Trading
Clearview charged by CFTC
NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.
Job fears over latest mega merger
NEW YORK -- FX jobs at Bank One may be in danger when JP Morgan Chase’s planned acquisition of the Chicago-based bank takes place in Q2, said recruitment consultants in New York and London last week.
‘Illegal trading’ costs NAB $140m
MELBOURNE -- Australia’s largest bank, National Australia Bank (NAB), became the latest victim of alleged rogue forex trading last week. The bank said on Tuesday (January 13) that it had uncovered losses of up to A$180 million (US$140 million) from…
Kiwi ripe to strengthen
The New Zealand dollar’s recent performance is based on more than just US dollar weakness. Sue Trinh, currency strategist at the Bank of New Zealand in Wellington, looks at what will be driving the currency in 2004
Assessing the value of e-FX trading
Predicting future currency movements is not the only problem currency managers face. Finding the best method of dealing is also an issue, explains Neil Record, chairman and chief executive officer of Windsor-based currency overlay manager Record Currency…
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
The year ahead in Asia
US dollar weakness and regional equity market strength look set to remain the main drivers of Asian FX in 2004, according to Tim Condon, chief economist, Asia for ING Financial Markets in Hong Kong
Calling all forecasters!
Due to increasing demand from banks and analysis firms to join FX Week ’s forecast table, we are this month launching a major new currency forecasts index.
China ‘closer to flexible exchange rate’
BEIJING -- China moved a step closer towards a flexible exchange rate last week, with the announcement that the Chinese State Administration of Foreign Exchange (Safe) has given the two largest state-owned banks a total of US$45 billion in foreign…
Hedging a short euro/dollar position
For European exporters needing to hedge exposure to the freefalling US dollar, a six-month forward may be the best solution, suggest Eric Ohayon, European head of FX structuring, and Kai Fisher, European head of FX corporate sales, at Bank of America in…
Five-year-old euro comes of age
FRANKFURT -- When the euro was first introduced, many were sceptical about its potential for success and concerned about its impact on the FX market as a whole. But as it celebrated its five-year anniversary this month, the euro’s status is gradually…
EBS outage sparks BoJ rumours
LONDON -- Dealers acting on behalf of the Bank of Japan (BoJ) may have been among the customers frustrated by momentary lapses in spot broking platform EBS’s dealable rates last week.
March - CLS technical glitch stalls trades
The first operational setback in the life of continuous linked settlement (CLS) came in March, when multiple technical faults stalled settlement in 20,000 Aussie dollar and yen trades.
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
October - BoA announces Fleet bid
Banking mergers were thin on the ground in 2003, but in October, news came of Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial.
August - HSBC challenges Citi on Mexican remittances
HSBC issued a challenge to Citigroup in August by declaring its intention to target the $10 billion a year US/Mexican remittances market.
February - Heavyweights tackle anonymity risks
The risk of trading with unnamed counterparties was highlighted in February, when central banks and top players in FX joined together to combat the problem.
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.
Deutsche is top currency forecaster
Deutsche Bank is the top forecaster on FX Week’s weekly index of 10 banks since its launch in July.
The ghost of Bentsen
The lessons of history may help in assessing the dollar’s fortunes in 2004, says Peter Luxton, economic adviser at Informa Global Markets in London