REVIEW OF THE YEAR
September - Focus on the Middle East
All eyes turned to forex in the Middle East in September, as industry body ACI’s global congress finally got under way in Beirut.
FX Week’s yearly ranking of banks’ forex revenues in June revealed an acceleration of the trend towards the growing importance of the top...
Deutsche Bank is the top forecaster on FX Week’s weekly index of 10 banks since its launch in July.
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More REVIEW OF THE YEAR articles
January - Currenex shareholders eject Mirek
From the departure of Currenex’s Lori Mirek as the year opened, to the arrests of 48 forex traders in New York in November, FX Week reviews the top stories of 2003
December - AIG cuts ahead of merger
The year ended on a bad note as recruiters in the US and Europe started to report widespread cuts at American Insurance Group in Connecticut and London in December.
August - HSBC challenges Citi on Mexican remittances
HSBC issued a challenge to Citigroup in August by declaring its intention to target the $10 billion a year US/Mexican remittances market.
October - BoA announces Fleet bid
Banking mergers were thin on the ground in 2003, but in October, news came of Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial.
February - Heavyweights tackle anonymity risks
The risk of trading with unnamed counterparties was highlighted in February, when central banks and top players in FX joined together to combat the problem.
April - Sars hits trading in HK
Banks in Hong Kong readied their contingency plans in April as the deadly Sars virus gripped the trading centre.
May - Banks’ operational risk lapse exposed
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.
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