News

Bank errors cost £100 million

LONDON – Bank errors, delays and charges are costing UK businesses almost £100 million a year, according to research released last week.

SembCorp Marine names independent investigator

SINGAPORE – SembCorp Marine (SCM) has appointed PricewaterhouseCoopers as an independent investigator into unauthorised foreign exchange trades that could cost the company $165 million in losses.

Proquote signs up for Tullett’s data

Tullett Prebon Information is feeding real-time pricing data for money markets, rates and fixed income to Proquote, the London Stock Exchange’s (LSE) multi-asset class market data and trading terminal.

BoA cuts 3,000 jobs

CHARLOTTE, NC – Bank of America’s capital markets and advisory services franchise, which includes the bank’s foreign exchange activities, is facing job cuts just two weeks after the bank revealed a drop in corporate and investment banking earnings.

BarCap reshuffles Asia rates and FX

HONG KONG & LONDON – Barclays Capital has made senior management changes in rates and foreign exchange following the transfer of former chief operating officer of global rates Peter Romain to a new role in wealth management.

Banks slow to prepare for Mifid

PARIS – Investment banks have spent 20–25% less than initial estimates on preparations for the Markets in Financial Instruments Directive (Mifid), according to research from Paris-based IT service provider Atos Origin.

Merrill suffers $5.6 billion FICC losses

NEW YORK – Merrill Lynch last week reported record results in interest rates and currencies during the third quarter, but gains were wiped out by big losses in credit and mortgage markets.

FXCM launches systems selector

NEW YORK - Online broker FXCM has created a new systems trading platform, Forex System Selector (FSS), which allows clients to customise and manage their own trading systems.

BGC expands in north America

NEW YORK - Interdealer broker BGC has expanded its north American foreign exchange franchise, hiring Clive England in a newly created role as head of e-commerce for the region.

Citi posts double-digit FX growth

YORK - Citigroup last week reported double-digit percentage growth in foreign exchange revenues during the third quarter, but FX gains were overshadowed by massive losses in the credit and mortgage markets.

Philippines to continue FX deregulation

MANILA - The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is set to liberalise the foreign exchange market at the end of October, said the bank's deputy governor, Diwa Guinigundo, last week. The central bank will lift documentary…

TraderTools gets Smart

NEW YORK - Electronic FX solutions provider TraderTools has teamed with liquidity management provider Smart Trade Technologies to provide asset managers with access to multiple liquidity providers.

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