Foreign exchange

StatPro chooses GFI for options data

LONDON - StatPro, a London-based vendor of analytics and data systems for the asset management industry, has signed a contract to use GFI's foreign exchange options data in its pricing and risk management services.

Strong FX fails to lift CME in Q3

CHICAGO - The Chicago Mercantile Exchange (CME) posted record volumes in foreign exchange products in Q3 but suffered a $28 million loss associated with FXMarketSpace, its joint-venture platform with Thomson Reuters.

Investors shun FX-only funds

LONDON - Fund managers are abandoning foreign exchange-only funds in favour of currency overlay programmes, according to research by London-based client strategy firm ClientKnowledge.

South Korea hits back at foreign media

SEOUL - The South Korean government hit back at foreign media last Wednesday (October 29), claiming Korea is better positioned to withstand the global economic crisis now than it was during the 1997 Asian crisis.

Citi's Sherrard relocates to Asia

LONDON & SINGAPORE - Rodney Sherrard, a foreign exchange options trader for Citi in London, is transferring to the bank's Singapore office to work in correlation trading.

UBS chops 13 in forex

ZURICH - Stephane Treny, global head of foreign exchange corporate sales for UBS, was one of 13 redundancies from the FX team at the Swiss bank's Zurich office last Tuesday (October 28).

StanChart revamps e-pricing

SINGAPORE - Standard Chartered has gone live with a liquidity aggregator developed for its foreign exchange electronic pricing and trading division in Singapore.

MF Global gets new CEO as Davis quits

NEW YORK - Kevin Davis resigned as chief executive of MF Global on October 29 and has been replaced by Bernard Dan, after a turbulent few months for the institutional broker.

Harsh climate suits Aus FX

SYDNEY - Australian foreign exchange dealers expect to continue benefiting from increased deleveraging and client hedging activities seen since September.

FX results up down under

LONDON & SYDNEY - Australian lenders ANZ and National Australia Bank (NAB) have announced strong full-year revenues for foreign exchange, despite revealing overall profits affected by tumultuous financial market conditions.

NFA in FX regulatory crackdown

CHICAGO - The National Futures Association (NFA) is proposing an overhaul of the regulations governing foreign exchange trading for members, in a bid to protect the interests of retail traders in the US.

Managed Models adds two new clients

LONDON - London-based data analytics company Managed Models has signed on two more banks, as institutions seek to add efficiency to foreign exchange liquidity management operations.

BNP Paribas ups the ante in forex

LONDON - BNP Paribas plans to roll out a new foreign exchange trading platform to select clients by the end of the year, in a bid to grow its presence in FX.

Citic admits $2bn loss

HONG KONG - Citic Pacific is being investigated by the Hong Kong Securities and Futures Commission after admitting it could face almost $2 billion in losses due to involvement in unauthorised currency hedging.

SEB's multi-manager fund thrives

STOCKHOLM - SEB's multi-manager currency fund has returned 2.45% over cash on a year-to-date basis and 48 basis points for September, say bank officials.

A return to vanilla

GLOBAL - Banks are preparing for a vanilla year next year in the derivatives market, as investors seek transparent structures in an environment of heightened volatility and inconsistent liquidity.

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