Feature/Regulation
How Mifid affects the global FX market
Mifid will create an even more efficient market for FX services that can be delivered quickly, inexpensively and globally, says Chris Pickles , chair of its Joint Working Group in London
A quick fix for Mifid
Sell-side firms must adopt the FIX protocol or lose out, warns Chris Pickles , chair of the directive's Joint Working Group in London
Mifid – a commercial opportunity
The commercial opportunities Mifid presents to the foreign exchange dealer are examined by Chris Pickles, chair of the directive's Joint Working Group in London
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
February 2006 - BoA builds algorithmic forex capabilities
CAMBRIDGE, MASSACHUSETTS – Bank of America (BoA) took a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.
February 2006 - JP Morgan forex salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested, making the US bank the latest to be embroiled in a trading scandal. Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on…
Top stories from 15 years of FX Week AIB losses a 'one-off'
LONDON – The foreign exchange industry is unanimous in its verdict that the disastrous $750 million FX loss announced by AIB last Wednesday was a one-off event.
Review of 2004 - April: Banks draw EU25 battle plans
LONDON & FRANKFURT – Euro convergence may still be years away for the 10 new member states joining the European Union (EU), but far-sighted banks and brokers were already drawing up their FX battle plans for the new Europe in April. Deutsche Bank, HSBC,…
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
SIBOS 2004
CLS rules the roost at Sibos
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.
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.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
Dealing with yen downside risk
A collapse in the dollar/yen could offer significant trading benefits. How should an FX trader deal with the downside risk? By John Taylor, chairman of FX Concepts in New York
May - ACI Congress spots euro rise
ACI Congress spots euro rise
February - Rogue trading hits the headlines – again
Rogue trading hits the headlines -- again