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  • In the March issue of Euromoney there is an article that examines the (mis)concept of competitive devaluations. As John Normand, head global FX strategy JPMorgan, explains: “Competitive devaluation is a term that had much more meaning in the middle to late 1990s, when many countries pegged their exchange rates. The central bank could make a deliberate decision to stop defending a certain level in order to compete more with their major trading partners. That’s a very active decision.”
  • Ray Kamrath has left Goldman Sachs, where he was global head of FX e-commerce. Obviously there’s no confirmation from Goldman, which never comments on staff moves.
  • Barclays Capital has appointed John Glover as a director FX sales in its Toronto office. Glover, who joins the bank from HiFX, is the banks first sales person to be based in Canada. He reports to Jamie Bergin, managing director and co-head of FX sales, Americas.
  • I made the mistake of asking someone I know at HBOS if he had heard whether or not he had a job now that the bank has been consumed by the dead donkey sometimes known as Lloyds.
  • Trading Technologies has announced it will provide connectivity to Icap’s EBS through its X_TRADER platform in mid-2009. TT will support trading of spot FX, precious metal and non-deliverable forward contracts. Clients have the option to host their trading gateways themselves or connect to EBS TT’s fully-managed network. TT has been providing access to Icap’s BrokerTec fixed-income platform since May 2009.
  • Citi has announced its new trading platform for, CitiFX Velocity. “Velocity is part of Citi’s comprehensive offering to professional foreign exchange traders, and includes market analysis, insights, information to support trading decisions and strategies,” says Anil Prasad, Citi’s global head of foreign exchange and local markets.
  • FXall has launched a trading solution it says is specifically designed for active traders. The new solution is said to be in response to the market’s changing dynamics and the demand from hedge funds, broker-dealers and CTAs for access to liquidity in full amounts from bank relationships, as well as the ability to trade on anonymous ECB-like platforms. FXall says as a result it has incorporated Accelor, its low-latency ECN, into its relationship platform.
  • Bond markets, both primary and secondary, are taking a further step towards fulfilling role of credit suppliers as banks abdicate this task. The “L-bend” should be in autumn, then stagnation.
  • New $5.3 billion entity to invest in equity at home and abroad.
  • In an exclusive interview with Euromoney Zhu Min, group executive vice president at Bank of China, talks about lessons learned from the financial crisis, the limitations of Basle II, and reforming the bank’s risk management.
  • It’s a bit of a funny bank, Standard Chartered. Even those who work there have been heard to joke about how their peers dismiss it as a niche Asian player. But revenge is sweet. It’s no secret that in the past, many high-calibre individuals turned down jobs at the bank to work for higher-profile, but what are now far smaller institutions. But if perceptions change slowly, there can be no lingering doubt that the bank is serious player in FX with the release of its results for 2008.
  • Back in the day when I was a trainee FX broker, I had to deliver some toast to a dealer who thought he was too important to go out and get his own breakfast. I thought such practices had changed in our supposedly modern world.