What Happened to Rabobank?

After announcing a commitment to build a world-class forex operation nearly two years ago, Rabobank decided in June to curtail the business. The decision resulted in 105 job cuts in London (about one-third of the dealing room) as part of a restructuring of its wider international wholesale operation. With the decision to relocate the London-based […]
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Living Large: Deutsche Digests Bankers

Sitting in a brand new, 700-position dealing room in the City, Deutsche Bank is digesting its June acquisition of Bankers Trust. The German bank is now positioned as one of the top three global custody banks, and has adopted some key areas of strength from Bankers’ forex business. On top, things look very much the […]
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Tullett & Tokyo and Bloomberg Plan Electronic Forward System

Tullett & Tokyo International is one shop that is taking a proactive role. In June, the shop unveiled plans to launch an electronic trading service with Bloomberg for FX forwards. The new system, Fast Forwards, was previewed at Forex 99 in Milan last month and is scheduled to enter beta tests with customers in the […]
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The New Faces at Prebon Marshall Yamane

Since the June 1 merger of Fulton Prebon Group and Marshalls Finance, a few things have changed at 155 Bishopsgate. For one, Prebon has a spot desk again. For another, the former rivals have created a truly integrated operation, run by joint managing directors – Garry Pithers of Prebon and Tony Verrier of Marshalls. Prebon […]
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Q&A With Allied Irish Capital Management

Company Information   Company Name: Allied Irish Capital Management Ltd. Address: 85 Pembroke Road, Ballsbridge, Dublin 4   Ireland Contact Name: Gerry Grimes Phone Number: 353 1 668 8860 Fax Number: 353 1 668 8831 E-Mail: Ggrimes@aicm.com Product Name: Foreign Exchange Program Product Assets: As at end June 99: $361.1 m Total Assets Under Management: […]
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CSFB Hires New Sales Heads from Deutsche Zurich

Credit Suisse First Boston (CSFB) has hired two senior sales dealers from Deutsche Bank in Zurich, confirms an official. Thierry Thevenaz and Maroan Maizar will jointly head the FX sales team at CSFB’s Zurich headquarters. “Thevenaz and Maizar were brought in to further expand the wholesale banking franchise in Switzerland, as well as to continue […]
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Strong and Getting Stronger The Medium-Term Outlook For the Yen

By Michael Burke, B&M Research Japanese policy is now completely geared towards reflation via ultra-low interest rates and a stimulative fiscal policy. This reflation is working as can be seen in the rise of the Japanese stock market and the steepening of the JGB yield curve. In time, this reflationary policy will induce a self-sustaining […]
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The Euro: A Turbulent Six Months

By Paul Downs, Thomson Global Markets When the euro was launched at the start of this year amidst much self-congratulatory backslapping from politicians within the EU, it was heralded as the new reserve currency, rivalling the dollar. Well, it has to be said that its first six months of life have resulted in a far […]
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FX Committee Sets its Sights On Y2K Barriers & Force Majeure

Following a tumultuous year in the currency markets, the Foreign Exchange Committee (FXC) is continuing its long-runningefforts to reduce settlement riskand provide information so as to improve the functioning of the FX markets. The FXC is an FX industry body that is sponsored by the Federal Reserve Bank of New York. Currently celebrating its 21st […]
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Korea’s Recovery: Too good to be true?

By Kevin Daly, Standard & Poor’s MMS There seems to be no shortage of good news out of South Korea these days. Recent economic data confirms the only V-shaped recovery among the ravaged Asian economies, with 1999 GDP expected to rise well above 6%, after a 5.8% contraction in 1998 and 5% growth in 1997. […]
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