News
COESfx signs Nostradamus
PLAINVIEW, NEW YORK – Electronic communication network COESfx and vendor Nostradamus Systems have linked up to provide traders with a tool to predict future foreign exchange levels.
Strong Q1 forex results from US banks
NEW YORK – US banks continued the trend of strong first quarter results already reported, with sharp rises in foreign exchange-related profits.
CLS Bank reports 10% rise in volume in March
LONDON – CLS Bank recorded a 10% rise in average daily payment instructions settled on its system in March.
JP Morgan revamps in Asia
HONG KONG – JP Morgan has reorganised senior management in Asia and hired Tarun Mahrotri, formerly regional head of trading at HSBC in Hong Kong.
Dow Jones/Relegence launch info service
NEW YORK – Dow Jones and real-time financial services news engine Relegence, have launched an "information command center" for buy-side and sell-side financial professionals.
Gain takes $40 million advantage
BEDMINSTER, New Jersey – Futures commission merchant, Gain Capital, has received $40 million in equity investment from US private equity firm, VantagePoint Venture Partners.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
Yen and RMB undervalued, finds survey
LONDON – The majority of fund managers believe the yen is undervalued based on current fundamentals, according to research by US investment bank Merrill Lynch.
Shake-up at Credit Suisse continues
NEW YORK & LONDON – Credit Suisse's sales head has left the bank, continuing a shake-up that started when Gael de Boissard, co-head of fixed income, took over FX responsibility, according to bank sources.
State Street to provide forex workflow solution for MLIM
LONDON – State Street is providing a foreign exchange execution management workflow solution through its Global Link network for Merrill Lynch Investment Managers (MLIM) in London.
FXall sees increase in volumes
NEW YORK – Trading platform FXall announced record trading volumes of $825 billion in March, a 53% increase on the same period last year.
Union Bank of India to use Reuters FX portal
MUMBAI – Union Bank of India (UBI) has selected Reuters, the global information company, to implement an online FX trading portal.
Hungarian Forint: A foggy forecast for forint exchange
The first half of the two-leg election in Hungary points to political status quo in the central European nation, but analysts point to significant likely volatility in the forint over the next few months.
Russia selects Trema
MOSCOW – The Central Bank of Russia is implementing treasury management software from vendor Trema to support its reserve management operations.
GFT signs to Dow Jones news and info
ADA, MICHIGAN – Online currency firm Global Forex Trading (GFT) has gone live with a customised selection of Dow Jones news and information via its proprietary online FX trading software, DealBook FX2.
CFTC finds trader liable for $32 million
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has granted a permanent injunction against Ronald Steven Holt and three associated companies for financial misdemeanours, while fining them a total of $32 million.
MAS maintains forex policy
SINGAPORE – The Monetary Authority of Singapore (MAS) maintained its stance of 'modest and gradual' appreciation at its semi-annual policy review last Tuesday.
Shake-up at Credit Suisse continues
NEW YORK & LONDON – Credit Suisse's sales head has left the bank, continuing a shake-up that started when Gael de Boissard, co-head of fixed income, took over FX responsibility, according to bank sources.
Currency managers down in March
LONDON – Most currency funds had a tough time generating positive returns last month, indicates research from ABN Amro.
Standard Chartered builds in sales
DUBAI & NEW YORK – Standard Chartered has boosted its global FX sales capabilities by making a senior appointment in the Middle East and a new addition in New York.
EBS sets new quarterly record
LONDON – Trading platform and technology provider, EBS set a new record for spot FX trading volumes on the EBS Spot system in the first quarter of this year.
ABN Amro restructure continues
LONDON – ABN Amro has continued restructuring its FX operations, making another senior management change.