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Bank One Joins Currenex; Provides Currency Overlay

Bank One has joined online FX portal Currenex. The bank will link to Currenex via its main pricing engine, The One Net FX Trader, making confirmation and revaluation of transactions completed via Currenex available to the bank’s customers.

“It is our intention to join those platforms where our customers want us to be,” says Peter Mesrobian, Bank One’s global head of foreign exchange in Chicago. “We have customers who want to transact with multiple banks who are utilising Currenex now. The Currenex system allows us to reach these customers cost-effectively.”

Meanwhile, Bank One has agreed to provide currency overlay services to Nomura Securities International’s (NSI) Private Funds Group, complementing Nomura’s FX and risk management activities. The agreement enables clients of NSI’s Private Fund Group, as well as its Japan-based parent company, the Nomura Securities Co, to use Banc One Currency Advisors, a wholly owned Bank One subsidiary, to provide currency overlay services and currency management of structured investment products.

With currency overlay, Banc One Currency Advisors can actively manage the risk of currency fluctuations for institutional and corporate clients, officials say. The hedging activity will be overlaid on the portfolios created by other money managers, without affecting their activities.

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