Infrastructure
Managed Models adds two new clients
LONDON - London-based data analytics company Managed Models has signed on two more banks, as institutions seek to add efficiency to foreign exchange liquidity management operations.
E-trading could free Asia from dollar dependency
SINGAPORE - The expansion of electronic trading could lessen Asia's dependency on the US dollar as a vehicle currency, according to Yosuke Tsuyuguchi, director of Bank of Japan's Centre for Monetary Co-operation in Asia.
BNP Paribas ups the ante in forex
LONDON - BNP Paribas plans to roll out a new foreign exchange trading platform to select clients by the end of the year, in a bid to grow its presence in FX.
The confusion over central clearing
Over the past month, the concept of central counterparty (CCP) clearing has taken centre stage, as concerns over counterparty risk consume the market in the aftermath of the collapse of Lehman Brothers in September.
BoNY signs up to GFI's Fenics FX
NEW YORK - Bank of New York Mellon has signed a three-year licence for GFI Fenics FX, a pricing and risk management software system.
Wall St Systems launches ESN
LONDON & PARIS - Wall Street Systems is in discussion with a Tier II and two Tier III US banks for use of its pay-as-you-go post-trade processing utility, Electronic Settlement Network (ESN).
Futures broker RCG buys MG Financial
CHICAGO & NEW YORK - Rosenthal Collins Group (RCG) completed the acquisition of online foreign exchange trading company MG Financial on October 15.
City Index drops three in London
LONDON - Retail trading company City Index laid off three foreign exchange staff from its margin FX provider, IFX Markets, in London last Thursday (October 16), as it integrates the FX business with recently acquired FX Solutions.
BarCap picks Caplin for rates
LONDON - Barclays Capital has signed a contract to purchase web-based application Caplin Trader for its fixed-income electronic commerce system.
Interbank lending eases further
LONDON - The Ted spread, along with overnight and three-month Libor, fell for the fourth day in succession after European governments announced bail-out packages on Monday (October 13), and the US followed suit on Tuesday.
Credit Suisse launches currency basket options
LONDON - Credit Suisse has introduced currency basket options on Merlin, its proprietary electronic foreign exchange structured products trading platform, in response to client demand.
Caplin Systems a star onboarder
LONDON - Caplin Systems, a London-based web technology vendor, has signed two major European banks to its multi-asset trading platform, Caplin Trader.
Colombia fruitful for Citi settlement
BOGOTA & NEW YORK - Citi's Colombia-based domestic settlement service began settling more than $1.3 billion in FX trades daily in September, representing in excess of 80% of the Colombian wholesale FX market.
JDFX gets smart with Kontrol
ZURICH - Foreign exchange trading company JDFX has capitalised on an increasing focus on risk management within financial markets by launching Kontrol, a system built to eliminate inefficiencies and dangers caused by calculating risk several times a day…
360T offers multi-leg swaps
FRANKFURT - Multi-dealer trading vendor 360 Treasury Systems (360T) is set to introduce multi-leg foreign exchange swap trading on its cross-product trading platform, 360T TEX, in response to client demand.
Króna in chaos during Iceland's meltdown
REYKJAVIK - Confusion reigned in Icelandic króna trading last week, as the country's central bank, Sedlabanki, abandoned its peg to a basket of nine currencies a day after it was effected.
Decline continues on Parker FX
STAMFORD, CT - The Parker FX Index made a loss of 0.73% in August, falling further from a negative 0.11% the previous month, as the sharp appreciation in the US dollar caught out 60% of managers.
FXMPG tackles FX practices
BRUSSELS - The Foreign Exchange Market Practice Group (FXMPG) plans to hold its first meeting in January, to begin establishing global market practice for foreign exchange activities.
RealStream Margin revamped
LONDON - Cognotec is set to roll out the latest version of its web-based margin trading system, RealStream Margin 3.0, in response to market demand for efficiency and enhanced risk management products.
FXMarketSpace abandoned
CHICAGO & LONDON - The Chicago Mercantile Exchange and Thomson Reuters have confirmed their joint venture platform FXMarketSpace will be shut down, ending speculation over the system's future.
Cutting costs
Pat Lefler, director, product marketing, at Wall Street Systems in New York, looks at ways smaller banks could reduce their trade-processing costs and remain competitive