Infrastructure
Forex cons caught red-handed
DETROIT - The Michigan Federal Court has ordered Millenium Trading Group and Worldwide Clearing of Florida, as well as Florida resident Cedric Stanton, to pay more than $10 million in sanctions.
South Korea FX on the rise
SEOUL - Average daily volumes in South Korea's interbank foreign exchange market rose 33.2% in the third quarter of this year versus the second quarter, reaching $23.05 billion, amid heightened FX volatility.
StanChart names flow head
SINGAPORE - Standard Chartered has named its new global head of flow foreign exchange options trading, a year after Richard Leighton was promoted to London-based global head of FX from a role as global head of FX options.
Commerzbank loses sales chief
LONDON - Commerzbank has seen the departure of Hugues de la Marnierre, London-based global head of sales, amid a restructure at the bank.
Fincad launches in the UK
DUBLIN - Financial analytics software and service provider Fincad has expanded its international operations by establishing an EMEA headquarters in Dublin.
CLS Group deepens footprint in emerging markets
SEOUL - Shinhan Bank has become a shareholder in CLS Group, bringing the total number of Asian shareholders in the settlement system to 12.
LBBW goes live with Misys options module
STUTTGART - Landesbank Baden-Württemberg (LBBW) has gone live with a new options module from technology vendor Misys, as part of a wider upgrade in the bank's back office treasury operations.
BNP demands $50 million from SembCorp
SINGAPORE - BNP Paribas is demanding US$50.7 million from Singapore-based marine engineering company SembCorp Marine's subsidiary, Jurong Shipyard, for losses from unauthorised foreign exchange trades, the company revealed last month.
Mifid spurs e-trading growth
LONDON - Best execution requirements under Mifid could boost growth in electronic foreign exchange volume, according to a keynote address at last week's FX Week Europe event.
New Swift solution aims for better processing
NEW YORK - Bloomberg is teaming up with industry messaging co-operative Swift to tackle the division between the front, middle and back offices when processing foreign exchange trades.
Pre-operational netting now a necessity
LONDON - This summer's credit crisis has highlighted the need for the foreign exchange industry to resolve back-office burdens created by ticketing growth, according to Andy Coyne, global head of FX prime brokerage at Citi.
CLS sets record for daily settlements
LONDON & NEW YORK - CLS Bank set a new record for the volume of payment instructions settled in a single day on November 13.
StanChart introduces electronic NDF trading
LONDON - Standard Chartered began offering electronic trading in emerging market non-deliverable forwards (NDFs) over proprietary electronic platform Straight2Bank Web and through multi-bank platform FXall on November 13.
FX algos no longer just for big players
LONDON - Gaining an edge in foreign exchange execution through trading algorithms is no longer the domain of just the largest forex dealers, according to a panel at the FX Week Europe congress last week.
How to prepare for reduced volatility
In the aftermath of credit-related market turmoil, Neil Mellor, currency strategist at The Bank of New York Mellon in London, suggests a way to prepare for a return to more historically typical levels of volatility
Apama users given more algo options
Trading technology vendor Progress Software has integrated the Progress Apama algorithmic trading platform into electonic communications network Accelor.
Electronic FX volumes expected to reach 80% by 2010
NEW YORK - Electronic foreign exchange trading will account for 80% of the overall FX market by 2010, according to research released last week.
SuperD adds inflation products to platform
NEW YORK - Derivatives data and pricing software vendor SuperDerivatives is adding support for inflation-linked securities and derivatives to its SD-IR interest rate derivatives pricing module, in response to client demand for data to hedge inflation…
Time for a new market structure
The irony of the FX markets is that calls for post-trade efficiencies today are rooted in the overall efficiencies seen to date. But the fact is that the market is reaching a critical turning point.
FXMarketSpace trading slow in October
CHICAGO - Trading on FXMarketSpace continued to decline in October, with average daily volumes dropping 16% to $696 million, according to figures released by the platform last week.
360T signs up to Harmony
NEW YORK – 360T is set to provide straight-through processing (STP) on multibank platform TEXR Multidealer Trading System and spot FX aggregator Supersonic TEXR using the Traiana Harmony network.
Reversal of fortunes for Parker FX
STAMFORD, CT – The Parker FX index reported a return of 1.40% in September, with managers benefiting from a declining greenback.
Chicago Mercantile Exchange posts third-quarter gains
CHICAGO – The Chicago Mercantile Exchange (CME) posted strong revenue gains and increased contract volumes in third-quarter results released last Wednesday (October 24).