Bank of England Outlines Y2K Preparations

The Bank of England has been making active preparations to promote orderly market conditions over the Y2K period. The successful testing of the key sterling market systems – CGO, CMO, CREST and RTGS – reported in the Bank’s “Blue Book” series gives assurance to market participants that the infrastructure will operate normally. In parallel, the […]
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FX Committee Issues Y2K Best Practices for Clearing and Central Banks

The Foreign Exchange Committee, which is sponsored by the Federal Reserve Bank of New York) has issued a set of Best Practice guidelines to be followed if Y2K events occur within the FX market. The FX Committee jointly issued the guidelines with the Australian Financial Markets Association, The British Bankers’ Association, the Canadian Foreign Exchange […]
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The Wild Wild West

By Nigel Brandon-Bravo The market used to be driven by personalities – it wasn’t the institution you traded with, it was the individual. If the chief dealer was out one day, you knew it, because the bank didn’t trade the same way that day. Back then, the big players took big positions and they held […]
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DC Reflects on 30 of the Past 50 Years

  By David Clark When the editor asked me to write a piece for her about some of the memories of my time in the market, I cursed myself that I had not kept a diary other than my appointments and travel diaries. Although these serve to act as a memory jogger, they don’t capture […]
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Diaries from Days Gone By…

By John Noonan, Commonwealth Bank of Australia The Infamous Lemon Squeeze… A bank trader for a San Francisco bank had a problem every year around Xmas time. His lemon tree would bare thousands of lemons all becoming ripe at the same time…around Xmas day. The lemon tree was very thorny, so picking up to 2,000 […]
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Advice to a Junior Dealer: On the Agony of Being Right or Wrong

  By Gerry Göhler, 1979 At the Close of Trading: Settle nervousness of abdominal area with several cocktails of your choice. Settle following aggravated nervousness with Alka Seltzer/Pepto Bismal. Watch traffic carefully on way home. Other drivers are unaware of your pre-occupation with the Japanese yen and could not care less. Pay no attention to […]
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A Day in the Life of a Spot Dealer

By Paul Chappell, C-View Limited. Most dealers go to bed late, sleep poorly, and get up early. During the night, the dealer’s best company is the mellow flicker of his pocketwatch as he checks prices in currencies like Euro/Czech and USD/Rand that never move at 3:15 am, but he stares at them nonetheless. Unfortunately, the […]
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A Case for Credit

  By a former risk manager Credit is a background distraction for a foreign exchange trader. It represents an unnecessary impediment to doing the level of business the trader might desire. This is correct most of the time. It’s the hyper-exceptional cases that tend, unfortunately, to justify continued credit control. My favourite case relates to […]
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Connectivity…speaks volumes

How did we get here…a brief history of communications in the FX Markets and its impact on trading volumes. Looking back at some of the earliest forms of communication this century, we’ve seen a progression from telephones – which barely existed back in any quantity in 1944 when the Bretton Woods agreement was signed in […]
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Quotable Misquotes:

  Carl Kliem s.a. Luxembourg has published several books of quotable mistakes that dealers have made over the years. P&L would like to thank Carl Kliem Group for letting us reprint some of these: What’s the money-surprise expected to be in the States? He is a full branch of his head branch in Helsinki Boring […]
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