News
Progress offers algo platform as a customised
BEDFORD, MASSACHUSETTS – Progress Software Corporation has packaged its Apama algorithmic trading platform for sell-side banks to offer as a complete web-based service to buy-side clients.
NFA suspends two FX FCM principals
The National Futures Association (NFA) has suspended the membership of two FX futures commission merchant (FCM) principals.
Forex traders face greater pressure from e-trading
LONDON – The surge in electronic trading and advances in derivatives structuring is putting greater demands on FX traders, say market participants.
Lehman set to capitalise on FXCM
LONDON & NEW YORK – Lehman Brothers is in the running to acquire a 35% stake in online currency trading platform FXCM, FX Week has learned.
BNP hires in structuring
LONDON – BNP Paribas has created four fixed-income structurer roles in London as part of a drive to build this area of the bank's business.
Fenics FX adds emerging markets and exotics support
NEW YORK – Interdealer broker GFI is releasing version 10.5 of its options pricing software Fenics FX with added support for emerging markets and exotic options.
Retail investors drive strong FX trading volumes
GREENWICH, CT – Retail FX trading volumes accounted for around $11 trillion of the $70.6 trillion global FX market in 2006, according to research released last week.
Trading places
Citi, Credit Suisse, Merrill, Cottle, ABN Amro, BarCap, Nomura, GFI, Akass
JP Morgan to offer structured deposit system
SINGAPORE – JP Morgan plans to go live with a structured deposit pricing and processing system by mid-June, to automate the roll-out of dual currency investment products.
Caplin Systems unveils web trading tool
LONDON – Market data systems vendor Caplin Systems is today (May 21) launching Caplin Trader, an out-of-the box web trading application that enables banks to build multi-product trading portals in FX and fixed income, officials at the company told FX…
Automation hot for Russia
MOSCOW – Automation was the central theme at the third annual international foreign exchange seminar in Moscow last Tuesday (May 15).
Lehman hires in London and Hong Kong, loses in NY
HONG KONG, NEW YORK & LONDON – Lehman Brothers is building up in structuring and sales with hires in Hong Kong and London.
NFA fines Gain Capital over AML and promos
CHICAGO – FX trading company and futures commission merchant Gain Capital Group has been fined $100,000 by the National Futures Association (NFA).
Four dealers to bid for FXCM
NEW YORK – Four dealers are thought to be interested in bidding for a 35% stake in online currency trading company FXCM.
Beau Taylor quits JP Morgan
NEW YORK & LONDON – Beau Taylor has resigned as JP Morgan's head of global energy in New York.
StanChart hires global head
SINGAPORE – Standard Chartered has hired Leonard Feder to run its global financial markets unit.
China widens trading band
BEIJING – China widened the USD/CNY trading band to 0.5% from 0.3% effective today (May 21), signalling a more aggressive move towards CNY appreciation, said analysts.
Asean+3 agree to reserves pooling
KYOTO – The finance ministers of the 10 Asean (Association of Southeast Asian Nations) countries, plus Japan, South Korea and China, have agreed to work towards a multilateral reserves pooling arrangement, to better protect financial stability in the…
Misys upgrades Opics Plus for higher volumes
NEW YORK – Technology provider Misys has launched Opics Plus v2.0, to accommodate an anticipated rise in FX trading volumes by clients.
Royal Bank of Scotland makes senior hire in Asia
HONG KONG & SEOUL – The Royal Bank of Scotland (RBS) has hired Water Cheung as head of treasury investor products.
Merrill Lynch continues global FX expansion
NEW YORK & SINGAPORE – Merrill Lynch is continuing to build up in FX, with hires made in the US and Asia.
Barclays launches FX-linked ETNs
NEW YORK – Barclays Bank launched three exchange traded notes (ETN) linked to the movement of the euro, sterling and yen relative to the dollar on the New York Stock Exchange last Wednesday (May 9).