News
Merger sparks vendor war
LONDON -- Sparks were flying in the e-forex industry last week, as banks, vendors and brokers reacted to the fallout from Reuters’ purchase of rival FX trading software firm AVT Technologies.
Prat-Gay takes central bank reins in Argentina
BUENOS AIRES -- Alfonso Prat-Gay, former global head of FX research at JP Morgan Chase in London, has been appointed president of the Argentine central bank.
Global tensions force euro higher
LONDON -- The euro hit a three-year high against the dollar late last week on heightening risk aversion among investors as global political tensions mounted.
ING breaks new ground in FX swaps
SEOUL -- Dutch bank ING is to provide a 21-year swap for South Korea’s first cross-border residential mortgage-backed security (RMBS). "This is the first 21-year cross-border swap done in the Korean market," said Marc Choo, a Hong Kong-based director in…
Pronet seeks global distributors
LONDON -- FX analysis firm Pronet Analytics is in talks with several parties regarding the global distribution of its products, said Shane Smith, chief executive of Pronet.
Commerzbank cuts in London
LONDON -- Commerzbank has shed four foreign exchange jobs in London, a source at the bank told FX Week .
Icap charity day raises £3 million
LONDON -- Icap, the world’s largest inter-dealer broker, raised more than £3.3 million on its 10th annual charity day last Wednesday (December 11).
Will Snow fix flaky dollar policy?
WASHINGTON, DC -- The appointment of John Snow as US treasury secretary last week may signal a change in the US strong-dollar policy, analysts told FX Week .
IFX announces tripling profits
LONDON -- Financial trading and spread-betting company IFX last week announced its interim profits have tripled year-on-year.
Streaming data in demand
LONDON -- Streaming data provider Dealing Technologies is seeing strong interest from FX banks in its new product, senior officials at the firm told FX Week.
Aussie fights the flames
High-yielding currencies such as the Australian dollar continue to enjoy a measure of support among international money managers, says Michael Derks, chief global strategist for Commonwealth Bank of Australia in London
Japanese FI goes international
TOKYO -- Japanese fixed-income investors added $25 billion of global forex volume in the past year through diversification of their portfolios, according to a report made public last week.
Trading places
AIG chief dealer moves to Clearview
AIG makes senior FX appointments
GREENWICH, CT -- AIG Trading Group has made four senior FX additions to its global operation over the past two months, a spokesperson in the bank’s Greenwich, Connecticut headquarters told FX Week.
Emerging markets success for FX funds
STAMFORD, CT -- Emerging markets currency funds outperformed their G7 counterparts in October, according to the Parker FX index, which published figures for the month last week.
Banks snap up dealers fluent in Spanish and Portuguese
LONDON -- Forex sales professionals fluent in Spanish and Portuguese are in demand as banks seek to increase their client business in the Iberian peninsula, Latin America and the US, senior officials told FX Week.
Dawn of the superleague
The future of foreign exchange is outsourcing, say industry experts
Reuters to acquire AVT Technologies
LONDON -- Reuters is buying UK foreign exchange trading technology firm AVT Technologies for an undisclosed sum, Reuters announced last week.
Euro slumbers through ECB decision
FRANKFURT -- There was little reaction in the FX markets to the European Central Bank’s (ECB) decision to cut interest rates by 50 basis points last Thursday (December 5).
Reuters extends Icap deal
LONDON -- UK information and technology firm Reuters has extended its agreement with London-based interdealer broker Icap to add more treasury and fixed-income market data to its platform, Reuters announced last week.
Merrill Lynch takes Fenics
NEW YORK -- Merrill Lynch is deploying the Fenics FX options pricing software from New York-based broker and vendor GFI Group in 100 global positions, GFI announces today (December 9). Fenics replaces Merrill’s existing in-house pricing platform for FX…
New Europe to bring more forex trading opportunities
FRANKFURT -- The expansion of the European Union and subsequently the eurozone will bring new markets for generating forex profits, senior officials told FX Week.
Asian swap network nears completion
SINGAPORE -- An Asian initiative to cut the impact of speculative currency trading attacks in the region is nearing completion.
Multi-bank pricing is working, says Centradia
LONDON -- The multi-bank model is a success for clients trading on Centradia, according to figures released by the European portal last week. It said that for half its trades, the platform has returned more competitive prices than the client’s…