Infrastructure
BoNY launches upgraded version of iConfirm
NEW YORK – The Bank of New York has launched a new version of iConfirm, a web-based system that automates confirmation processing for FX trades.
Celent consulting report hails the exchange model
PARIS – The exchange model is set to be the future model for FX, according to a report released last week.
Currenex set to move into new asset class
NEW YORK – Trading technology vendor Currenex is going multi-asset class, according to officials at the company in New York.
New platforms: ready, steady, go
And it's all systems go, literally. FXMarketSpace is very close to testing in a live environment, with final details being put in place. Meanwhile others, such as FXall's new anonymous trading platform, should have begun piloting by now.
FinIQ rolls out DCD white-label
SINGAPORE – Technology vendor FinIQ has released a white-label version of its structured deposit pricing and processing system for dual currency deposits (DCD) distribution.
CME, Reuters finalise FXMarketSpace
CHICAGO & LONDON – The Chicago Mercantile Exchange (CME) and Reuters are making final preparations for the launch of their joint-venture platform, FXMarketSpace.
Forex gap widens between London and New York
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the boom in mergers and acquisitions (M&A) and proximity to emerging markets provides a boost to the UK capital.
The importance of best execution
The biggest piece of news to come out of last week is the sale of Currenex to State Street for $564 million.
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
Currenex builds out order types
LONDON – Currenex has released version 9.0 of its trading software, which sees the inclusion of advanced order types.
PVB goes live with Misys cross-asset system
MANILA – Philippine Veterans Bank (PVB) has gone live with cross-asset processing system Misys Opics Plus for its FX business.
Rivals are set to gain from merger of French brokers
LONDON – The announcement of a proposed merger between Société Générale's Fimat and Calyon Financial has already prompted some staff to start looking for alternative employment, say market sources.
FXMarketSpace to spur consolidation
WESTBOROUGH, MASSACHUSETTS – FXMarketSpace will facilitate consolidation in e-FX, according to Robert Iati, partner at research and advisory company TABB Group.
EBS pushes out netting service
LONDON – EBS has begun rolling out its new netting service to prime broking banks, after completing a pilot with ABN Amro.
BNP Paribas overhauls e-business
PARIS & NEW YORK – BNP Paribas has overhauled its electronic foreign exchange business as it looks to establish itself as a leading player in the arena.
Consolidation is the key theme
The theme of consolidation in the brokerage industry continues this year, with Société Générale and Calyon confirming exclusive negotiations to merge their brokerages Fimat and Calyon Financial. But what happened to all that talk about consolidation in…
ABN Amro cuts back London forex staff
LONDON – ABN Amro has made cuts to its London FX team, resulting in the departure of John Marley, European head of sales.
FXall volumes surged 45% in 2006 on growing market
LONDON – Trading volumes on multibank platform FXall surged 45% in 2006, with over $9.8 trillion traded on a single-count basis.
India pledges to pursue a less restrictive FX strategy
MUMBAI & HONG KONG – Indian prime minister Manmohan Singh issued a statement last week, confirming the country's commitment to gradually move towards a less restrictive forex regime.
UBS beefs up its PTS Services post-trade system
NEW YORK – UBS enhanced its post-trade services last month, introducing a number of added capabilities to its post-trade processing portal, PTS Services Portal.
A flying start to 2007
GLOBAL – The year is off to a flying start as currency markets opened with a healthy level of volatility last week, said traders.
May 2006 - Currenex launches CX SmartOrder
LONDON – Currenex an-nounced plans to move into algorithmic trading with the launch of CX SmartOrder, a platform that enables customers to use a number of standard models or to create their own.