News
UK pension funds face cashflow crisis
LONDON - A predicted GBP downturn means pension funds in the UK need to be prepared to pay out "real money" on losses from passive currency hedges on their overseas investments, warned currency managers.
Citi launches Japan desk in India
NEW DELHI - Citigroup is launching a Japan-focused desk in New Delhi at the end of January, to cater to a growing number of Japanese corporate clients in the country.
S&P introduces Currency Arbitrage index
LONDON - London-based ratings agency Standard & Poor's has launched a family of indexes designed to model arbitrage strategies in the financial markets. They include the Currency Arbitrage index.
CFTC stays quiet on forex scam
WASHINGTON DC - The United States Commodity Futures Trading Commission (CFTC) said it could neither "confirm nor deny" the existence of an investigation by its offices into a US man who allegedly defrauded investors millions of dollars.
Danske Markets expands with GFI's Fenics FX
LONDON - Danske Markets is rolling out pricing and risk management software Fenics FX in Copenhagen, Stockholm, Helsinki, Oslo, London, Dublin, Belfast, Luxembourg and Warsaw.
dbFX goes Spanish
LONDON - Deutsche Bank plans to extend its coverage of the retail foreign exchange market by launching margin trading platform dbFX in additional European languages this year.
UBS wins A&L's options outsourcing
LEICESTER - Alliance & Leicester (A&L) has contracted UBS to provide foreign exchange options technology to the UK bank.
Deutsche woos private clients
LONDON - Deutsche Bank has established a private clients foreign exchange team in London and Zurich, to target the expanding high-net-worth client base.
Rand Merchant Bank to roll out e-trading
JOHANNESBURG - Rand Merchant Bank (RMB), a division of FirstRand Bank, plans to go live with a multi-asset class electronic trading platform by Q3.
Reuters launches enhanced prime brokerage service
LONDON - Ten banks and buy-side clients have begun using a revamped prime brokerage offering by Reuters to trade over electronic trading system Spot Matching.
CME e-trading upgrades save time and money
CHICAGO - CME Group has announced several product and technology enhancements aimed at reducing response time and cost.
Tullett Prebon expands product range in Japan
LONDON & TOKYO - Interdealer broker Tullett Prebon has restructured its Tokyo joint venture with broker-dealer house Central Tanshi, a move that will have a big impact on revenues coming out of Japan, a company official told FX Week .
FX market goes back to fundamentals
LONDON - A correction in overvalued currencies and risk aversion will promote strategies based on economic factors and real value this year, say analysts.
GFI trades first interbank rouble swaption
Interdealer broker GFI Group brokered the first interbank over-the-counter ruble interest rate option trade at the end of November.
Dah Sing Bank deploys Fenics FX
HONG KONG - Dah Sing Bank has begun using foreign exchange options pricing and risk management system Fenics FX, developed by interdealer broker GFI, at its Hong Kong-based treasury department.
Barclays promotes four FX managing directors
LONDON & FRANKFURT - Barclays Capital's foreign exchange division has started the new year with four new managing directors.
Travelex takes on TwoFour
Foreign exchange specialist Travelex will begin using TwoFour as its global FX trading system following its acquisition of Ruesch International, a business-to-business global payment systems vendor.
Swedbank goes live with e-FX price stream
STOCKHOLM - Swedbank plans to offer streaming foreign exchange rates over its proprietary platform and multi-bank platform, FXall, by the end of this month.
Nordea builds algorithms
COPENHAGEN - Nordea plans to begin using algorithms for trading and risk management within the first half of this year, a senior official has told FX Week .
UBS launches Greenhouse Index
LONDON - UBS is set to launch UBS Greenhouse Index (UBS-GHI), a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits, on January 23.
UBS loses staff to Julius Baer
SINGAPORE - Bank Julius Baer has expanded its marketing team in Singapore with senior hires from Swiss rival UBS.
Currenex platform revamp boosts corporate coverage
NEW YORK - Currenex has released a redesigned platform in an effort to boost activity from the corporate market, FX Week has learned.