News
Bear Stearns realigns forex, rates and credit
NEW YORK, LONDON & HONG KONG – Bear Stearns has made several strategic hires to drive the consolidation of its global credit, FX and rates business into three major regional trading groups in Europe, Asia and the US.
Traiana daily volumes exceed $120 billion
LONDON – Average daily FX volumes over the Traiana Harmony network have exceeded $120 billion this year.
Steady growth on FXMarketSpace
LONDON, CHICAGO & NEW YORK – Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace went live last week, with volumes understood to be growing gradually.
Panel findings highlight evolving role of buy-side
LONDON – The rise of algorithmic trading indicates that the traditional distinction between the buy- and sell-side is fading, according to a panel discussion held in London last week.
Morgan Stanley adopts multi-asset class approach
NEW YORK & LONDON – Morgan Stanley has restructured its fixed-income and equities businesses to adopt a multi-asset class approach to dealing with clients.
Dresdner loses three in Moscow and Singapore
MOSCOW & SINGAPORE – Dresdner Kleinwort is understood to have lost three members of its FX team in Moscow and Singapore.
Citigroup shakes up Asia forex
SINGAPORE – Citigroup has restructured senior FX management in Asia, as it realigns its business under the new fixed-income, currencies and commodities (FICC) structure.
SmartStream launches TLM Trade Process Management
LONDON & BOSTON – London-based technology vendor SmartStream Technologies last week released a system that automates the transaction lifecycle from execution to settlement.
Bloomberg Tradebook adds forex forwards
NEW YORK & LONDON – Electronic broker Bloomberg Tradebook plans to add FX forwards to its electronic communications network Bloomberg Tradebook FX, in the second quarter.
Merrill takes MS salesman
LONDON & NEW YORK – Merrill Lynch has hired Vincenzo Galli-Zugarro as head of European real-money FX sales.
CME widens footprint and connectivity
CHICAGO – The Chicago Mercantile Exchange (CME) has outlined plans to broaden its global FX footprint and improve international connectivity.
Reuters develops Mifid data solutions
LONDON – Reuters is developing a series of tools aimed at meeting data requirements under Europe's Markets in Financial Instruments Directive (Mifid).
Quant House hooks up to Hotspot
PARIS – Programme trading system vendor Quant House has built an application programming interface (API) to electronic communications network Hotspot FXi.
BNP Paribas gains in London, loses in Paris
LONDON & PARIS – BNP Paribas has appointed Peter Snasdell to a senior FX sales role in London.
FXDD launches PowerTrader platform
NEW YORK – Online FX trading company FXDD has partnered with an undisclosed prime broking bank to launch a platform targeting institutional investors. The platform, called PowerTrader, is a white-label product that uses a prime broker to access pricing…
EBS adds NZ dollar to platform
Interdealer broker Icap is adding the New Zealand dollar to EBS Spot, its spot broking platform, on April 26.
NFA cracks down on futures brokers
CHICAGO – The National Futures Association (NFA) ordered Richmond, Virginia- based futures broker Forefront Investments to liquidate all customer and firm positions by last Wednesday (March 21).
HDFC Bank chooses Misys for rates derivatives
MUMBAI – HDFC Bank in India will adopt Misys Summit to process interest rate and currency derivatives. The system is scheduled to go live at the end of this year. HDFC and UK technology provider Misys are also in discussion to use the system for equity…
Bloomberg adds Asian NDIRS to its terminal
SINGAPORE – Bloomberg has added trading in Asian non-deliverable interest rate swaps to its Professional terminal, signalling the continued push by platforms to expand coverage of the region.
HSBC hit by departures in FX
LONDON & HONG KONG – HSBC's international FX operations saw the loss of a number of staff last week.
Merrill Lynch to boost FXPB
LONDON – Merrill Lynch looks to be building up its foreign exchange prime brokerage (FXPB) capabilities, with the hire of Roger Allen in London.