Infrastructure
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.
CLS: a slow adopter, sticking fast
The move by CLS into China reflects well on the settlement system. The fact that the bank-owned utility spent more than two years diligently negotiating Bank of China’s (BoC) path to becoming a shareholder shows it is genuine about welcoming emerging…
Bank of China broadens CLS horizons
HONG KONG & BEIJING – Bank of China (BoC) has become a shareholder in CLS Group, as the world’s largest emerging economy takes another step towards integration into global capital markets.
Credit Suisse starts algorithmic trading
LONDON – Credit Suisse is developing multi-asset algorithms to complement its Advanced Execution Services (AES) suite of algorithmic trading capabilities, according to an official at the bank.
BIS: debt now bigger problem than inflation
BASEL – The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).
Bank of China broadens CLS horizons
HONG KONG & BEIJING – Bank of China (BoC) has become a shareholder in CLS Group, as the world’s largest emerging economy takes another step towards integration into global capital markets.
The underrated value of a quiet market
History shows that times of strife produce the greatest technological innovations. The First World War hastened the use of aircraft as a practical technology rather than a hobby for the wealthy. The Second World War sped mankind’s journey into space and…
AIB to pay €30m for overcharging
DUBLIN – Allied Irish Bank (AIB) is to pay over €30 million in further damages relating to foreign exchange overcharging, ending a two-year investigation into the matter.
BarCap joins algo bandwagon
LONDON – Barclays Capital (BarCap) has joined a select group of banks that has started offering algorithmic trading for forex over their single-bank platforms.
BarCap enhances white-labelling
LONDON & MOUNTAIN VIEW – Barclays Capital has enhanced its white-label offering, signing an agreement with California-based Integral.
AIB to pay €30m for overcharging
DUBLIN – Allied Irish Bank (AIB) is to pay over €30 million in further damages relating to foreign exchange overcharging, ending a two-year investigation into the matter.
Bank of America adds to ETS
Bank of America is enhancing its suite of e-trading capabilities to include live options execution, improved pricing and risk management among other new features.
SG CIB realigns FX business
LONDON & PARIS – SG Corporate and Investment Banking (SG CIB) plans to realign its foreign exchange business within a new fixed income, currencies and commodities division early next year.