Banca Commerciale Italiana Hires 12 From San Paolo

According to sources in London, Banca Commerciale Italiana (BCI) has hired a team of a dozen dealers, including treasurer Eugenio Namor from San Paolo Bank. Namor could not be reached by press time. These sources say San Paolo has relocated its forex trading to its headquarters in Turin.
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RBC London’s Forwards Chief Stammers Exits the Market

Andrew Stammers, who headed global FX forwards for Royal Bank of Canada in London, left the market in the spring to spend more time with his family, says an official. Stammers was named head of global forwards trading (excluding Canadian forwards) about two years ago, overseeing trading in Europe and Asia. His deputy on the […]
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UBS Bleeds Spot Traders But Hires Senior Economist

UBS has lost about a half-dozen traders from its London spot desk in recent months. Among those that have left the bank are: Steven Walker, Stuart McPhee, Paul Carlier, Giovanni Pozzi and Bjarne Olesen, a spokesperson confirms. Walker has joined Credit Agricole Indosuez as a euro/dollar trader in London; McPhee has joined Merrill Lynch in […]
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Contracts For Differences: A Coming of Age?

By Chris Dunne, Reuters Limited According to most estimates available in the market today, only about 10% of the total volume of FX trading is transacted specifically for the delivery of a currency. This leaves the vast majority of FX trading in the speculative arena, where actual delivery is not only inconvenient but also expensive […]
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CSFB’s Eichbaum Relocates to Tokyo As Part of MM Consolidation in Asia

Noel Eichbaum, director and head of Asia-Pacific regional money markets for Credit Suisse First Boston, has relocated to Tokyo from Singapore. The move caps an effort begun nearly 18-months ago to consolidate the bank’s regional money markets business in Tokyo. The bank is keeping a sales presence in Singapore and Hong Kong, but trading has […]
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Higher Order Greeks – Volatility of Volatility

By Martin Gymer, FX Derivative Consultants The quickest way to interrupt the flow of an articulate, intelligent, Exotic Option Trader is to ask them about the higher order Greeks. Most are programmed to politely or otherwise immediately change the conversation to a more agreeable topic. The higher order Greeks certainly hold the key to understanding […]
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BRAZIL: BACK FROM THE BRINK – BUT HOW FAR?

By Gene Frieda, 4Cast The speed with which Brazil has staved off a devaluation-driven inflation spiral and domestic debt default has confounded the sceptics. Before Argentina stepped in the way, debt spreads had approached pre-Russian crisis levels barely two months after the Real looked on the verge of an untimely death. However, there are some […]
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ACI Prepares for Forex 1999 With a Distinctly Italian Flare

As the eve of the joint 41st ACI General Assembly and the 5th European Forex event nears, congress organisers have been preparing the Fiera di Milano exhibition centre for the 1,000 delegates and some 40 vendor representatives who are expected to descend on Milan, July 1-4. Romano Prodi, the recently appointed President for the European […]
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Swiss National Bank Gets Leverage from Repos

By Michael Wallace, Standard & Poor’s MMS The Swiss National Bank (SNB) is quickly moving down the path of turning monetary policy from an art into a science. Since the beginning of the year, the SNB has been quietly reforming and modernising its policy arsenal into one of the most efficient and transparent systems of […]
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