Infrastructure
RBS to cut 3,000 jobs
LONDON & EDINBURGH - The Royal Bank of Scotland (RBS) is set to cut 3,000 jobs from its global banking and markets division (GBM), with a third of them expected to fall in the UK.
Top banks take DealHub analyser
NEW YORK - Two Tier I banks have adopted Option Computers' DealHub Conversation Analyser module for foreign exchange options, to extract FX options and spot hedge ticket details from Reuters Dealing 3000 conversations.
Best FX Bank Awards: Barclays Capital has e-trading edge
Barclays Capital has usurped UBS to take pole position as the best bank for electronic trading, after coming second in last year's rankings.
Thomson Reuters emerges on top
Thomson Reuters has reclaimed the title of best broker in emerging markets (EM) from Tullett Prebon, while also holding the number one spot in the best market data provider category.
Thomson Reuters shows eye for detail
Thomson Reuters has retained first place as best vendor in the dealing technology category thanks to a focus on detail, according to Paul Allmark, global head of Reuters Electronic Trading (RET).
Customers look to HSBC for stability
HSBC has held on to its title of best bank for foreign exchange in the Asia-Pacific, as customers flock to dealers with a long-standing history in the region during the market turmoil.
Diversity key to success for FXall
FXall has triumphed in the best multibank foreign exchange portal category for the seventh consecutive year.
UniCredit set to launch new FX trading platform
MILAN & LONDON - UniCredit is deploying Caplin Trader and Reuters Electronic Trading - Automated Dealing (RET-AD) as the basis for its single-bank foreign exchange trading platform.
UBS upgrades FXPB tools
ZURICH - UBS has updated its foreign exchange prime brokerage system with an automated trade checker, in a bid to tackle duplication of trade messages.
WestLB drops RealStream
DÜSSELDORF - WestLB is no longer using Cognotec's RealStream Manager and has signed up to Eurobase's Siena Gateway, in a move to streamline its electronic foreign exchange infrastructure.
Forwards spreads start to tighten
LONDON & NEW YORK - Dealers are reporting a retreat in forwards spreads, reflecting marginal improvements in liquidity as Libor eases after weeks of government and central bank action.
Parker FX bounces back
STAMFORD, CT - The Parker FX Index regained lost ground by clocking a 0.24% return during September, as investors' avoidance of emerging market currencies and US banks' hoarding of liquidity caused a continued US dollar appreciation.
A call to action on electronic pricing
The protracted explosion in bid/ask spreads and implosion in liquidity since mid-September is causing mounting frustration among algorithmic traders.
Lehman close-out DTCC's largest ever
NEW YORK - The Depository Trust & Clearing Corporation (DTCC), which provides post-trade clearing and settlement services in the US capital markets, has completed the largest close-out in its history, clearing more than $500 billion of market…
Risk aversion hinders EBU
LONDON - Risk aversion in the financial markets has led to a drop-off in demand for Barclays Capital's synthetic European currency, the European Borrowing Unit (EBU), launched last year.
AthenaTrader 4.2 features more FX tools
NEW YORK - Custom trading and testing software vendor Aegisoft will add new tools to the next release of AthenaTrader, aimed at giving the end user greater control of foreign exchange trades.
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.
E-trading could free Asia from dollar dependency
SINGAPORE - The expansion of electronic trading could lessen Asia's dependency on the US dollar as a vehicle currency, according to Yosuke Tsuyuguchi, director of Bank of Japan's Centre for Monetary Co-operation in Asia.
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.
The confusion over central clearing
Over the past month, the concept of central counterparty (CCP) clearing has taken centre stage, as concerns over counterparty risk consume the market in the aftermath of the collapse of Lehman Brothers in September.