News
Korea builds utility to connect to CLS
SEOUL -- Consultancy BearingPoint has won the contract to build a utility through which Korean banks will use the continuous-linked settlement service (CLS) for FX when the Korean won goes live on the service in Q4.
Rand-weakening options running dry
LONDON -- The recent weakening of the South African rand, which dropped from 6.3128 on January 5 to 7.0649 on January 30, may be hard to sustain, as the authorities run out of options to force the currency lower, analysts warned last week.
BoA expands Euro fixed income
LONDON -- Bank of America has made four London-based hires to its European fixed-income business, the bank announced last week.
Informa completes analysis integration
LONDON -- Informa Global Markets (IGM), the new analysis firm formed through the merger of MMS International and MCM, has completed the integration of its analysis teams.
CAI, CL chiefs share top posts
PARIS -- Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) executives will share the management of foreign exchange after the two banks’ merger on April 30, it emerged last week.
Resona opts for Reuters’ FX platform
TOKYO -- Resona Bank expects go live with an FX-dealing internet platform hosted by Reuters in April. The Japanese bank has selected Reuters Electronic Trading for Automated Dealing (Retad) as the foundation for the platform, which will be aimed at…
ACI reaffirms manager liability for fraud
LONDON -- Ultimate responsibility for misdemeanours on the trading floor rests with senior management, forex industry body ACI reminded market participants last week, in a letter prompted by recent reports of "alleged fraud or malpractice" in the…
More banks put money on research
LONDON -- ABN Amro and Barclays Capital are among the increasing number of banks putting money on their trade recommendations for FX. Both have allocated money to start trading on model portfolios this year, joining CSFB, Citigroup and JP Morgan Chase as…
Firms race for North American retail investors
NEW YORK -- Trading firms and exchanges are building FX products targeting the retail market, as retail investor interest in foreign exchange soars in North America.
EBS set to cut delays with direct data feed
LONDON -- Spot broker EBS will launch a new direct data feed today, February 2, which aims to cut delays in the distribution of its spot prices from third parties such as Bloomberg, Moneyline and Reuters.
Taiwan’s Sinopac chooses GFI
TAIPEI -- US inter-dealer broker and market data supplier GFI last week announced that Taiwanese financial institution Bank Sinopac has started using Fenics FX, GFI’s flagship forex options pricing, analytical and revaluation system.
FX group works on Fix 4.5
NEW YORK -- The Fix (Financial Information Exchange Protocol) FX working group is preparing an analysis of the requirements for applying the next version of the protocol to foreign exchange.
HSBC NY makes senior appointments in forex
NEW YORK -- HSBC has made two senior hires to its New York FX business.
NAB ‘rogue trading’ dates from 2002
MELBOURNE -- Alleged rogue trading in forex options at National Australia Bank (NAB) had been going on for at least a year before the bank’s original estimate, an NAB official said last week, as the bank revised its final estimate for losses up to A$360…
Global Link upgrades matching
HONG KONG -- Global Link, State Street Bank’s e-commerce platform, will release an upgraded version of its real-time, FX multi-counterparty trade matching and confirmation system this week.
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
TraderTools on FXall
Multi-bank FX platform FXall has granted New York-based vendor TraderTools a licence to offer its STPlatform for automated streaming prices via FXall.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Cognotec banks on Hotspot
LONDON -- HotspotFXi is set to add to its list of market makers this quarter as new banks connect to the trading platform through Cognotec, Hotspot chief executive officer John Eley said last week. The first banks to use the connection are currently in…
Fix appoints forex co-chairs
NEW YORK -- The Fix Protocol FX working group has appointed Jack Lemonik, chief technology officer at FXall in New York, and Steven Donovan, director of investment technology at investment manager Massachusetts Financial Services (MFS), as its co-chairs.
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…