Risk management
GFI closes FX options mark-to-market gap
NEW YORK -- Solving the problem of marking FX options to market came a step closer to being resolved last week, with the launch of a new ‘revaluation fixing’ service from New York-based interdealer broker GFI.
Private client demand soars for FX firm
LONDON -- More private clients in the UK buying property in Europe has boosted demand for a new specialist FX firm, a senior official at Seagray Matthews Foreign Exchange (SGM-FX) told FX Week .
Combined sales teams take off
LONDON -- The FX sales dealer may soon be a thing of the past if a new trend for cross-product sales teams catches on.
Barclays merges FX/FI prime brokerage
LONDON -- Barclays Capital will complete the merger of its FX and fixed-income prime brokerage businesses by the end of March, a senior official told FX Week .
Hungary: when the funds go marching in
The Hungarian forint’s peg should be scrapped before another speculative attack on the currency, say Marios Maratheftis and David Mann, economists at Standard Chartered Bank in London
Reorg brings ABN derivatives joy
LONDON -- Officials at ABN Amro last week pointed to a recent reorganisation to explain its success as FX Week sister publication Risk ’s currency derivatives house of the year.
India considers rupee options for corporates
MUMBAI -- The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
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.
Markets get off to a busy start
LONDON -- There was no rest for FX markets through the festive period and into 2003, as the euro hit a three-year high against the dollar before the greenback fought back to recover.
Merger sparks vendor war
LONDON -- Sparks were flying in the e-forex industry last week, as banks, vendors and brokers reacted to the fallout from Reuters’ purchase of rival FX trading software firm AVT Technologies.
New Europe to bring more forex trading opportunities
FRANKFURT -- The expansion of the European Union and subsequently the eurozone will bring new markets for generating forex profits, senior officials told FX Week.
FX markets shrug off Kenya attacks
LONDON -- There was muted reaction in the FX markets to last week’s terrorist attacks in Kenya.
CURRENCY SPOTLIGHT - Sterling strong for now
Sterling should remain supported by favourable fundamental and structural factors, but it is vulnerable to fluctuations in investor risk appetite, says Prebon Yamane’s Lena Komileva
Overlay demand hits new peak
LONDON -- An anticipated decline in the value of the US dollar is boosting demand for currency overlay, according to FX specialists in London and New York.
Market mulls options benchmark
LONDON -- Standard FX options benchmark prices could be the answer to inaccuracies in marking exposures to market, but whether the move is possible is a matter for debate, according to senior options market participants.
Upsurge in German forex
FRANKFURT -- Deregulation of the German insurance market is attracting the world's top investment banks to expand in Frankfurt.
Real hammered as election woes bite
SAO PAULO -- The Brazilian real dropped near to its lowest-ever level last week as political uncertainty continued following the presidential election on October 6.