Infrastructure
New technology boosts retail FX volumes
BOSTON & LONDON – New technology has been behind booming daily volumes in the global retail FX market, according to Catherine Hardiman, London-based head of Deutsche Bank's retail platform dbFX.
Plimsoll adopts Aegis aggregator
CHICAGO Plimsoll Capital will begin exclusively using Aegis Software's AthenaTrader on August 13 to perform spot FX trades on its Armada High-Frequency FX Program fund.
CME/CBOT merger terms agreed
CHICAGO – Shareholders of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) agreed an $11.9 billion merger deal last Monday (July 9), ending CME's long-running battle with the IntercontinentalExchange (Ice) for control of CBOT.
GL Trade acquires Infotec in forex push
PARIS – Technology vendor GL Trade has purchased Infotec, a Swiss real-time market data vendor, to extend its coverage of products and increase its buy-side presence. Infotec's FX trader and treasury management users will in turn use GL Trade's order…
Icap speeds up FX data feed
LONDON – Interdealer broker Icap last week (July 11) announced it had improved its EBS Live spot data feed by reducing processing and communication latency.
DEALHub to launch netting service
NEW YORK – Post-trade technology vendor DEALHub is planning to launch a pre-operations netting service for the interdealer market, to manage back-office capacity constraints brought on by the rise in FX trading volumes.
Algos annihilate platform favouritism
NEW YORK – Algorithms are making trading on FX platforms agnostic, according to a panel discussion at FX Week 's USA congress in New York last week (July 10).
Keeping pace in an explosive market
Rick Schumacher, product manager at Wall Street Systems in New York, explores recent transformations in the FX market and the new challenges and opportunities these present for banks
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
Wall Street/Logiscope team up
LONDON & NEW YORK – Technology vendor Wall Street Systems has integrated Logiscope's TradeSTP with its FX trade processing solution, Wallstreet FX ASP.
Singapore hub for Julius Baer
SINGAPORE – Swiss bank Julius Baer is making its Singapore location its South-east Asia hub after being granted a licence to open a wholesale banking branch in the city sate.
Margin trading platform race gathers pace
The race to launch a margin trading platform continues to gather pace, with at least two further banks in the process of signing deals with online trading companies to launch retail platforms.
Asian leaders call for more integration to avert crises
MANILA – Asia's financial leaders called for greater regional integration to prevent a recurrence of the 1997 Asian financial crisis, at a conference in Manila last week marking its 10-year anniversary.
Augustus launches new currency fund
LONDON – Augustus Asset Managers (AAM) has launched the JB Currency Hedge Fund, a currency fund mixing discretionary and systematic investment techniques. The move marks the manager's first move into pure FX management.
Morgan Stanley creates private wealth team
Morgan Stanley's private wealth management business has hired Robert Stolar as head of a new family wealth group. The bank has also appointed a team to serve US ultra-high-net-worth clients and family offices.
Offshore relocation minimises forex processing costs
LONDON – Offshoring and rising cash FX and FX options trade volume have led to a significant reduction in cost per trade, according to a survey by London-based market intelligence firm Z/Yen.
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
BIS confirms continuing importance of carry trade
BASEL – Foreign exchange carry trades continue to be a main driver of global exchange rate movements, according to the Bank for International Settlements’ 2007 annual report, released on June 24.
Credit Suisse gains in sales and strategy
Credit Suisse has boosted its FX research and sales businesses with hires in London and Singapore.
Traiana leads the algo trading pack
It appears Traiana is onto a winner with its NetLink service. Since its launch in January this year, the vendor has managed to roll out the ticket netting engine to three platforms, starting with spot broker EBS, electronic communications network Hotspot…
FXMarketSpace enhances prime brokerage service
LONDON & NEW YORK – FXMarketSpace (FXMS) has joined the ranks of spot broker EBS and electronic communications network Hotspot FX by introducing the NetLink service onto the platform.
Derivative Fitch launches beta CFXO model
LONDON – Derivative Fitch last Wednesday (June 27) released a beta version of its Vector CFXO model for collateralised foreign exchange obligations, aimed at increasing transparency in the market and the understanding of its ratings.
China slams speculative inflow banks
BEIJING – HSBC, Standard Chartered, Citi and the Bank of East Asia were among 10 international banks disciplined by the Chinese FX regulator last week.