News
TraderTools on FXall
Multi-bank FX platform FXall has granted New York-based vendor TraderTools a licence to offer its STPlatform for automated streaming prices via FXall.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Cognotec banks on Hotspot
LONDON -- HotspotFXi is set to add to its list of market makers this quarter as new banks connect to the trading platform through Cognotec, Hotspot chief executive officer John Eley said last week. The first banks to use the connection are currently in…
Fix appoints forex co-chairs
NEW YORK -- The Fix Protocol FX working group has appointed Jack Lemonik, chief technology officer at FXall in New York, and Steven Donovan, director of investment technology at investment manager Massachusetts Financial Services (MFS), as its co-chairs.
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Citi’s Moore promoted
LONDON -- Citigroup will have a new senior management structure for foreign exchange, following the announcement last week that current global FX head Richard Moore has been promoted to head of European fixed income.
IAS 39 still unacceptable says Euro official
BRUSSELS -- Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International…
Merrill’s bonuses disappoint
LONDON -- Many FX dealers at Merrill Lynch were disappointed with their bonuses this year, despite a good year in FX at the US investment bank, recruitment consultants reported last week.
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
Cost of exceptions down 30%
LIVINGSTON, NJ -- The cost of exceptions, or failed trades, has fallen almost 30% in the past year, as institutions automate exception processing, according to the latest survey by SunGard eProcess Intelligence (ePI), the processing unit of SunGard. The…
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
Market upbeat on Reuters’ Q4 decline
LONDON -- Reuters’ share price rose by more than 13% on the London Stock Exchange on January 15 from £2.79 to £3.17 -- where it hovered until close of trading last week -- following a statement by the vendor on its Q4 performance.
UBS announces 50th CLS client
Zurich -- Vienna-based bank Raiffeisen Zentralbank Österreich (RZB) is the fiftieth client to sign up for UBS’s third-party continuous-linked settlement (CLS) service, UBS announced last week.
FX Concepts to close fund to new investors
NEW YORK -- FX Concepts is closing its Global Currency Program (GCP) Fund to new investors, the New York-based currency manager announced last week.
Dollar move boosts State Street’s revenues
BOSTON -- Sustained currency market trends, including the continued US dollar downturn, helped State Street increase its profits from FX dealing 30% year-on-year, according to its 2003 financial results published last week.
Analysts mull expectations for Japan
TOKYO -- Analysts expect Japanese authorities to continue intervening in the currency markets this year, following the Ministry of Finance’s (MoF) record spend of ¥21 trillion ($198 billion) in 2003. However, the consensus view is that the MoF may…
ANZ hires two for investor sales
SYDNEY -- ANZ Investment Bank has made two senior hires to its FX investor sales team, it announced last week.
State Street’s Snyder becomes head of NY FX committee
NEW YORK -- Mark Snyder, State Street’s global head of currency and money market sales and trading, took over as chairman of the Foreign Exchange Committee in New York last week.