News
Flextrade beta-tests MilanFX system
NEW YORK – Trading technology vendor Flextrade has started beta-testing its block FX trading platform MilanFX, it told FX Week . The vendor becomes the first to roll out a block trading venue for foreign exchange and employ a dark pool of liquidity.
Top Australian banks report bumper FX profits
SYDNEY & MELBOURNE – National Australia Bank (NAB), ANZ and Westpac reported decreased overall profits in the six months ending September 30, reflecting the slower trading climate over the past few months.
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.
CME and SGX renew their mutual agreement
CHICAGO & SINGAPORE – Chicago Mercantile Exchange (CME) and Singapore Exchange (SGX) last Monday (October 30) renewed their mutual offset system (MOS) agreement, which allows clearing of certain products at either CME or SGX.
CFTC proposes measures to improve futures self-regulation
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has proposed measures to improve self-regulation in the futures industry.
ABN Amro cuts 500 more IT and risk jobs
AMSTERDAM – The Dutch banking group ABN Amro is cutting 500 more jobs from its IT and risk divisions, according to bank officials.
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.
FXMarketSpace grows with EBS hires
NEW YORK & LONDON – Trading platform FXMarketSpace has poached two staff from rival EBS as part of its buildup ahead of launch next year.
CoesFX faces further restrictions
LAS VEGAS & PLAINVIEW, NEW YORK – Spot FX Clearing corporation, the company that handles clearing of flow on CoesFX's platform faces suspension from the National Futures Association (NFA).
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.
Industry gathers for annual FX Week Europe conference
LONDON – Time is running out to book a spot at FX Week Europe , where delegates will have a rare chance to see Icap's Michael Spencer.
Calyon appoints Catalanello to spearhead forex
NEW YORK – Calyon has hired Robert Catalanello as head of FX in New York. Catalanello left Merrill Lynch, where was head of global FX client sales, in September ( FX Week , September 4). His role at Merrill involved developing and implementing the bank's…
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…
Vietnam PM orders quick trial in ABN Amro case
HANOI – Vietnam's prime minister, Nguyen Tan Dung, ordered a speedy trial of ABN Amro last week over allegations that the bank's traders broke FX trading regulations.
Compagnie Financière Tradition reports rise in turnover
LAUSANNE – Financial product interdealer broker Compagnie Financière Tradition last Thursday reported a 21.7% increase in turnover from Q3 2005 to Q3 2006.
E-commerce source of best forex talent, says market
GLOBAL – Forex staff with e-FX skills and experience are the new recruitment market 'sweet spot', according to banks and headhunters.
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.
Misys signs three top Asian institutions
ASIA-PACIFIC – Misys has expanded its presence in Asia with the signing of three of the continent's largest and most influential institutions. The technology vendor has signed agreements with Chinese banking giant ICBC, the Manila-based Asian Development…
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.
ODL moves into spread betting
LONDON – Broker ODL is to establish an FX spread-betting operation to target UK consumers early next year, the company said.
Custom House opens new Asia-Pacific headquarters
AUCKLAND – Foreign exchange specialist Custom House has opened a new office in New Zealand and made it the regional head office for Asia Pacific.
Banks build forex in Asia
JAKARTA & SINGAPORE – There have been senior moves at major banks in the Asia-Pacific region this week, as banks look to boost their teams in the region.
US banks report profits down in third quarter
NEW YORK & CHARLOTTE, N CAROLINA – Citigroup, Morgan Stanley and Bank of America released positive earnings reports for the third quarter, but all failed to profit from their FX businesses.