News
Credit Suisse integrates forex algos into Minerva OEM
LONDON - Credit Suisse has become the first broker to integrate foreign exchange smart routing and algorithmic execution strategies into Fidessa LatentZero's Minerva order and execution management system (OEMS), with automated execution services (AES) FX.
Yield strategies pocket best returns
LONDON - Currency managers running yield strategies typically bagged the highest returns in June, according to research by ABN Amro.
Calyon loses FX exotics head in London
LONDON - Calyon has lost its head of foreign exchange exotic derivatives trading in London, industry sources have told FX Week .
Former Refco CEO faces 16 years behind bars
NEW YORK - Phillip Bennett, the former chief executive of the once biggest independent US futures broker Refco, has been sentenced to 16 years in prison for defrauding investors of an estimated $2.4 billion.
The JB Currency Hedge Fund thrives on risk aversion
LONDON - Augustus Asset Manager's currency fund delivered an 18.87% net-of-fees return in its first 11 months by avoiding risk in emerging markets and G-3 currencies.
JSE futures volumes top $1bn
JOHANNESBURG - Increased volatility in the currency markets has helped push the total value of currency futures traded on the Johannesburg Stock Exchange (JSE) beyond the $1 billion mark within 12 months of launch.
CME posts surge in Q2 forex volumes
CHICAGO - The Chicago Mercantile Exchange (CME) reported a strong increase in contract volumes in second-quarter results released last Tuesday (July 1).
Last FX man standing quits at Credit Suisse
LONDON & GREENWICH - The last member of Credit Suisse's defunct foreign exchange team for southern Europe is leaving the bank, market sources tell FX Week .
RBS gets smart with prime brokerage
LONDON & GREENWICH - The Royal Bank of Scotland (RBS) has taken its prime brokerage platform Smartprime live today (June 30) through online portal RBSMarketplace.
More currency ETFs hit US
NEW YORK - Two more currency-linked exchange-traded funds (ETFs) were listed on the New York Stock Exchange's NYSE Arca on June 25.
Onix offers real-time market data solution
LONDON - London-based software vendor Onix Solutions has released a FIX engine and ITCH real-time market data solution set integrated with Hotspot FXi.
Rival banks scoop Merrill Lynch defectors
LONDON - Morgan Stanley and Barclays Capital have made two hires from Merrill Lynch, market sources tell FX Week .
Oanda offers money-transfer service
NEW YORK, TORONTO ZURICH & SINGAPORE - Online trading company Oanda is today (June 30) launching a new wire transfer service called FXGlobalTransfer for cash management in cross-border funds transfer.
Investors keen on double-short euro ETNs
NEW YORK - Morgan Stanley's Market Vectors double-long leveraged euro exchange-traded notes (ETNs) have outperformed their double-short counterparts by almost 30 times in trading volumes.
More departures from JP Morgan
LONDON - Mass redundancies are continuing to affect the foreign exchange desks of JP Morgan in London, with two former Bank One staff reputed to have left the US dealer this month.
Small US banks free to use standardised approach
WASHINGTON, DC - The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.
NAB strengthens UK forex team
LONDON - National Australia Bank (NAB) has expanded its London foreign exchange team, with three hires covering Europe-domiciled business.
Nordea signs up to 360T
COPENHAGEN - Nordea has joined the 360 Treasury Systems (360T) TEX multi-dealer cross-product trading system, in response to a spike in interest among mid-cap clients for the platform, the bank said.
HSBC emerges in Georgia
TBILISI - HSBC is capitalising on rising demand for forex services in the former Soviet Union by opening its first commercial banking branch and head office in Georgia.
CFTC moves to close 'London loophole'
LONDON - The Commodity Futures Trading Commission (CFTC) has moved to impose US position limits and hedge exemption requirements on US customers trading West Texas Intermediate (WTI) crude oil on London-based ICE Futures Europe.
Quant demand in full force
GLOBAL - The high demand for quantitative foreign exchange specialists continues, fuelled by concerns over risk controls and growth in local currency derivatives and hybrid derivatives trading, industry sources have told FX Week .