News
Five charged over $3m currency fraud
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed another action against individuals taking part in fraudulent foreign exchange trading.
BTM becomes EBS Prime bank
Bank of Tokyo-Mitsubishi has become the first Asian institution to become an EBS Prime Bank. BTM will now be able to offer liquidity for spot FX dealing through the direct access platform on the EBS spot dealing system.
InfoReach adds HotspotFXi to TMS
NEW YORK – InfoReach, the financial securities trading technology firm, has teamed up with Hotspot FXi, the online foreign exchange platform, to allow its clients access to its prices.
Advice is key for banks
STOCKHOLM – Falling margins means execution of FX transactions is not profitable any more, so banks must offer a wide range of services to ensure they keep making money.
Romania takes Delta Dealing System
Bucharest – Dublin-based software vendor Delta Community has successfully entered the Romanian market.
Board-level changes at Lehman Brothers
NEW YORK – Lehman Brothers, the US investment bank, has seen changes at board level following the promotion of Michael Gelband.
‘No’ votes lead to record flows
LONDON – The ‘no’ votes on the EU constitutionreferendums last week led to unexpectedvolatility in the currency markets, and the highestvolumes ever seen on some platforms.
UFJ BTM merger: cuts likely
TOKYO – The merger of the Bank of Tokyo-Mitsubishi (BTM) and UFJ is likely to lead to large cuts to the UFJ forex team, according to market sources.
Deutsche loses staff across desks
LONDON – Deutsche Bank in London has haemorrhaged five foreign exchange staff from structuring, sales and trading in recent weeks. Jeremy Smart, director of FX structuring, who reported to Rhomiaos Ram, global head of complex risk, has been linked with a…
RBS builds e-commerce presence
NEW YORK & HONG KONG – Royal Bank of Scotland (RBS) is looking to expand its e-commerce presence around the globe with hires of sales staff in different continents.
EBS opens in Korea
SEOUL – EBS , provider of electronic trading and market data solutions, has opened in Korea as an offshore broker for non-South Korean won pairs.
WSS/Cognotec launch system
STOCKHOLM, NEW YORK AND LONDON – Vendors Wall Street Systems (WSS) and Dublin-based Cognotec have launched an integrated FX solution delivering connectivity to banks, offering pre- and post-trade connectivity to clients.
Chinatrust Commercial goes live with SaxoTrader
HONG KONG – Chinatrust Commercial Bank has begun trading over Saxo Bank’s online trading tool, SaxoTrader.
Wall Street Systems launches limit order product
NEW YORK – Wall Street Systems (WSS) has launched its FX Limit Orders Module. The module provides customers with an HTML-based environment for submitting spot foreign exchange limit orders to a dedicated execution bank.
Imbalances the major threat
STOCKHOLM – Global imbalances caused by currency intervention are building up and pose a real threat to world economic stability. This was the key message of central bankers at last week’s ACI conference in Stockholm.
McKenzie resurfaces at Lava Trading
NEW YORK – Allan McKenzie has joined US-based vendor Lava Trading as head of EMEA sales for LavaFX in London.
Landesbanks hit by EU ruling on credit ratings
MUNICH – Landesbanks are facing a significant loss of FX business from July, as EU rules will hit their credit ratings.
Bloomberg adds RBS and WestLB
NEW YORK – Royal Bank of Scotland Financial Markets (RBS) has added streaming forex spot trading via Bloomberg Professional Service to its existing e-commerce trading capabilities.
Swedish minister’s euro warning
STOCKHOLM – The Swedish decision to stay out of the euro will lead to vulnerability for the currency and economy, according to Pär Nuder, Swedish minister of finance.
EBS Prime enters Asia-Pacific region
LONDON – Interbank trading platform EBS has extended the EBS Prime service into the Asia-Pacific region, expanding beyond Europe and the US.
Reuters opens to buy-side
LONDON – Reuters has opened its FX trading platform to the buy-side community with the launch of FX trading over its information desktop last week.
Sybase moves into forex
DUBLIN, CALIFORNIA – Software vendor Sybase is to open its risk analytics platform to FX data. The vendor will now process risk and trade data for high-volume FX data feeds.