Infrastructure
BIS group to work on settlement delays
BASEL – A Bank for International Settlements (BIS) working group will look at settlement problems in the over-the-counter derivatives market, in an effort to deal with delays in trade processing.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
Using basket options for Asian appreciation
Ian Stannard , senior currency strategist at BNP Paribas in London, suggests a basket option to participate in Asian currency outperformance
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
Bank of Communications selects Misys' Summit FT
LONDON & HONG KONG – Bank of Communications has implemented vendor Misys Banking Systems' Summit FT for its NET treasury and capital markets business.
FXall signs TD
NEW YORK & TORONTO – Multibank platform FXall has added Toronto Dominion to its list of liquidity providers, taking its current number of banks to over 60.
CFTC charges another forex fraudster
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) last week charged an individual with defrauding more than $5 million by soliciting customers to trade foreign exchange futures contracts via hedge funds.
A new maturity for FX?
Justyn Trenner , chief executive and principal of consultancy firm ClientKnowledge, says a more discriminating approach to how liquidity is channelled is essential to the continued growth of the market
BarCap takes eFX options trading to the next level
LONDON – Barclays Capital last week became the first bank to launch live two-way streaming tradable prices for FX options.
Lloyds looks to raise its FX profile
Lloyds TSB may not be well known for FX, but it has made a big-name hire that it hopes will enable it to continue buiding its presence in the fiercely competitive UK market
Knight Capital in landmark deal with Hotspot FXi
NEW JERSEY – Knight Capital last week announced plans to acquire electronic currency network Hotspot FXi in a landmark deal worth $77.5 million.
State Street to offer settlement solution
BOSTON – State Street Global Markets (SSGM), the investment research and trading arm of State Street, will launch an online settlement instructions system linking CLS and global directory SSISearch.
Tullett Prebon sets up volatility division
LONDON – Tullett Prebon has established a volatility division, in the final stage of restructuring since parent company, Collins Stewart Tullett, acquired Prebon Yamane in 2004.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
CLS Bank sets new volume record
LONDON/NEW YORK – CLS Bank has set a new record for the volume of payment instructions settled in one day.
BarCap adds CME options to Barx
NEW YORK/CHICAGO – Barclays Capital has become the first bank to provide CME eurodollar options strategies capability to its electronic trading system, Barx.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
Bank of England revises forex guidelines
LONDON – The Bank of England last week introduced its updated code on good market practice in foreign exchange, changing its format and making amendments to its content.
Lamont to head money transfer association
LONDON – The UK Chancellor who presided over 'Black Wednesday' in 1992 when Britain crashed out of the ERM is to head an association of money transfer businesses.
EBS enhances market data offering
LONDON & New York – FX platform EBS has enhanced its spot capabilities with an additional market data offering.
PBoC gives OTC foreign exchange go-ahead
BEIJING/SHANGHAI – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades last week, and introduced 13 market-makers to provide liquidity in the renminbi.
StanChart builds in Asia
SHANGHAI & HONG KONG – Standard Chartered has hired Fu Qing, to head FX trading in Shanghai.
Lesson from Refco: keep it transparent
Yes, this is the second editorial in a row that I have written about Refco, but I make no apology for it. There are too many important lessons to be learned from the collapse for the industry to be able to move on as if nothing had happened.
Eurex confirms US partner search
CHICAGO – Swiss-German exchange Eurex has confirmed it is in dialogue with numerous rival US-based exchanges about forming a partnership to aid its ailing US business.