Trading
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.
Ports in a storm
Uncertainties surrounding the euro and the dollar mean investors should look further afield to avoid geopolitical risks, says Craig Larimer, managing director, international research group, Banc One Capital Markets in Chicago
Will white labelling stick?
Citigroup’s new white-label service has prompted interest from other banks. But a number of problems must be overcome before they can launch similar products, says James Kemp, London-based managing director of UK technology firm Stentra
Euro wins as North Korea tensions rise
LONDON -- The euro was the biggest beneficiary in the currency markets as tensions in Asia increased over North Korea’s nuclear intention 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.
Dollar in for mixed week
Dollar trends will diverge in the week ahead, says John Normand, global fixed income and FX strategist at JP Morgan in London
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 .
Brazilian real firms as Lula calms markets
SAO PAULO -- The Brazilian real has been on a firmer footing so far this year as the market reacts favourably to the new government, headed by president Luiz Inacio Lula da Silva [Lula].
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.
2003: year of the euro?
2003 could be a good year for the euro and the yen, but the outlook is not so healthy for the US dollar, says Jesper Dannesboe, chief FX strategist at Dresdner Kleinwort Wasserstein in London
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