News
Slovakian bank adopts TremaSuite software
BRATISLAVA – The National Bank of Slovakia (NBS) has adopted Wall Street Systems' TremaSuite treasury and asset management software to manage its front, middle and back office banking functions.
Aegis seeks to introduce forex industry standard
NEW YORK – Aegis Software has developed a framework that it is seeking to introduce as an industry standard in tracking workflow for FX and futures trading.
Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
LatentZero enables hedge funds to use Capstone software
LONDON – Technology vendor LatentZero last week added functionality to enable hedge funds to use its Capstone portfolio analysis software.
ABN Amro
HANOI – ABN Amro violated Vietnamese banking regulations, according to an audit report by the State Bank of Vietnam.
Grupo Santander goes live with SuperDerivatives platform
MADRID – Grupo Santander has licensed SuperDerivatives' commodities and energy real-time pricing and analytics platform SD-CM, as it expands its European and Latin American energy and metals derivatives business.
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
RBS veteran McHugh retires
LONDON – Cian McHugh, global head of FX services, last week retired from the Royal Bank of Scotland (RBS) in the latest in a series of senior departures.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.
China and Indonesia amend bilateral swap
BEIJING & JAKARTA – The People's Bank of China (PBoC) and Bank Indonesia (BI) have raised the value of their bilateral swap agreement (BSA) under the Chiang Mai Initiative (CMI) to $4 billion.
Reuters attributes Q3 results to growth in algorithmic trading
LONDON – Growth in algorithmic trading and strong FX market activity has influenced Reuters' higher than expected third quarter profit reports.
WestLB expands its commodities desk
Düsseldorf – WestLB is establishing a new multi-product commodities trading desk in Düsseldorf that will cater to domestic and global clients.
Sharia forex hedges take off
KUALA LUMPUR & DUBAI – The market for sharia-compliant forex hedges continues to grow, with Citigroup structuring the first cross-border sharia-compliant cross-currency profit rate swap worth $230 million.
Banca Aletti takes Risque approach
PARIS – Banca Aletti is going live with technology vendor Sophis' Risque front- to back-office system for its FX derivatives business.
The Singapore solution
The FX Week Asia conference held in Singapore last Tuesday attracted some of the industry's leading practitioners to examine the diverse challenges facing the market today. Here, we bring you some of the news from the event
FXMarketSpace ups ante
LONDON – Twenty banks have committed to becoming clearing prime brokers on the FXMarketSpace platform, a senior official at the CME/Reuters venture told FX Week .
Big banks prepare for retail FX push
SINGAPORE – Major banks are about to enter the online retail FX trading market-place "with a vengeance", said Brian Maccaba, chairman of FX dealing platform vendor Cognotec.
Keep it simple, says e-FX trading panel at conference
SINGAPORE – 'Bells and whistles' are an annoying distraction on e-FX platforms according to Christopher Brandon, managing director of London-based $200 million hedge fund Rhicon Currency Management.
Merrill Lynch bucks downward Q3 trend
NEW YORK & CHARLOTTE, N CAROLINA – JP Morgan and Wachovia saw falls in earnings from divisions encompassing FX in the third quarter of this year, while Merrill Lynch bucked the trend with profits up more than a quarter.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.
Regulator forces COESfx to close to new clients
PLAINVIEW, NEW YORK – COESfx, a US-based retail foreign exchange platform, was forced to close to new customers earlier this month after a regulator found that its books did not balance.