News
Currenex names new CTO
NEW YORK -- Currenex has hired Sean Gilman as chief technology officer, based in New York. He replaces Matthew Arrott, who left last month.
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Banks failing SMEs on hedging
LONDON -- More than half of UK businesses with exposure to currency transactions totalling £20 million per year are failing to hedge their exposure, according to research produced by currency services firm Travelex in the UK. The lack of protection is…
Nissan Motor takes Reuters risk system
Volkswagen is not the only car manufacturer in the process of increasing its currency risk management. Last week, Reuters announced it has sold its Kondor trade-processing risk and trade management product, Kondor+, to Japanese car manufacturer Nissan…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.
UBS triumphs in currency derivatives
ZURICH -- UBS triumphed again in this year’s currency derivatives categories in FX Week ’s sister publication Risk magazine’s global derivatives rankings.
SG hires three to global institutional sales team
LONDON -- SG has made three new hires to its institutional FX sales team in London. The move is part of the bank’s global effort to boost its institutional sales business, a senior official in New York told FX Week .
NZ dollar to strengthen
WELLINGTON -- The New Zealand dollar is set to strengthen against the greenback to at least 60 US cents by the end of the year, according to market participants in the Asia-Pacific.
Prime brokers pilot FXall message service
LONDON -- Multi-bank FX trading portal FXall will go live with its upgraded prime broker message service in mid-December. The enhancement will automate messaging between the executing bank, prime broker and prime brokerage client irrespective of whether…
Centradia branches out
BEIRUT -- European multi-bank trading platform Centradia aims to branch out into the Middle East, said officials at part-owner SG, which marketed the tool at the ACI Congress in Beirut last week.
Middle East lures FX firms
BEIRUT -- The potential for growing business in the Middle East has this year brought two new firms to industry body ACI’s annual congress, which was held in Beirut last week.
Jobs to go in MMS/MCM merger
LONDON -- Job cuts at forex market commentary providers MMS International and MCM are "inevitable" as a result of UK publishing group Informa’s $37 million acquisition of MMS International last week, officials told FX Week .
Banks facing shortage of German FX sales dealers
LONDON -- Banks seeking to build their institutional FX sales business for German clients are facing a shortage of high-quality personnel, bank officials and recruitment consultants have told FX Week .
Asian intervention tops G7 agenda
DUBAI -- Japanese and Chinese manipulation of the FX market will top the US agenda at this week’s meeting of the Group of Seven leading industrial nations in Dubai, analysts said. The US could shoot itself in the foot, however, as China and Japan are…
HSBC cuts in emerging FX
LONDON -- UK-based bank HSBC has cut about 10 European emerging markets positions in London, as part of a decision to move the management of those currencies back to their local centres, a senior official told FX Week .
Market mourns loss of Model Code author
Denis Nolan, author of the ACI’s Model Code, died at home in county Cork, Ireland on July 20 2003, following a long battle against cancer.
RJ O’Brien launches online FX
CHICAGO -- Futures broker RJ O’Brien will launch online spot FX trading using a white-labelled platform from Michigan-based firm Global Forex Trading (GFT) by the end of this month, a senior official at the Chicago-based firm told FX Week .
PHLX set to launch cash-settled futures contracts
PHILADELPHIA -- The Philadelphia Stock Exchange (PHLX) will launch cash-settled FX futures contracts next month, subject to CFTC approval, a senior PHLX official told FX Week .
JP Morgan Chase to launch white-label forex platform
NEW YORK -- JP Morgan is planning to launch a white-label FX trading platform before the end of the year, becoming the latest entrant in this rapidly developing market.
Dealing for charity
LONDON -- Many City dealers globally will donate a percentage of their day’s profits to London-based charity Children in Crisis (CIC) on September 18.