Infrastructure
Trading records fall during turbulent month
NEW YORK & LONDON - Records tumbled on foreign exchange trading platforms last month, with EBS and Currenex reporting record trading volumes for the month and FXall a record quarter.
India reacts to rise in FX derivatives losses
MUMBAI - Indian accounting regulators have brought forward the deadline for complaince with disclosure requirements related to foreign exchange derivatives, amid rising losses linked to complex hedges by small to medium-sized enterprises (SMEs).
Yen rise triggers PRDC hedging
TOKYO - The sharp appreciation of the yen in March has left dealers jostling to hedge exposures to power-reverse dual currency notes (PRDCs) and other similar structured products.
Siena Gateway gets Fix adaptor
LONDON - Eurobase last week (April 4) launched a Fix adaptor for its e-trading connectivity product, Siena Gateway.
Caplin wins three new clients
LONDON - London-based web technology vendor Caplin Systems has gained three new clients for its multi-product web-based client connectivity platform, Caplin Trader, said an official at the company.
Wing Hang selects Misys Summit FT
HONG KONG - Wing Hang Bank has signed a deal with a global application software vendor Misys to instal treasury and capital markets software in its Hong Kong head office and subsidiary bank's operation in China.
SocGen reshuffles FICC
LONDON & PARIS - Société Générale restructured its fixed income, currencies and commodities (FICC) division last week (April 3).
FXMS enters CLS market
LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.
FXMS initiatives need to see volume
FXMarketSpace's initiative to launch an alternative settlement system to industry utility continuous linked settlement is a bold one.
Turnaround for Parker FX Index
STAMFORD, CT - The continued decline in the US dollar has halted three consecutive months of negative returns for the Parker FX Index, producing a return of 1.34% for February.
Oiling the FX wheels
The Royal Bank of Canada is offering capital protection with a new FX-linked product that is based on currencies from six countries, including two of the world's biggest oil producers
Forex is surviving the credit crunch
The Fed-backed sale of Bear Stearns to JP Morgan has sharpened focus on counterparty risk, with Lehman Brothers as the main target. Although the bank allayed concerns with better-than-expected results, the general crisis of confidence still remains.
CLS Bank sets record for payment instructions value
LONDON & NEW YORK - CLS Bank set a record for the value of payment instructions settled in a single day on March 19.
Lehman Bros comes under fire in Asia
SINGAPORE - Attempts by Lehman Brothers to quash rumours that DBS Bank, Singapore's largest bank, had ceased trading with it last Monday (March 17) failed to reassure traders in Asia.
Nedbank signs up WSS
JOHANNESBURG - Nedbank Capital has begun deploying a real-time trade processing system, Wallstreet FX, to support developments in its forex and money markets operations.
Citi reassesses forex options
LONDON - Citi has made three hires in foreign exchange options, under its new head of G-10 options trading, Nigel Khakoo, in London.
S&P launches real-time currency indexes
LONDON - Rating agency Standard & Poor's launched the industry's first real-time currency indexes, the S&P Chinese Renminbi index and Indian Rupee index, last week.
Platforms fight for electronic liquidity
Despite the seemingly relentless proliferation of trading platforms in the past few years, many in the industry still believe it's unlikely they will all survive.
Aegis ups algo capability for AthenaTrader 4.0
NEW YORK - Trading technology vendor Aegis Software has increased the number of algorithmic trading models available on the latest version of its execution system, AthenaTrader.
Baht convergence limited
BANGKOK - The convergence of onshore and offshore baht trading may be short-lived, as new capital controls come into force on Saturday (March 15), say some analysts.
January loss for Parker FX
STAMFORD, CT - The Parker FX index produced a 0.33% loss in January, as extreme volatility hit funds using trend-following strategies.
Merrill Lynch reshuffles EMEA FICC
LONDON & NEW YORK - Merrill Lynch named David Gu sole head of Europe, Middle East and Africa fixed-income currencies and commodities (EMEA FICC) in London last week, after the resignation of co-head Dimitrios Psyllidis.