Infrastructure
Icap should get the options ball rolling
The FX Week Europe Congress was the biggest and best yet. The brightest star among many was Michael Spencer, chief executive of Icap, who explained his plans to expand his business into electronic FX options.
NFA expels Spencer Financial
NEW YORK – The National Futures Association (NFA) has expelled forex dealer member Spencer Financial from NFA membership following its failure to implement an adequate anti-money laundering regime.
Sovereign Bank live on Sierra platform
PHILADELPHIA – Sovereign Bank is using an FNX Solutions web-based Sierra platform for the its FX operations, the treasury and capital markets technology provider announced last week.
FXPB: a growing divide
LONDON – Foreign exchange prime brokers (FXPB) have started to split into full-service providers and those targeting niche markets, according to panelists at the FX Week Europe Congress last week.
Malaysia sets up payment-versus-payment system
HONG KONG & KUALA LUMPUR – The Hong Kong Monetary Authority and Malaysia's central bank (Bank Negara Malaysia) launched a cross-border payment-versus-payment (PvP) settlement system last week.
Staying a step ahead of the pack
Icap's move to shift the emphasis of its voice-broking capabilities to emerging markets is indicative of how the company has achieved its current dominant position as a global force in money broking.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.
Fimat expands in Hong Kong
SYDNEY & HONG KONG – Fimat's decision to open a bank branch in Hong Kong will enable it to substantially increase its FX operations, the Société Générale-owned broker said.
Citigroup extends into Cyprus
NICOSIA – Citigroup has extended its forex settlement capabilities to Cyprus with the extension of its direct custody and clearing (DCC) network to the country. The move comes as part of a wider move into Cyprus. It will see the bank offering…
FXall posts record daily volumes in October
NEW YORK – Multibank platform FXall last month reported record volumes at $64 billion in a single day, on Tuesday October 31.
Hedging ahead of takeover activity
Stephane Knauf, Global Head of FX Structuring at Citigroup in New York, proposes deal-contingent forwards and options to hedge risks ahead of a potential cross-border acquisition
Grupo Santander goes live with SuperDerivatives platform
MADRID – Grupo Santander has licensed SuperDerivatives' commodities and energy real-time pricing and analytics platform SD-CM, as it expands its European and Latin American energy and metals derivatives business.
RBS veteran McHugh retires
LONDON – Cian McHugh, global head of FX services, last week retired from the Royal Bank of Scotland (RBS) in the latest in a series of senior departures.
How to play gravity-defying USD/JPY
Peter Luxton, Global Markets Adviser and Shant Movsesian, Senior Options Analyst at Informa Global Markets advise taking dollar bulls into account when trading on potential weakness
Banca Aletti takes Risque approach
PARIS – Banca Aletti is going live with technology vendor Sophis' Risque front- to back-office system for its FX derivatives business.
Vwd expands Tullett package
FRANKFURT – German data vendor vwd has expanded its Data Manager Treasury end-of-day FX and money markets data package with extra information from Tullett Prebon Information, the data arm of broker Collins Stewart Tullett.
Currenex launches catalyst program
NEW YORK – Trading technology vendor Currenex has launched a testing program for third-party software vendors to aid in the development of new products.
FX volume to exceed $3 trillion by 2007: TowerGroup research
NEEDHAM, MASSACHUSETTS – Global FX daily average volumes will reach $3.6 trillion by 2007, according to research released last week.
Citigroup launches custody services in Sweden
STOCKHOLM – Citigroup's global transaction services business is to provide direct custody and clearing (DCC) services to clients in Sweden.
Wall Street rebrands to expand forex business
SYDNEY – Wall Street Systems has rebranded to reflect the growing importance of foreign exchange to its business.
Payments industry gathers in Sydney
SYDNEY – Denmark's Sydbank has added an FX order management system from technology vendor Cognotec, as part of an upgrade to its electronic trading platform.
Human touch will always be needed
Markets have been on the move again this week. Comments from retired Fed chairman Alan Greenspan about the US housing market and noise surrounding China's reserve policy ensured that the greenback at last broke through the 1.26–1.28 range that it had…
Traiana and Flextrade provide algo STP
Trading technology vendors Traiana and Flextrade have teamed up to enable straight-through-processing (STP) of algorithmic trades over their systems.
Rennies adopts CheckFree solution
SYDNEY – Rennies Bank, a South African forex specialist, is now employing CheckFree's Accurate NXG straight-through processing solution to help better manage potential operational risk for internal and external customers.