Tech and data
Banks' 'indifference' to IAS 39 hints at software panic-buying
LONDON -- Software vendors are preparing to take advantage of any bank glitches once the IAS 39 accounting standard is implemented on January 1.
Icap deploys Kalahari for Mexican IR and forex trade
NEW YORK – Inter-dealer broker Icap is deploying a customised version of a Mexican interbank forex pricing application from software provider Kalahari.
Bloomberg offers free EBS
NEW YORK – EBS Trader is to be offered through Bloomberg terminals free of charge as the information and market data vendor tries again to make serious inroads into the forex market.
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Calypso looks to crack Asia
TOKYO -- Technology vendor Calypso has hired extra staff in Japan as it aims to get a foothold on the Asian market.
Euro role grows, says ECB
The euro is increasingly being used as an international currency and its place in the global markets is becoming ever more important, a European Central Bank (ECB) official told delegates at the FX Week congress in London last week.
CNY Barometer to monitor pressure against the yuan
HONG KONG – Standard Chartered last week launched a barometer to measure pressures on the Chinese currency.
FXall debuts Altair platform
NEW YORK – FXall, the online FX trading portal, has launched Altair, an upgraded version of its service, to expand its offering to a wider range of products and a bigger customer base.
Bayer Group's two-year plan pays off
LEVERKUSEN – As the dollar continues its slide versus all major currencies – it has lost 8% of its value against the euro in the past two months and 9% against the Swiss franc – corporates are struggling to readjust their hedging strategies.
Concerted intervention ruled out
FRANKFURT – Despite increasingly vigorous comments from European politicians arguing in favour of stemming the onward rise of the euro, concerted intervention from Europe and the US is extremely unlikely.
Trading platforms break records
LONDON – FX trading platforms withstood a massive spike in trading on November 5, as record volumes followed the announcement of better-than-expected US jobs data.
Indian bank takes Reuters to process growing FX volumes
MUMBAI – India's Kotak Mahindra Bank has installed Reuters' Trade Processing system at its head-office in Mumbai to manage growing volumes of currency swaps, bullion trades, interest rate swaps, FX option and structured products trading.
Hantec U-turns on Refco deal
HONG KONG – Hantec Investment Holdings, a Hong Kong-based financial services company, has backtracked on an agreement to discuss licensing investment firm Refco Forex's FX trading system, RefcoFXTrader, less than two months after signing a memorandum of…
UBS link to Fenics for e-options
NEW YORK – UBS is linking broker and software vendor GFI's Fenics options pricing tool to its trading platform, FX Options Trader.
Bush win prompts dollar sell-off
NEW YORK – The re-election of President George W. Bush last week prompted a dollar sell-off, sending the euro to an all-time high just below 1.30 by close of trading on Friday (November 5).
China rate hikes boost FX volatility
CHINA – Volatility in global FX has surged amid speculation that the first rate hike by the People's Bank of China (PBOC) in almost a decade could spark a sooner-than-expected yuan revaluation, according to analysts.
Trading Technologies strikes cash forex trades deal with Hotspot FX
CHICAGO – Trading Technologies International (TT) the Chicago-based software vendor, and Hotspot FX, which operates electronic FX marketplaces, have announced that Hotspot FX will allow TT's customers to transact cash FX trades via TT's X_Trader order…
Funds repatriation bill set to pass
NEW YORK – A bill offering US companies the chance to repatriate overseas earnings at a hugely discounted tax rate is set to be signed into law in the next week – much sooner than previous estimates, said analysts.