Tech and data
Weighing up the alternatives
Jeffrey Lins , Executive Director of Quantitative Analysis at Saxo Bank in Copenhagen, evaluates the pitfalls of using maximum drawdown-based performance measures, and points to recent advances that may help to expand opportunities for investment…
JP Morgan launches implied volatility indexes
LONDON – JP Morgan has launched indexes tracking the level of G7 and emerging-market implied volatility, which it says will appeal to the wider institutional investor community.
Quick, look busy! Here comes Mifid
Chip Lowry , senior managing director of State Street Global Link in Europe, looks at what Mifid will mean for the foreign exchange industry
Banks team up to launch benchmark currency indexes
LONDON & FRANKFURT – Deutsche Bank, UBS and Barclays Capital have signed up with iBoxx to launch currency indexes that they say will act as an industry-wide benchmark.
The mixed blessings of co-operation
Co-operation in the foreign exchange industry has generally tended to bolster the market.
Algo trading to double, says Eurex
CHICAGO – "The rise in activity of algorithmic traders is impressive, and it's changing the nature of electronic trading," said Andreas Preuss, chief executive of Eurex.
Tullett Prebon launches multi-asset market data service
LONDON – Tullett Prebon Information, the market data division of interdealer broker Tullett Prebon, last week launched its market data service, Mark2Marker.
Deutsche Bank adopts latest version of Reuters Messaging
FRANKFURT – Deutsche Bank is currently working on migrating to the upcoming version 6 of Reuters Messaging (RM), which is due for release next month, according to officials at the vendor.
EBS credited for 75% rise in e-broking revenues at Icap
LONDON – Spot broker EBS was largely behind a 75% rise in second-half electronic broking revenues at interdealer broker Icap, the broker said last week.
BarCap joins LiquidityHub
NEW YORK – Barclays Capital (BarCap) has joined the LiquidityHub bank consortium, which plans to aggregate liquidity and market data for electronic trading, for their clients.
Icap should get the options ball rolling
The FX Week Europe Congress was the biggest and best yet. The brightest star among many was Michael Spencer, chief executive of Icap, who explained his plans to expand his business into electronic FX options.
EBS and Reuters pool resources for BoE
LONDON – Rival brokers EBS and Reuters are pooling resources to launch a new benchmark page for spot FX price fixings, to replace data currently provided by the Bank of England (BoE).
Asia to support global growth
LONDON – Asia holds the key to global growth amid a US slowdown, Marios Maratheftis, FX strategist at Standard Chartered in London told delegates at last week's FX Week Europe Congress.
Citigroup plays catch-up
Citigroup's recent investment in forex technology appears to be paying off, as demonstrated by the bank's resurgence this year
Sovereign Bank live on Sierra platform
PHILADELPHIA – Sovereign Bank is using an FNX Solutions web-based Sierra platform for the its FX operations, the treasury and capital markets technology provider announced last week.
EBS/FXMarketSpace rivalry heats up
LONDON – The standoff between newcomer FXMarketSpace and incumbent platform EBS revved up last week, with EBS claiming the former will favour Chicago-based users.
CFTC fines Florida forex firm
WASHINGTON DC – Florida Federal Court last week ruled against foreign exchange firm G7 Advisory Services, in a $2.1 million fraud action brought by the US Commodity Futures Trading Commission (CFTC).
Slovenia to join eurozone
LJUBLJANA – Slovenia is on course to join the eurozone on January 1, according to a report by the European Commission released last Friday (November 10).
Market is over-bearish on greenback – Legal & General
LONDON – The majority of the market is far too bearish on the dollar, according to UK fund manager Legal and General Investment Management.
CME expands FX options opening hours
CHICAGO – Chicago Mercantile Exchange announced it will offer side-by-side electronic and open outcry trading for the majority of its CME FX futures options from December 18.
RCP rolls out new version of Deal Web
LONDON – Technology vendor RCP Consultants this week releases the latest version of its conversational analysis and deal matching system, RCP Deal Web.
Flextrade beta-tests MilanFX system
NEW YORK – Trading technology vendor Flextrade has started beta-testing its block FX trading platform MilanFX, it told FX Week . The vendor becomes the first to roll out a block trading venue for foreign exchange and employ a dark pool of liquidity.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.
CME and SGX renew their mutual agreement
CHICAGO & SINGAPORE – Chicago Mercantile Exchange (CME) and Singapore Exchange (SGX) last Monday (October 30) renewed their mutual offset system (MOS) agreement, which allows clearing of certain products at either CME or SGX.