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.
Deutsche Schiffsbank takes SuperDerivatives onboard
BREMEN – Deutsche Schiffsbank is using SuperDerivatives’ interest rate and foreign currency derivatives platforms as part of an effort to sell rates and FX risk management products to shipping customers.
Reversal of fortunes for Parker FX
STAMFORD, CT – The Parker FX index reported a return of 1.40% in September, with managers benefiting from a declining greenback.
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.
LiquidityHub opens with euro swaps
LONDON – London-based electronic trading consortium LiquidityHub began offering euro interest rate swaps from 12 major dealers on October 22
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.
Chicago Mercantile Exchange posts third-quarter gains
CHICAGO – The Chicago Mercantile Exchange (CME) posted strong revenue gains and increased contract volumes in third-quarter results released last Wednesday (October 24).
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.
Handelsbanken live with D-3 pricing system
Stockholm-based Handelsbanken Capital Markets has begun using Digitec’s D-3 system to calculate and distribute FX and money market rates.
Thomson launches online news service
Thomson Financial has launched Thomson FX Hub, an online news service for retail FX traders.
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.
South Korean forex reaches record high
SEOUL - FX turnover hit a record high in South Korea in the third quarter.
IDC global data available on XE.com
NEW YORK - Financial market data and analytics firm Interactive Data Corporation is rolling out its global foreign exchange data to FX website XE.com.
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.
IMF turns against the dollar
U-turn on USD value dashes hopes for G-7 statement on dollar weakness
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.
Ex-Deutsche exec to head Goldman's Asian sales
HONG KONG - Goldman Sachs is believed to have hired Vinit Sahni as head of foreign exchange, interest rates and macro product sales for Asia.
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.