Infrastructure
Cultural change needed post-crisis
BOSTON - As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.
Between a rock and a hard place
Patrick Lefler, foreign exchange consultant at Wall Street Systems in New York, looks at the future of CLS as demand grows for bilateral netting
Global heads quit StanChart
SINGAPORE - Standard Chartered has been hit by senior management departures in Singapore, amid the bank's continuing restructuring, launched at the end of last year.
Ex-EBS chief now at SuperD
LONDON - Jack Jeffery, former chief executive at electronic spot broker EBS, has resurfaced at options pricing and risk management software vendor SuperDerivatives.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering
BoA’s Gotelli joins Wells Fargo
SAN FRANCISCO – Wells Fargo has hired Bob Gotelli as head of global sales for corporate foreign exchange in San Francisco.
Reuters’ RTFX offers algo strategies
LONDON – Thomson Reuters is teaming up with Credit Suisse to introduce algorithmic trading strategies on the Reuters Trading for Foreign Exchange (RTFX) product next month.
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Death by association
The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…
WallStreet FX upgrade ups processing speed to 72 trades a second
NEW YORK – New York-based trading technology vendor Wall Street Systems has upgraded its trade-processing system Wallstreet FX to make it faster, it said last week (May 19)
CLS live with Israeli shekel and Mexican peso
LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Why you should know your customers
If market rumours are anything to go by, Currenex, Fixi and an FX prime broker could be locked in bitter recriminations after an algorithmic trading client of London-based investment house Fixi blew up last month.
China's FX derivatives protocols 'must be clarified', say speakers
BEIJING - China's FX derivatives market must find a way to clarify differences and overlaps between the country's two major protocols on entering into derivatives transactions, said industry observers.
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
Euro threat remains, says UK's House of Lords
LONDON - The euro has managed to avoid an initial quick collapse predicted by many, but the threat has not yet passed, according to the UK's House of Lords.
IMF's policy advisory chair resigns
ROME - International Monetary and Financial Committee (IMFC) chairman Tommaso Padoa-Schioppa has tendered his resignation from chairmanship of the International Monetary Fund's policy advisory committee.
Eurobase enhances limit order support
LONDON - London-based trading technology vendor Eurobase has expanded the foreign exchange limit order processing in its Siena e-Trading system to include more order capture and processing support for non-deliverable forwards, FX spot, outright and swaps.