News
Chicago Mercantile Exchange sets non-roll month record
CHICAGO - The Chicago Mercantile Exchange set a non-roll month record in August, with total notional value reaching $1.89 trillion from 13.84 million foreign exchange contracts traded, marking a 3% rise on August last year.
Dresdner FX team could escape Commerz axe
LONDON - Dresdner Kleinwort's foreign exchange team might well escape the 9,000 job cuts arising from Dresdner Bank's €8.8 billion acquisition by Commerzbank, say market sources.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
BGC Partners ups the ante with Brazilian acquisition
NEW YORK - Interdealer broker BGC Partners' agreement to buy Brazilian broker Liquidez represents a desire to capture revenue growth through geographic diversification, market sources tell FX Week .
BoA in trans-Atlantic forex drive
LONDON & NEW YORK - Bank of America has bolstered its US and UK foreign exchange teams with newly created FX emerging market (EM) roles in New York and senior replacement hires in London.
FXCM offers new version of Forex Trading Signals service
NEW YORK - FXCM has released a new version of its algorithmic trading service, Forex Trading Signals, as the market continues to seek new ways to trade currencies amid uncertain market conditions.
Credit Suisse changes its spots
ZURICH - Credit Suisse has embarked on a second reorganisation of its spot foreign exchange risk management and trading teams in Zurich, in an effort to capitalise on burgeoning opportunities across electronic commerce and third-party business.
Multi-currency products ride the storm
NEW YORK - Wisdom Tree has confirmed its plans to launch its first multi-currency exchange-traded fund (ETF), as single currency exchange-traded products take the brunt of the rising dollar.
Bombay Stock Exchange trades rupee futures
MUMBAI - The Bombay Stock Exchange (BSE) has received approval to trade futures in rupees, as regulators continue on a path to open up the country's currency derivatives markets.
FXCM's forex trades reach $720 billion
NEW YORK - The notional value of trades conducted on FXCM skyrocketed to a record $720 billion for the month of July, as speculators sought to benefit from spiked volatility in the foreign exchange markets.
Travelex given green light in China
BEIJING - In what represents a landmark liberalisation of Chinese foreign exchange regulations, Chinese premier Wen Jai Bao has granted Travelex its first authorised FX licence to operate in China.
StanChart outlines forex e-pricing and trading strategy
LONDON - Standard Chartered has provided further details about its e-forex pricing and trading strategy since promoting Todd McDonald to a newly created position as global head of foreign exchange electronic pricing and trading ( FX Week August 4).
Monetary authority to ease Singapore dollar stance
SINGAPORE - The Monetary Authority of Singapore (MAS) will ease its 'strong Singapore dollar' policy in October, on the back of falling inflation figures reported last week, predict economists.
GFT ups currency research
ADA, MICHIGAN - Online trading company GFT has strengthened its currency research team by hiring two senior staff from online news and information source Daily FX.
Finocorp adopts RealStream Margin
TEL AVIV - Financial services provider Finocorp has taken Cognotec's RealStream Margin platform on board for use within its online retail foreign exchange trading service, Realstreamtrading.
Brokers suspicious of retail FX task force
WASHINGTON, DC – The launch of a retail foreign exchange fraud prevention taskforce by the US futures regulators has sparked concern among brokers that it could be a veiled move to lure retail FX traders towards exchanges.
Forex revives an ailing Thomson Reuters
NEW YORK – Foreign exchange has aided Thomson Reuters’ second-quarter figures as it posted disappointing organic growth figures amid roiling financial markets.
Saxo makes strategic moves
COPENHAGEN – Saxo Bank has appointed a new foreign exchange strategy chief in Copenhagen.
nvestors back MarQCuS by $1.7 billion
LONDON – Lehman Brothers has gained $1.7 billion in investments for its Macro Quantitative Currency Strategies platform (MarQCuS), as investors aim to maximise returns amid failing pure carry strategies.
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.