News
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 .
Big banks prepare for retail FX push
SINGAPORE – Major banks are about to enter the online retail FX trading market-place "with a vengeance", said Brian Maccaba, chairman of FX dealing platform vendor Cognotec.
Keep it simple, says e-FX trading panel at conference
SINGAPORE – 'Bells and whistles' are an annoying distraction on e-FX platforms according to Christopher Brandon, managing director of London-based $200 million hedge fund Rhicon Currency Management.
Merrill Lynch bucks downward Q3 trend
NEW YORK & CHARLOTTE, N CAROLINA – JP Morgan and Wachovia saw falls in earnings from divisions encompassing FX in the third quarter of this year, while Merrill Lynch bucked the trend with profits up more than a quarter.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.
Regulator forces COESfx to close to new clients
PLAINVIEW, NEW YORK – COESfx, a US-based retail foreign exchange platform, was forced to close to new customers earlier this month after a regulator found that its books did not balance.
HUF makes a comeback
BUDAPEST – The Hungarian forint surged last week following positive market sentiment to a government announcement last Monday (October 9).
Return to volatility brings relief for prop traders
GLOBAL – Last week saw the first significant market volatility for nearly two months as euro/dollar saw its first move out of a 1.26–1.28 trading range for over 50 days.
TradingScreen upgrades its software to give users new hedging capabilities
NEW YORK – Forex technology vendor TradingScreen has introduced FX trading capabilities designed to give users the ability to hedge secondary forex exposure generated by trading in other asset classes.
Vwd expands Tullett package
FRANKFURT – German data vendor vwd has expanded its Data Manager Treasury end-of-day FX and money markets data package with extra information from Tullett Prebon Information, the data arm of broker Collins Stewart Tullett.
BoNY relaunches forex website
NEW YORK – Bank of New York (BoNY) has relaunched its FX website with an upgraded version of the interactive Portfolio Flow Monitor (iPFM), the bank's capital flow product.
SwapsWire volumes nearly double
Electronic confirmation service SwapsWire nearly doubled volumes since February, last month.
Currenex launches catalyst program
NEW YORK – Trading technology vendor Currenex has launched a testing program for third-party software vendors to aid in the development of new products.
Gain Capital attacks markets with NinjaTrader
BEDMINSTER, NEW JERSEY – Forex trading company Gain Capital last week signed a deal with software vendor NinjaTrader to deliver real-time forex pricing and execution services to its customers.
FX volume to exceed $3 trillion by 2007: TowerGroup research
NEEDHAM, MASSACHUSETTS – Global FX daily average volumes will reach $3.6 trillion by 2007, according to research released last week.
Citigroup launches custody services in Sweden
STOCKHOLM – Citigroup's global transaction services business is to provide direct custody and clearing (DCC) services to clients in Sweden.
Wall Street rebrands to expand forex business
SYDNEY – Wall Street Systems has rebranded to reflect the growing importance of foreign exchange to its business.
Payments industry gathers in Sydney
SYDNEY – Denmark's Sydbank has added an FX order management system from technology vendor Cognotec, as part of an upgrade to its electronic trading platform.
Dresdner exodus to Merrill Lynch continues with three departures
LONDON – The defections from Dresdner Kleinwort to Merrill Lynch continued last week with three more heading to the options desk at the US investment bank, FX Week has learned.
Payments industry gathers in Sydney
This year's Sibos conference held in Sydney brought together some 6,500 participants to discuss the latest developments in payment and settlement systems. Here, FX Week brings you some of the news from the eventSwift launches pilot for corporate program