News
Asia Pacific: RBS launches US dollar swap trading in Asia via Bloomberg
HONG KONG – The Royal Bank of Scotland (RBS) launched US dollar swap trading last week during Asia business hours on Bloomberg.
EM currency positions hit
LONDON – The sharp moves in emerging markets (EM) currencies seen over the past few months are likely to lead to a shake-up in trading strategies.
CLS Bank settlement volumes rise in May
NEW YORK – CLS Bank International (CLS Bank) has reported a further rise in settlement volumes.
CMS updates VT Trader
NEW YORK – Online currency-trading firm CMS Forex has introduced a new version of its chart-based platform, VT Trader, with 100+ tools and technical indicators, enhanced charting and more customisable options.
Rouble now fully convertible
MOSCOW – The Russian rouble became fully convertible last week, signalling a new era for the country's financial markets.
E-FX luring bank talent
LONDON – Players in the e-FX space are luring talent from traditional banks as the e-forex landscape evolves, according to market participants.
FX investors defrauded
FLORIDA – Some 250 retail FX investors are set to receive $2.7 million in compensation, after a fraud committed by Gibraltar Monetary Corporation was uncovered by the CFTC.
Algorithmic trading takes centre stage
LONDON – The algorithmic trading market has mushroomed to around one fifth of the total volume of FX trading, according to Icap, London-based interdealer broker.
New algo trading tool from tech vendor trio
NEW YORK – Technology vendors Portware, Random Walk Computing and IBM have teamed up to launch Portware on Power, a new system for algorithmic trading.
Morgan Stanley posts strong results
NEW YORK – Morgan Stanley reported net income of $1.957 billion for Q2 2006, up 111% year-on-year and up 25% on the last quarter.
CLS sets new one-day record
LONDON & NEW YORK – CLS Bank International (CLS Bank) has set a new record for the value of payment instructions settled in one day.
Currenex signs two STP deals
LONDON – Currenex, the FX platform and technology vendor, has signed two straight-through processing (STP) deals with technology vendors BT Radianz and Wall Street Systems (WSS).
SuperD hires for e-trading capability
LONDON – SuperDerivatives is developing online trading capabilities for its options pricing and risk management software, and has made a senior hire to lead the effort.
Wan resurfaces at WestLB
HONG KONG – Dennis Wan, former head of China sales and head of FX sales for Asia at JP Morgan, has resurfaced at WestLB.
CLS in MarketSpace talks
NEW YORK – CLS is in discussions with Reuters and CME about the clearing element of the MarketSpace initiative, as the settlement system seeks to ensure its long-term sustainability.
GFI rolls out pricing tool for structured products
NEW YORK – Interdealer broker, GFI has released a new version of its pricing and risk management software, incorporating a structuring and pricing tool for structured products.
Lava spreads to Russia
MOSCOW – Lava Trading will introduce trading in the Russian rouble on its FX trading platform, Lava FX, it announced at the ACI Russia International FX seminar in Moscow last week.
FXC issues guidance paper on autodealing
NEW YORK – The Foreign Exchange Committee (FXC) has published a paper on autodealing, covering market impact and best-practice recommendations for dealers and prime brokers.
CME to offer Renminbi
HONG KONG – The Chicago Mercantile Exchange (CME) announced last week that it is set to list futures contracts and options on futures on the Chinese renminbi against the US dollar, the euro and the yen.
CLS in MarketSpace talks
NEW YORK – CLS is in discussions with Reuters and CME about the clearing element of the MarketSpace initiative, as the settlement system seeks to ensure its long-term sustainability.
Central banks to diversify
LONDON – The world's central banks are increasingly looking at asset management as a diversifier for their historic hoarding of US dollars, according to a report from Merrill Lynch.
SunGard launches liquidity management solution
LONDON – SunGard last week launched a liquidity management solution to help corporates and banks make funding decisions based on their cash positions.