Infrastructure
OMS vendors tackle multi-asset risk
LONDON - Order management system (OMS) vendors are enhancing their multi-asset pre-trade analytics to address the growing trend among financial institutions of broadening the asset classes and geographies in which they trade.
Iosco turns spotlight on commodities
WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) and the UK Financial Services Authority (FSA) are to lead an international regulators' group overseeing the commodity markets.
Gold rush on Lehman's European FX team
LONDON - Dealers are willing to pay top dollar for Lehman Brothers' foreign exchange team in Europe, following the failure of administrator PricewaterhouseCoopers (PwC) to agree a sale of the defunct bank's European fixed-income unit last week.
US meltdown spurs central clearer debate
LONDON & NEW YORK - The fallout from the collapse of Lehman Brothers and implosion of insurance company AIG has spurred renewed debate over the central-counterparty model for spot foreign exchange, as concerns over counterparty risk take centre stage.
Saxo Bank cuts 400 jobs
COPENHAGEN & LONDON - Saxo Bank is today (September 29) shedding up to 400 jobs globally as part of plans to streamline its business, officials tell FX Week .
Citi gains BoC Hong Kong for CLS
HONG KONG - Bank of China (Hong Kong) (BoC HK) has signed an agreement to use Citi's Global Transaction Services as its continuous-linked settlement (CLS) nostro agent for US dollar.
JPM offers new FX platform
LONDON - JP Morgan last week launched MorganDirect, a new proprietary foreign exchange trading platform that will eventually replace the incumbent JPex system.
OCBC cashes in on Asian DCR growth
SINGAPORE - OCBC Bank expects to see 20% growth in its dual currency returns (DCR) business in Singapore next year, following implementation of a structured deposit pricing and processing system from FinIQ, said bank officials.
Swedbank signs on to Aleri's LMS
STOCKHOLM - Swedbank has become the latest dealer to introduce a liquidity management system (LMS), selecting Aleri's LMS technology to manage liquidity risk across all asset classes.
Lehman's fall leads to liquidity drought
GLOBAL - Heightened concerns over counterparty credit risk caused a dry-up of liquidity in the currency markets last week, as dealers feared a domino effect from the collapse of Lehman Brothers on Sunday, September 14.
JP Morgan replaces AIG on Currenex
NEW YORK - JP Morgan replaced AIG as the central clearer on Currenex's anonymous trading platform on September 17.
CLS sets record post-Lehman
LONDON & NEW YORK - The collapse of Lehman Brothers highlighted the importance of settlement system CLS in shielding the foreign exchange industry from Herstatt risk.
Lehman derivatives trading 'light'
NEW YORK - The International Swaps and Derivatives Association's emergency trading session, held on Sunday, September 14 to reduce banks' exposure to Lehman Brothers, received a low response, said a New-York based official that participated in the co…
Sibos: market must clear processing bottleneck
VIENNA - During a panel discussion at last week's Sibos conference, CLS Bank, Credit Suisse, Traiana and Bloomberg agreed collective action was needed to avoid a serious processing bottleneck in the foreign exchange market.
RBS and Simplex launch RBS Swift
LONDON - The Royal Bank of Scotland (RBS) has teamed with technology provider Simplex Consulting to launch an RBS Swift Service Bureau for corporates requiring outsourced services connecting to the Swift network.
UBS: an FX beacon in a sea of doubt
UBS practically swept the leader board in the currency category of FX Week sister publication Risk 's 2008 interdealer survey released last week.
The post-trade value chain
Nick Dyne, head of business development at post-trade technology vendor Logicscope in London, evaluates the prospect of a 'virtual' back office
Calyon cuts back in derivatives to survive downturn
PARIS - Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.
WSS gets $105m
NEW YORK - Wall Street Systems plans to use part of the funds from its secured credit facility from Wells Fargo Foothill to support foreign exchange trade processing business initiatives in 2009, according to senior official at the company.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.