News
FXall goes live with Accelor ECN
LONDON – FX trading portal FXall has launched Accelor, its new anonymous electronic communications network (ECN). The platform went live with a pilot group of 30 sell- and buy-side participants at the end of last month, and is now being rolled out more…
Philippines makes progress towards forex liberalisation
MANILA – The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), last week approved a package of reforms set to liberalise the country's regulatory framework for FX.
ETrade pilots platform for US retail investors
NEW YORK – Electronic broker ETrade Securities has begun piloting an electronic trading platform for US retail investors to trade FX and equities in international markets.
Deutsche names global head of options
LONDON – Deutsche Bank has named Mark Carrodus global head of FX spot and options in London.
Pension funds at risk from currency fluctuations
LONDON – UK institutional investors are overexposed to carry trades and currency risk in their portfolios, according to research released last week. The rise in currency risk comes from greater exposure to international equity markets.
BarCap plans a second private CFXO
LONDON – Barclays Capital is planning another privately placed collateralised foreign exchange obligation (CFXO), worth e20–e50 million ($26–$65 million), after closing its first at the end of 2006. The original transaction was also privately placed and…
FXall adds benchmark fixings to QuickOMS
LONDON – FXall has added benchmark fixings from Citigroup, HSBC and the Royal Bank of Scotland (RBS) to its order management system, QuickOMS.
Saxo Bank to open rep office in Beijing
BEIJING & COPENHAGEN – Saxo Bank plans to open a representative office in Beijing in the next two months, according to a senior official in Copenhagen.
Further restructuring at Bank of America
LONDON – Ravi Mudan has been promoted to global head of FX proprietary trading at Bank of America (BoA) in London.
TCS signs international deal with Cfets
BEIJING – IT and consulting company Tata Consultancy Services (TCS) will implement an international trading system for the China Foreign Exchange Trade System (Cfets), the company said last week.
Cognotec axes jobs in development and sales
DUBLIN – Cognotec slashed up to 40 jobs last week, as part of a restructure at the technology company.
Swiss and French banks declare a healthy 2006
ZURICH & PARIS – European banks releasing annual statements last week have posted bumper results for 2006.
BoNY launches upgraded version of iConfirm
NEW YORK – The Bank of New York has launched a new version of iConfirm, a web-based system that automates confirmation processing for FX trades.
Hunter leaves FXMarketSpace; Sears and Robson split role
CHICAGO – Bryan Hunter, chief operations officer of Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace, has left.
Celent consulting report hails the exchange model
PARIS – The exchange model is set to be the future model for FX, according to a report released last week.
Senior shake-up at Deutsche
LONDON – Deutsche Bank has realigned senior FX management, and has created two new roles to expand its forex coverage.
BarCap hires Lehman hedge fund FX chief
GLOBAL – Graham Bibby, head of FX hedge fund sales at Lehman Brothers, is understood to have left the bank for a similar position at Barclays Capital.
Morgan Stanley creates global head of FX role
NEW YORK – Morgan Stanley has named Steve Mettler global head of FX sales and trading in New York.
Texas court fines PIC $123 million
WASHINGTON DC – The Texas Federal Court has levied more than $123 million in fines and restitution, in a case filed against Premium Income Corp (PIC) and its affiliates, Inforex and Tri-Forex International.
Currenex set to move into new asset class
NEW YORK – Trading technology vendor Currenex is going multi-asset class, according to officials at the company in New York.
RBS names Richardson head of options and EM in New York
NEW YORK – RBS has made Jason Richardson head of currency options and emerging markets for the FX business in New York.
Deutsche and Mercer team up
LONDON – Deutsche Bank and Mercer Investment Consulting have teamed up to launch a multi-manager currency investment product.