Paul Murphy Director KPMG Financial Risk Management, Melbourne
Paul Murphy Director KPMG Financial Risk Management, Melbourne

eFX Core to the strategy – An overview of eFX in Australia

eFX is now central to the business strategies of the major Australian Banks. Paul Murphy and David Jamieson investigate what these are and outline findings from questions put to the banks.

First Published: e-Forex Magazine 12 / FOCUS / October, 2003

David Jamieson,Associate Director KPMG Financial Risk Management, MelbourneIn the mid 1990's, if you had asked the major Australian Banks to define their e-FX strategies and associated key initiatives, a variety of responses would have been forthcoming. Most would have had a general view that e-FX was at the same time both an opportunity and a threat and thus required appropriate attention, but specific measurable outcomes and objectives would have been hard to find. But less than 10 years on, e-FX is now central to the business strategies of the major Australian Banks, dedicated personnel have been assigned responsibility for taking e-FX initiatives forward, and objectives and outcomes are well defined and included in the banks' business strategies.When e-FX became a business issue for the Banks in the mid 1990's, the business drivers included a defensive element which recognised the need for banks to protect their very profitable middle market client base. Benefits such as an enhanced degree of straight...continued

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