Post-trade

Saxo in executive shake-up

COPENHAGEN - Christian Frahm, senior executive director and head of Europe, excluding UK and the Middle East, at Saxo Bank in Copenhagen, left the bank last month.

StanChart first for trade volumes

LONDON - Standard Chartered has been ranked first for trade transaction volumes in Hong Kong, Singapore and the UAE by industry messaging co-operative Swift.

Parker FX Index up 1.4% in October

STAMFORD, CT - The Parker FX Index was up 1.44% in October as managers benefited from a declining US dollar, which was down -1.6% against a basket of G-6 currencies.

CLS launches NDF settlement

LONDON - ABN Amro, Credit Suisse, Fortis, HSBC and the Royal Bank of Scotland became the first settlement banks to go live with non-deliverable for-wards settlement over settlement system CLS last week.

Icap completes Traiana deal

LONDON & NEW YORK - Interdealer broker Icap completed the acquisition of New York-based post-trade technology vendor Traiana on December 4.

Forex cons caught red-handed

DETROIT - The Michigan Federal Court has ordered Millenium Trading Group and Worldwide Clearing of Florida, as well as Florida resident Cedric Stanton, to pay more than $10 million in sanctions.

South Korea FX on the rise

SEOUL - Average daily volumes in South Korea's interbank foreign exchange market rose 33.2% in the third quarter of this year versus the second quarter, reaching $23.05 billion, amid heightened FX volatility.

StanChart names flow head

SINGAPORE - Standard Chartered has named its new global head of flow foreign exchange options trading, a year after Richard Leighton was promoted to London-based global head of FX from a role as global head of FX options.

Commerzbank loses sales chief

LONDON - Commerzbank has seen the departure of Hugues de la Marnierre, London-based global head of sales, amid a restructure at the bank.

LBBW goes live with Misys options module

STUTTGART - Landesbank Baden-Württemberg (LBBW) has gone live with a new options module from technology vendor Misys, as part of a wider upgrade in the bank's back office treasury operations.

BNP demands $50 million from SembCorp

SINGAPORE - BNP Paribas is demanding US$50.7 million from Singapore-based marine engineering company SembCorp Marine's subsidiary, Jurong Shipyard, for losses from unauthorised foreign exchange trades, the company revealed last month.

Mifid spurs e-trading growth

LONDON - Best execution requirements under Mifid could boost growth in electronic foreign exchange volume, according to a keynote address at last week's FX Week Europe event.

Pre-operational netting now a necessity

LONDON - This summer's credit crisis has highlighted the need for the foreign exchange industry to resolve back-office burdens created by ticketing growth, according to Andy Coyne, global head of FX prime brokerage at Citi.

FX algos no longer just for big players

LONDON - Gaining an edge in foreign exchange execution through trading algorithms is no longer the domain of just the largest forex dealers, according to a panel at the FX Week Europe congress last week.

How to prepare for reduced volatility

In the aftermath of credit-related market turmoil, Neil Mellor, currency strategist at The Bank of New York Mellon in London, suggests a way to prepare for a return to more historically typical levels of volatility

SuperD adds inflation products to platform

NEW YORK - Derivatives data and pricing software vendor SuperDerivatives is adding support for inflation-linked securities and derivatives to its SD-IR interest rate derivatives pricing module, in response to client demand for data to hedge inflation…

Time for a new market structure

The irony of the FX markets is that calls for post-trade efficiencies today are rooted in the overall efficiencies seen to date. But the fact is that the market is reaching a critical turning point.

FXMarketSpace trading slow in October

CHICAGO - Trading on FXMarketSpace continued to decline in October, with average daily volumes dropping 16% to $696 million, according to figures released by the platform last week.

360T signs up to Harmony

NEW YORK – 360T is set to provide straight-through processing (STP) on multibank platform TEXR Multidealer Trading System and spot FX aggregator Supersonic TEXR using the Traiana Harmony network.

Banks slow to prepare for Mifid

PARIS – Investment banks have spent 20–25% less than initial estimates on preparations for the Markets in Financial Instruments Directive (Mifid), according to research from Paris-based IT service provider Atos Origin.

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