News
Rivals gear up for FX clearing
LONDON – The stage is set for a central counterparty clearing (CCP) system for FX as two potential providers moved their plans forward last week.
FNX licenses derivatives analytics
Philadelphia – Treasury management system vendor FNX is adding to the derivatives analytics on its Sierra platform with models from US banking software vendor Suite.
Funds struggle as dollar swings
STAMFORD, CT – Currency funds struggled to make positive returns in May, according to the Parker FX Index, which was down 1.65% for the month. Only 13 of the 52 reporting funds achieved profits in a month when the dollar strengthened to 1.1822 against…
Korean CLS utility opts for PAYplus
The utility through which Korean banks will use the continuous linked settlement (CLS) service for FX, has selected vendor Fundtech’s PAYplus as its core application, it said last week.
AIG restaffs FX post-merger
LONDON – Banque AIG, a subsidiary of AIG Financial Products, has hired six sales and trading specialists in a bid to upgrade the FX component of its cross-product service.
Hotspot adds market makers
NEW JERSEY – Hotspot FXi has added six banks to its institutional trading marketplace to act as market makers and prime brokers. BNP Paribas, HSBC, HVB Group, Société Générale (SG) and WestLB are now all live on the platform providing streamed prices to…
Refco buys stake in ACM
GENEVA – US brokerage Refco Group bought a majority stake in online FX trading firm AC Markets (ACM) for an undisclosed sum last week. The cash purchase was completed on June 29.
SuperDerivatives a hit in Greece
ATHENS – SuperDerivatives is making headway in Greece, with four new customers for its forex options pricing system SD-FX over recent months, the firm said last week.
SG adds again in German sales
LONDON – Roman Stauss joined SG Corporate & Investment Bank (SG CIB) in London on June 28 as an FX sales dealer covering German and Austrian corporate clients. He reports to Jean-Philippe Castellani, London-based deputy head of FX sales for Europe, and…
RBC adds for institutional sales
TORONTO – Royal Bank of Canada Capital Markets has hired two FX sales dealers in New York and relocated a third to Sydney.
BarCap builds Asia-Pacific FX
SINGAPORE – Barclays Capital is building its corporate and bank FX sales coverage in Asia Pacific under new corporate FX chief for the region Lutfey Siddiqi.
ABN Amro signs half CCIL’s members for CLS
MUMBAI – More than half of the 60+ members of Indian forex settlement service the Clearing Corporation of India (CCIL) will use ABN Amro as their provider for continuous linked settlement (CLS), the Dutch bank said last week.
RBS migrates FXstream to Caplin
LONDON – The Royal Bank of Scotland (RBS) has started using technology from UK vendor Caplin Systems to bring real-time connectivity to its internet-based forex trading platform FXstream.
"What is risk management?" ask Risk USA speakers
BOSTON – The way banks and other financial institutions think about – and sometimes misinterpret – risk management formed the main theme of the opening keynote speeches at FX Week sister publication Risk 's USA conference held last week.
ABN Amro AM doubles funds under management
LONDON – ABN Amro Asset Management (AAAM) is expanding its currency management team to support the success of its newly launched fund and guaranteed notes. The firm launched its third FX note, in eight-year form, on June 21, with total assets of $240…
Merrill gets FX licence in South Korea
SEOUL – Merrill Lynch has become the first foreign investment bank to receive an FX licence from the South Korean financial services regulatory body, the Financial Supervisory Commission.
Merrill boss adds ex-colleagues
NEW YORK – Merrill Lynch's new global FX chief, Stephen Kemp, has hired three former colleagues from Morgan Stanley, the bank he left last April in order to join Merrill.
FXall adds Japanese bank
TOKYO – Multi-bank portal FXall is continuing to expand its Japanese client base with the addition of Mitsubishi Trust and Banking Corporation (MTBC) to the platform early next quarter. Misubishi Trust, the largest trust bank in Japan, is the second…
GNI adds to spot platform
LONDON – UK broker GNI, a division of alternative investment provider Man Group, goes live today (June 28) with two more currency pairs on its online platform GNI Touch's spot FX trading module.
Commerzbank's Nick Parsons takes on ALM strategic trading
LONDON – Nick Parsons, chief currency strategist at Commerzbank in London, is moving to become strategic trading manager on July 1, a spokesperson for the bank told FX Week .
Tax bill to bring the dollars home
NEW YORK – A new tax bill in the US that is likely to herald a massive repatriation of funds into the country could spell a 5%–10% hike for the dollar, according to one scenario model from Dutch bank ABN Amro.