Month: November 2002

Risk Premia in Foreign Exchange: A New Model?

In the October issue of Profit & Loss, our fund manager survey found that a majority of those surveyed were “very concerned” about banking consolidation. Their concern revolves around a potential reduction in liquidity – a subject that has also been at the heart of many conversations in the market – but there are wider […]

Convergence Prospects for Central European Currencies

By David Ross 4Cast Recent Irish acceptance of the Treaty of Nice, and the Franco-German agreement on farm subsidies have paved the way for the 10 accession candidate countries to undertake final negotiations with the EU in Copenhagen in December. While hurdles remain, the market’s collective sigh of relief that the accession process remains on […]

JP Morgan TS Moves to Gain Market Share

JP Morgan Treasury Services (JPM TS) has extended its Trade Information Exchange (TIE) product beyond its corporate client base to reach financial institutions. In other moves, the bank has enhanced its Horizon Risk Management solution, announced a tie-up with ING Bank to expand its services to Eastern Europe, and been selected by the Organization for […]

CLS Authorises Third Party Services

The Continuous Linked Settlement (CLS) service launched third party services as planned on November 4, which authorises settlement members to extend the service to their own clients. CLS third party services are the second link in the launch process after the majority of settlement members themselves commenced operations on September 9 (see Profit & Loss, […]

Half Year Results Confirm: The Big Are Getting Bigger

It has been suggested that foreign exchange has benefited from the recent uncertainties in other markets, and the Profit & Loss survey of banks’ half-year FX trading revenues certainly does not contradict the supposition at the top end of the market. The bad news, at least for the majority of those that reside there, is […]

Busy Month at the Merc: On and Off the Floor

Chicago Mercantile Exchange (CME) has deployed a number of technology upgrades from its new remote data centre (RDC) that have enabled it to launch the delayed Eagle Project (Electronic Arbitrage Globex Liquidity Enhancer), making electronic calendar spread trading possible on the Globex platform. The launch comes approximately three weeks after trading began on OneChicago, the […]

Heading to Pastures New: Danske’s Rostrup Retires

After a banking career that has spanned nearly 40 years, and a dealing career that began in 1975, Svend Rostrup, former head of Danske Bank’s foreign exchange department, and latterly its chief coordinator based in Copenhagen, has decided to take early retirement. He started his banking career with Copenhagen Handelsbanken in 1965, before moving to […]

Merrill Lynch Takes New Approach to Research

The past year has been a busy one for Merrill Lynch’s foreign exchange business, commencing with the luring of Michael DeSa from equity management group D&D Partners to head its global foreign exchange business (see Profit & Loss, January 2002). Alex Patelis, recently appointed senior G10 FX strategist at the bank, explains that the moves […]

Growth Continues at Barclays

Barclays Capital has continued its efforts to build on and enhance its dealing teams with three additional hires to its FX operation. Lutfey Siddiqi joins as global head of foreign exchange structuring and will report to Ivan Ritossa, global head of FX. Siddiqi will be responsible for options structuring and new product development for both […]

Change at the Top of HBoS

Lindsay Mackay will assume the role of deputy chief executive and head of trading at HBoS Treasury Services, which was formed in September 2001 by the merger of the Halifax Group and the Bank of Scotland (BoS). Mackay succeeds Roger Woodbridge, who is leaving the bank. A spokesperson declines to put a date on his […]