
From the Allfirst Financial scandal to the launch of CLS, you read it here first in 2002. FX Week reviews the top news stories of last year
Israel completes shekel liberalisation
TEL AVIV -- The Bank of Israel last week announced the abolition of the last of its FX controls, making the new Israeli shekel fully convertible.
Citi endorses job sharing
LONDON -- Job sharing among forex professionals is becoming a growing trend in the markets, senior officials told FX Week .
August - The race for CLS clients
The race for CLS clients
Technology briefs
Bundesbank completes STP for foreign currency reserves
September - The forex credit crunch
The forex credit crunch
October - Multi-bank evolution continues
Multi-bank evolution continues
May - ACI Congress spots euro rise
ACI Congress spots euro rise