News
Travelex targets Aussie corps
MELBOURNE – Global forex specialist Travelex is set to target companies in Australia with the launch there of an online system early next year.
ABN Amro deploys TraderTools technology
NEW YORK – ABN Amro has gone live with TraderTools' electronic foreign exchange trading platform, STPlatform, at all its forex sales and trading sites.
SunGard expands options offering
LONDON – Reech, a business unit of SunGard, has added a new FX option pricing model to its 'FastVal' over-the-counter derivatives valuation service.
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
Deutsche rolls out new version of autobahnFX
LONDON – Deutsche Bank has released an upgraded version of its platform autobahnFX that provides users with greater configurability for pricing.
India to liberalise forex regulations
NEW DELHI – The Reserve Bank of India (RBI) looks set to liberalise rules governing forex transactions, cutting the red tape that limits the public's ability to buy and sell currency.
Gain launches new research offering
BEDMINSTER, NEW JERSEY – Gain Capital, provider of FX trading and asset management services, has launched a new research offering and enhanced its proprietary FX trading platform, ForexTrader.
Going global
In the first of a series, FX Week looks at the big hitters in the industry. First is HSBC, which knocked Citi off the number three spot in last month's Best Banks Awards
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
Slovakia hits the euro road
Slovakia looks set to be the next country to join the euro, but political uncertainty caused by forthcoming elections means there are still likely to be opportunities for those seeking to trade the koruna
ABN loses head of spot
LONDON AND AMSTERDAM – Turnover at ABN Amro has continued apace, with a senior departure and two promotions and at the Dutch bank.
New structure for RBS
LONDON – The Royal Bank of Scotland is set to reorganise its corporate banking & financial markets division (CBFM), with a new structure to be in place from next year.
New structure for RBS FXCM fined by NFA
NEW YORK – Futures commission merchant FXCM has been fined by the National Futures Association (NFA) for distributing misleading promotional material.
CLS to cut prices for largest users
LONDON – CLS is set to introduce a new pricing structure next year to reward banks for settling more transactions through the system.
Forex revenues set 'to slow in 2006'
LONDON – Growth in forex revenues is set to fall off next year, according to research from Morgan Stanley released last week.
Man to build on Refco's ashes
NEW YORK – UK financial services firm Man Financial is to reincarnate part of the old Refco business with the launch of Man FX Clear by the middle of this month.
Orchard leaves CSFB
NEW YORK – Nick Orchard, director in treasury operations at Credit Suisse First Boston (CSFB) in New York, has left the bank. Orchard, who left on November 30, spent 10 years at the bank, serving in Moscow, Zurich and New York.
Swiss e-swaps from ABN Amro
LONDON AND ZURICH – Dutch bank ABN Amro last week launched electronic trading in Swiss franc-denominated interest rate swaps (IRS), moving it across from the previous voice-only service.
India looks to tourism
LONDON – India is looking to make tourism the number one source of foreign exchange in the next three years, by doubling its forex earnings, according to tourism minister, Renuka Chowdhury.
Citigroup launches flow-weighted currency indexes
LONDON & NEW YORK – Citigroup has launched 10 indexes that measure currencies' value using customer flow data.
Korea to relax currency restrictions
SEOUL – South Korea is to relax regulations on forex trading next year, but authorities have vowed to keep a close eye on how the market develops, according to officials.
Refco exodus begins
LONDON - US brokerage firm Refco has seen the first known departures in the wake of the scandal that rocked financial markets last month.
Tullett Prebon enters China
SHANGHAI - Interdealer broker Tullett Prebon is boosting its presence in the Chinese market by establishing a joint venture broking business with Shanghai International Trust and Investment Corporation.