FX Week - 2007-09-24

Saxo Bank gains Swiss Synthesis

GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.

Credit crisis wipes out FX gains

NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%