Infrastructure
Credit Suisse launches back-office outsourcing service
LONDON AND ZURICH - Credit Suisse has launched a back-office outsourcing service for banks and corporates.
UBS's corp sales head to depart
SYDNEY AND LONDON - UBS has undergone major changes in foreign exchange globally, with a change to the global head of corporate FX and a promotion in the structuring group.
CLS heads for the buy side
NEW YORK - CLS is to expand into non-deliverable forwards (NDFs) and OTC options - a move that could pave the way for far greater buy-side participation on the settlement system.
CLS PROFILE: the benefits of membership
Newton Investment Management, a UK fund management subsidiary of Mellon, joined CLS as a third-party member in March 2004. Mohsin Siddiqi (right), supervisor, trade operations, explains what drove the decision to join the system and what benefits it has…
CLS THREE YEARS ON: CLS set to corner settlement market
Three years after its creation, the continuous-linked settlement service (CLS) looks to be on track to meet its goal of getting 90% of spot FX trades settled in five years, with well over 50% of trades transacted using the system already.
RBS offers multiple FX pricing
LONDON – The Royal Bank of Scotland (RBS) is extending its swaps and forwards capabilities by offering prices on multiple platforms. The bank will be live with prices for swaps and forwards on Currenex in coming weeks, on a request-for-quote (RFQ) basis.
Fimat to become CLS member
LONDON – Brokerage firm Fimat will be going live on the continuous-linked settlement (CLS) service by the end of September, a senior official told FX Week .
The technology to succeed
In-house technology will drive volumes and profit, says Charles Marston, chief executive officer at Calypso in San Francisco
The relative merits of zero-premium structures
Zero-premium structures can do a better job as a hedge than a vanilla instrument, when the full cost of insurance is paid. By Kenrick Ramlochan, director, FX analytics and risk advisory at ABN Amro in London
Keeping current at Currenex
In the second in a series of interbank profiles, FX Week looks at the prospects of Currenex
Broker consolidation in the spotlight
LONDON – Consolidation of the broking industry is looming large again, with the unexpected announcement by Collins Stewart Tullett (CST) last week that it had received a number of bids for the company.
Deutsche boosts prime brokerage
LONDON – Deutsche Bank has extended its prime brokerage offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
CLS cuts costs as well as risk, says survey
LONDON – The introduction of CLS has cut processing costs of FX transactions almost three-fold, according to a survey by Z/Yen, a city-based market research firm.
Industry resilient to shocks
NEW YORK – The new dynamics of the foreign exchange industry has meant that the industry is better equipped to react to major disruption in the market.
JP Morgan signs fund customer to Reuters
NEW YORK – JP Morgan became the first bank last week to go live with fund customers for Reuters' buy-side initiative Reuters Trading for Foreign Exchange (RTFX).
GFT opens Aussie office
SYDNEY – Global Forex Trading (GFT), the provider of real-time currency dealing, pricing and services for retail and institutional forex traders, has begun operating a field office in Sydney, Australia.
FX Connect hikes prices pre-upgrade
BOSTON – Multi-bank portal FX Connect has put up charges by 25–40% across the board, and is to implement a wide-scale upgrade of its system.
New name and chief executive for Tullet
NEW YORK – Tullett Financial has changed its name following the merger with Prebon, and named G Andrea Danese as chief executive. The company will now be known as Tullett Prebon Information.
CLS Bank settles new record in daily volume
LONDON AND NEW YORK – CLS Bank International (CLS Bank), the global settlement firm, set a new record for the volume of payment instructions settled in one day.
Hedge fund interest in forex continues
London – High profile banks and investment houses are launching currency fund of hedge funds (FOHFs), showing the continuing interest as FX as an asset class.