Tech and data

Faulty switches ground Globex

CHICAGO -- Online FX trading on the Chicago Mercantile Exchange’s (CME) Globex trading platform was hit last week by a five-hour outage. It was taken off-line last Thursday morning (May 1) and re-started after the delay, caused by faulty network switches…

Indian market opens up

MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.

CME FX record down to Globex

CHICAGO -- The Chicago Mercantile Exchange (CME) last week attributed record forex volumes to increasing use of its Globex electronic trading platform.

Riding with the euro

A European client buying US dollars should consider a three-year swap to use the current euro strength to their advantage, says Pritpal Gill, head of structuring at Lehman Brothers in London

Q1 FX joy for Reuters

LONDON -- Technology and information firm Reuters reported a 10% dip in its Q1 earnings, announced earlier this month, but a strong performance from its FX products helped limit the damage.

HSBC white-labelling by Q3

LONDON -- HSBC’s new white-labelling service for foreign exchange trading, which was announced last week, will go live in Q3, according to an official at the bank in London.

A firm view on the rand

Unexpected data revealing South Africa’s current account surplus has led Merrill Lynch to cite a firm view on the rand. Jos Gerson, chief economist for South Africa in Cape Town, explains key factors that must be taken into account in coming to a solution

Firms line up to join FX standards group

LONDON -- The Treasury Workstation Integration Standards Team (Twist), an industry initiative set up to standardise integration between all FX systems, has doubled its membership to more than 50 firms in the past four months.

Staffing and systems key for exotics

LONDON -- Staffing and systems integration are key to the right exotics options pricing model, according to officials speaking at a derivatives seminar held in London last week.

ABN, Deutsche top forecast rankings

LONDON -- ABN Amro was the most accurate currency forecaster based on a one-month prediction made on March 7, while Deutsche Bank took top spot for 3m forecasts submitted three months ago in FX Week ’s table of forecasters (see below).

Client trading volumes rising

LONDON -- Booming hedge fund interest and an increasing number of client banks in the market are boosting global customer forex volumes, according to data from research consultancy Greenwich Associates.

Market uncertainty hits Cognotec

LONDON -- Irish FX trading software vendor Cognotec is cutting three positions in New York and one in Frankfurt in response to continuing uncertain market conditions, said chief executive Brian Maccaba.

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