News
Bear Stearns builds up in New York and Hong Kong
HONG KONG & NEW YORK – Bear Stearns has made senior appointments in Hong Kong and New York to increase its capabilities in the FX derivatives and hedge fund area.
Record trading for FX Connect and CME
BOSTON & CHICAGO – State Street's multibank e-FX exchange trading system, FX Connect, and the Chicago Mercantile Exchange (CME) have both reached new milestones in FX trading volumes.
Reuters launching algo data packages
NEW YORK – Reuters has completed the technical work and finalised the pricing of its offerings for algorithmic trading operations, officials confirm.
Reuters buys risk management specialist
LONDON – Reuters has paid $41 million for Application Networks, a risk management software specialist, as it bids to make headway in the market.
Cost cutting, cutbacks and departures at West LB
LONDON - West LB is to close its trading operations in London as it transfers more of its business to Dusseldorf. There have been two senior departures following a decision to cut costs.
Polar launches currency fund
LONDON - Hedge fund firm Polar Capital has launched its first currency-based fund, a move indicating continued interest in FX as an asset class.
Reuters ties to Standard Bank
NEW YORK & JOHANNESBURG – Standard Bank of South Africa has gone live with Reuters trading technology. The deal makes Standard Bank the first South African bank to make use of Reuters e-trading technology to power its FX e-commerce trading platform for…
High-frequency trading - the last gold mine in FX?
MONTE CARLO - High-frequency trading could be the only gold mine left in foreign exchange, according to Citigroup director Jessica James, speaking at Risk 's Derivatives and Risk Management conference in Monte Carlo last week.
IFX opens down under
SYDNEY - Brokerage company IFX Group has opened a new branch office in Sydney after being granted a licence by the Australian Securities and Investments Commission to provide derivatives products. These are mainly contracts for difference and FX.
Shortlist for e-FX awards available online
The shortlist for the FX Week e-FX awards has been decided. The awards, which celebrate best practice and innovation in e-FX, have been redesigned to make them more suited to the current e-FX landscape and have been given a more rigorous judging process.
Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch have continued, with a quartet of staff leaving in the wake of a restructuring at the US investment bank.
Philips Electronics trades 98% of FX electronically
MONTE CARLO – The e-FX market received a strong endorsement last week, with Philips Electronics revealing that nearly all its FX is transacted electronically.
Regulators stifle Basel II
MONTE CARLO - Banks may be unable to benefit from regulatory capital reductions under the Basel II reforms because of local rules and the requirements of rating agencies, according to Capital One's director of economic capital, Geoff Rubin.
The importance of FX policy
MONTE CARLO - It is important to have a policy for managing non-trading foreign currency exposures, Ian Tyler, senior manager and group treasurer at Royal Bank of Scotland, told delegates at Risk 's conference.
Cfets plans bond trading
China Foreign Exchange Trading System (Cfets) is to introduce an electronic system to trade US dollar-denominated bonds. The plans emerged following the publication of a report at a conference held last week in Qinghai province organised by the National…
FNX signs Penson Canada
PHILADELPHIA - Securities outsourcing firm Penson Canada has selected technology provider FNX Solutions' Sierra ASP product to support its FX trading and back-office operations in Canada and the US.
BTM-UFJ turns to Integral
Bank of Tokyo-Mitsubishi UFJ (BTMU) is extending its use of technology vendor Integral's Direct Derivatives trading platform.
Bocom selects Misys Opics
China's state-owned Bank of Communications (Bocom) has selected Misys Banking Systems' Misys Opics solution to enhance its back-office treasury processing.
Chinese volatility picking up
BEIJING - The daily central parity rate for USD/RMB last week had its largest fall since the renminbi's revaluation last July.
Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch have continued, with a quartet of staff leaving in the wake of a restructuring at the US investment bank.
LONDON - Yield strategies for currency funds are undergoing their worst period since 1998, according to research by ABN Amro.
The Dutch bank's naive simulations of different currency management styles show that the yield strategy incurred losses as the carry trade continued to unwind with yen, Swiss franc and Swedish krona all strengthening. Sterling was the only carry currency…
Japanese banks set to expand overseas forex presence
TOKYO – Mitsubishi UFJ Financial Group became the first Japanese bank to buy a stake in a Chinese lender last week, as it looks to build its FX presence in the country.
Remaining NAB traders found guilty
MELBOURNE – The final two foreign currency options traders behind the rogue trading scandal discovered at National Australia Bank (NAB) in 2004 were found guilty last month.