News
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.
Deutsche dbFX now in Arabic
MANAMA - Deutsche Bank has launched an Arabic version of its margin trading platform dbFX, to capture the burgeoning retail foreign exchange market in the Middle East.
GFT adds new currency pairs
ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.
London forex faces 130 job cuts
LONDON - Foreign exchange workers in London should brace themselves for 130 job cuts in 2008 as the interbank market crisis forces banks to reduce staff levels, according to estimates by London's Centre for Economics and Business Research (CEBR).
Market demands multi-asset solutions
SINGAPORE - Hedge funds are driving demand for multi-asset platforms in Asia, said Michele Wee, director and head of electronic FX at Deutsche Bank in Singapore.
Icap breaks into post-trade forex
LONDON & NEW YORK - Icap's agreed acquisition of post-trade technology vendor Traiana signals a push by the industry to tackle post-trade processing strains brought on by surging ticket volumes.
Carry strategies are thriving in Asia
SINGAPORE - Carry models have proliferated in Asia as alpha-generating strategies over the past four years, according to Thomas Harr, senior FX strategist at Standard Chartered in Singapore.