FX Week

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Jonathan Byrne has been appointed manager and sole "staff" member of Sydney-based Westpac Derivatives Products which plans to use Westpac operational staff under an agency agreement, officials say (FX Week, December 13). The company is expected to start operations in mid-to- late January and officials say it will handle interest-rate options but not currency options as earlier reported in FX Week. Market participants have reacted with surprise to Westpac's move as the bank has substantially