News
Reuters expands in China
EIJING - Reuters is significantly increasing its presence in China, signing five banks to its Dealing 3000 matching service and selling its Kondor risk management product suite to six.
Traiana goes live with forex options
NEW YORK - Software vendor Traiana went live with its foreign exchange options service on its Harmony Message Center (HMC) this month.
SEB signs up to FX Connect
STOCKHOLM - Skandinaviska Enskilda Banken (SEB) is the latest bank to join FX Connect, State Street's electronic FX trading platform.
Staff build-up at Bank of America
NEW YORK - Bank of America (BoA) has made a trio of hires over the past month as it continues to build its forex capabilities.
Refco saga continues
NEW YORK – The Refco saga continued last week, with creditors vetoing a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
CLS breaks one-day trading record
LONDON – CLS Bank set a new record for the number of payment instructions settled in one day breaking the half million barrier for the first time. It settled 502,384 instructions on with a gross value of $3.9 trillion on January 17.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
Bloomberg to create e-trading company
NEW YORK – Bloomberg is partnering with several major banks to launch an electronic swaps trading company, according to the data vendor.
Rouble gets its own symbol
MOSCOW – The Russian congress is to establish a symbol for the rouble sign in a bid to boost the reputation of the unit.
Marex Financial takes FXall
LONDON – Independent brokerage firm, Marex Financial has started offering foreign exchange liquidity and trading services from FXall to clients in Europe, the Middle East and the US.
Saxo makes retail move
COPENHAGEN – Saxo Bank is making significant changes to its structure, as it seeks to boost its retail business with senior hires from the Danish business world.
Lloyds TSB goes live on 360T portal
LONDON & FRANKFURT – UK bank Lloyds TSB Financial Markets has gone live as a liquidity provider to German multibank portal 360T ( FX Week , January 30).
UOB selects WSS for Thai branch
NEW YORK & BANGKOK – Singapore-based United Overseas Bank (UOB) has selected vendor Wall Street Systems' (WSS) full FX front- to back-office processing for its newly formed Thai branch UOB (Thai).
Mixed results for European banks
PARIS & ZURICH – There were mixed results for the European banks who reported their 2005 results last week, with Société Générale (SG) reaping the rewards of a strong year, while UBS saw a slight fall.
BIS group to work on settlement delays
BASEL – A Bank for International Settlements (BIS) working group will look at settlement problems in the over-the-counter derivatives market, in an effort to deal with delays in trade processing.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
StanChart makes key hires in derivatives
LONDON – Standard Chartered is building up its FX options capabilities with key hires in London.
Further changes at Merrill Lynch
NEW YORK – Stephen Kemp, global head of FX at Merrill Lynch, has left his role at the US investment bank.
Bank of Communications selects Misys' Summit FT
LONDON & HONG KONG – Bank of Communications has implemented vendor Misys Banking Systems' Summit FT for its NET treasury and capital markets business.
Greenback 'to keep falling'
LONDON – The US dollar is to continue its decline against many commodity and 'new broader world' currencies, despite a rise against the euro and yen, according to Jim O'Neill, chief economist at Goldman Sachs in London.
Weaker currency economies outperform
LONDON – Currency strength is not an indicator for long-term equity returns, according to a joint study by ABN Amro and London Business School.