News
SGX signs 14 banks for derivatives clearing
SINGAPORE - The Singapore Exchange (SGX-DC) has signed up 14 banks and three financial institutions for its Asian forex forwards and interest rates swaps clearing initiative, due for launch in the fourth quarter.
StanChart kick-starts Brazil push
SAO PAOLO - Standard Chartered (StanChart) has established a rates and FX trading desk in Sao Paolo, after receiving regulatory approval to launch trading operations in Brazil in April.
Trading Places, June 14, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Investors concerned over German banks' exposure to southern Europe
Investors and economists have identified German banks’ exposure to Europe’s indebted peripheral sovereigns as a potential risk to state finances.
Dow Jones and CME create FX index to hedge against US dollar
NEW YORK & CHICAGO – Dow Jones Indexes and CME Group have created a foreign exchange index that represents the value of the US dollar against six major world currencies, creating a tool for investors wanting to hedge themselves against changes in the…
Commerzbank in e-FX build
Commerzbank is deepening its footprint in the electronic foreign exchange market with key appointments in London.
Neal jumps ship to Nomura
LONDON – Michelle Neal, global head of electronic commerce, rates and capital markets at Royal Bank of Scotland (RBS), has left the bank, confirmed an internal source.
Euro decline continues
LONDON - The euro hit a four-year low against the dollar last Friday (June 4), sparking a rise in options prices as the unit edges further towards the 1.2000 barrier.
Rabobank finds new global FX strategy head
LONDON – Rabobank has hired Jane Foley to replace Jeremy Stretch as global head of FX strategy in London, according to market sources.
Fixnetix connects to Hotspot; partners with MarketFactory
LONDON - Low-latency data and trading technology vendor Fixnetix has established co-located trading and market data connectivity to the Hotspot FX trading platform, a subsidiary of Knight Capital Group.
Morgan Stanley gets real-time with Traiana
NEW YORK - Morgan Stanley has gone live with Traiana’s real-time foreign exchange margin software as it builds out its prime brokerage business.
JP Morgan, Merrill Lynch fined for segregation and supervision failures
LONDON & HONG KONG – The UK Financial Services Authority (FSA) and the Hong Kong Securities and Futures Commission (SFC) have fined JP Morgan and Merrill Lynch, respectively, for accounting failures.
TwoFour expands global sales team
LONDON & NEW YORK – Two Four, an FX and treasury cash management technology vendor, has hired two sales managers to expand its business globally, it was announced on June 3.
Misys and SmartStream in co-distribution deal
PARIS - Misys and SmartStream have entered a cross-distribution agreement to market each other's technology to clients.
FX industry creates lobby group
BRUSSELS - The Association for Financial Markets in Europe (AFME) is establishing a representative group for foreign exchange participants, amid the threat of increased forex regulation.
Gaitame.com chooses Integral for liquidity aggregation
Tokyo-based retail trading company Gaitame.com has replaced its single-bank platform with a software-as-a-service liquidity aggregation system developed by Integral, to improve pricing and risk management.
Crisis a boon to spot brokers, volumes up 60%
LONDON - Electronic spot-broking systems EBS Spot and Thomson Reuters saw a 60-65% surge in average daily volumes in May, reflecting a return to traditional liquidity sources during times of crisis.
Trading Places, June 7, 2010
Read this week's Trading Places to catch up on people hires and departures across the FX world.
Trend followers power through in May
LONDON - Currency managers using the trend strategy were the best performers in May, with an overall net movement into the US dollar, indicates research by Royal Bank of Scotland.
Canadian banks post lukewarm Q2 forex results
TORONTO - Canadian dealers reported a mixed bag of second-quarter results ending April 30.
In Brief, June 7, 2010
Read this week's In Briefs to get up to date with the latest technology news from around the world.
Germany backtracks on currency derivatives ban
BONN – The German government has reversed on a proposed ban on currency derivatives and equity derivatives.
CLS sets new record for daily settlement volumes
NEW YORK - CLS settled a record 1,758,902 sides today (June 1) surpassing the previous record of 1,758,902 sides set on February 16.
Rinehart quits Standard Chartered
NEW YORK – Paul Rinehart has resigned from Standard Chartered in New York, where he was a vice-president and head of institutional FX sales for the US.