News
Fix Protocol upgrades its forex messaging system
NEW YORK – Forex messaging is to be enhanced, with the latest version of Fix Protocol set for launch in November.
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
Fimat opens banking branch in Hong Kong
HONG KONG – Brokerage firm Fimat International Banque opened a bank branch in Hong Kong last week, which will act as a regional hub for the firm.
London's forex share continues to increase
LONDON – The UK continues to be the centre for foreign exchange, accounting for nearly a third of global foreign exchange turnover, according to research released last week.
Slovakian bank adopts TremaSuite software
BRATISLAVA – The National Bank of Slovakia (NBS) has adopted Wall Street Systems' TremaSuite treasury and asset management software to manage its front, middle and back office banking functions.
Aegis seeks to introduce forex industry standard
NEW YORK – Aegis Software has developed a framework that it is seeking to introduce as an industry standard in tracking workflow for FX and futures trading.
Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
LatentZero enables hedge funds to use Capstone software
LONDON – Technology vendor LatentZero last week added functionality to enable hedge funds to use its Capstone portfolio analysis software.
ABN Amro
HANOI – ABN Amro violated Vietnamese banking regulations, according to an audit report by the State Bank of Vietnam.
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.
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
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.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.
China and Indonesia amend bilateral swap
BEIJING & JAKARTA – The People's Bank of China (PBoC) and Bank Indonesia (BI) have raised the value of their bilateral swap agreement (BSA) under the Chiang Mai Initiative (CMI) to $4 billion.
Reuters attributes Q3 results to growth in algorithmic trading
LONDON – Growth in algorithmic trading and strong FX market activity has influenced Reuters' higher than expected third quarter profit reports.
WestLB expands its commodities desk
Düsseldorf – WestLB is establishing a new multi-product commodities trading desk in Düsseldorf that will cater to domestic and global clients.
Sharia forex hedges take off
KUALA LUMPUR & DUBAI – The market for sharia-compliant forex hedges continues to grow, with Citigroup structuring the first cross-border sharia-compliant cross-currency profit rate swap worth $230 million.
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.
The Singapore solution
The FX Week Asia conference held in Singapore last Tuesday attracted some of the industry's leading practitioners to examine the diverse challenges facing the market today. Here, we bring you some of the news from the event
FXMarketSpace ups ante
LONDON – Twenty banks have committed to becoming clearing prime brokers on the FXMarketSpace platform, a senior official at the CME/Reuters venture told FX Week .