Infrastructure
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Death by association
The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…
WallStreet FX upgrade ups processing speed to 72 trades a second
NEW YORK – New York-based trading technology vendor Wall Street Systems has upgraded its trade-processing system Wallstreet FX to make it faster, it said last week (May 19)
CLS live with Israeli shekel and Mexican peso
LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Why you should know your customers
If market rumours are anything to go by, Currenex, Fixi and an FX prime broker could be locked in bitter recriminations after an algorithmic trading client of London-based investment house Fixi blew up last month.
China's FX derivatives protocols 'must be clarified', say speakers
BEIJING - China's FX derivatives market must find a way to clarify differences and overlaps between the country's two major protocols on entering into derivatives transactions, said industry observers.
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
Euro threat remains, says UK's House of Lords
LONDON - The euro has managed to avoid an initial quick collapse predicted by many, but the threat has not yet passed, according to the UK's House of Lords.
IMF's policy advisory chair resigns
ROME - International Monetary and Financial Committee (IMFC) chairman Tommaso Padoa-Schioppa has tendered his resignation from chairmanship of the International Monetary Fund's policy advisory committee.
Eurobase enhances limit order support
LONDON - London-based trading technology vendor Eurobase has expanded the foreign exchange limit order processing in its Siena e-Trading system to include more order capture and processing support for non-deliverable forwards, FX spot, outright and swaps.
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
Credit Suisse and Currenex switch on to Fidessa
LONDON - Buy-side technology provider Fidessa LatentZero is set to add interfaces to Credit Suisse, Currenex and Dublin-based foreign exchange broker Baxter-FX to its Minerva OEMS (order and execution management system) by the third quarter.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
Hotspot FXi launches data service
JERSEY CITY, NJ & LONDON - Hotspot FXi is the latest platform to take advantage of the demand for foreign exchange market data from model-based and algorithmic trading shops, selling market data from its historical archive.
The retail revolution continues...
With each week comes more news about initiatives carried out by wholesale banks to target the retail foreign exchange market, each applying slightly varying strategies. US investment banks, for example, have been renowned for their aggressive pricing to…
Deutsche loses McGowan to Barclays Capital
LONDON & SINGAPORE - Adrian McGowan, a managing director in the foreign exchange complex risk group at Deutsche Bank in London, has left the bank.