News
JPM offers new FX platform
LONDON - JP Morgan last week launched MorganDirect, a new proprietary foreign exchange trading platform that will eventually replace the incumbent JPex system.
EPFR tests EM forex flows
BOSTON - Fund flows data vendor EPFR Global is testing a new dataset that shows money flows into and out of emerging market (EM) and global currencies.
Barclays launches forex trend index
LONDON - Barclays Capital launched the Barclays Adaptive FX Trend Index last week, the latest in its range of investable foreign exchange indexes.
NAB grows structured products in Asia
SINGAPORE - National Australia Bank's investment bank, nabCapital, has hired Peter Zeitsch as a director to build a structured products business in Singapore.
Nomura builds in emerging markets
LONDON - Nomura has hired a five-strong emerging markets foreign exchange team, four of whom formerly worked at Bear Stearns.
Strong Q3 for Goldman and Morgan Stanley
LONDON - Goldman Sachs and Morgan Stanley revealed strong third-quarter performances for their currencies operations, despite analysts casting doubt over the future of both businesses as standalone investment banks.
UniCredit hires in HK, loses in NY
HONG KONG - UniCredit has hired Danny Khoo in a senior position at its spot desk in Hong Kong.
Wacker joins JP Morgan
LONDON - JP Morgan is understood to have strengthened its senior foreign exchange salesforce in London by recruiting a former sales head from Dutch rival ABN Amro.
OCBC cashes in on Asian DCR growth
SINGAPORE - OCBC Bank expects to see 20% growth in its dual currency returns (DCR) business in Singapore next year, following implementation of a structured deposit pricing and processing system from FinIQ, said bank officials.
Swedbank signs on to Aleri's LMS
STOCKHOLM - Swedbank has become the latest dealer to introduce a liquidity management system (LMS), selecting Aleri's LMS technology to manage liquidity risk across all asset classes.
Lehman's fall leads to liquidity drought
GLOBAL - Heightened concerns over counterparty credit risk caused a dry-up of liquidity in the currency markets last week, as dealers feared a domino effect from the collapse of Lehman Brothers on Sunday, September 14.
Volatility pushes up prices for short-dated forex options
LONDON - Short-dated foreign exchange option prices have skyrocketed as liquidity in the derivatives market dried up amid turbulent market conditions last week.
Banks cherry-pick from redundancy fallout
LONDON - Opportunities in foreign exchange continue to provide solace to traders and salespeople who have lost their jobs at collapsed banks Bear Stearns and Lehman Brothers.
Fenics Enterprise takes off
NEW YORK & LONDON - GFI is today (September 22) announcing the launch of Fenics Enterprise through Fenics FX 11.1, the latest version of its pricing and risk management software.
FX clearing house fails
NEW YORK - An emergency third-party information clearing house established to facilitate the unwinding of open foreign exchange positions has been abandoned a day and a half after its Sept 14 launch, market sources tell FX Week .
JP Morgan replaces AIG on Currenex
NEW YORK - JP Morgan replaced AIG as the central clearer on Currenex's anonymous trading platform on September 17.
Norges holds emergency swap auction
OSLO - The Norwegian central bank stepped in on September 16 to kick-start the local money market with an emergency issue of dollar-krone swaps totaling a notional value of $5 billion.
RealStream Margin introduces forex newsfeeds
LONDON - Cognotec went live with a newsfeed feature on its web-based margin trading system RealStream Margin last month, in response to client demand for market intelligence.
CLS sets record post-Lehman
LONDON & NEW YORK - The collapse of Lehman Brothers highlighted the importance of settlement system CLS in shielding the foreign exchange industry from Herstatt risk.
FXCM set for auction, again
NEW YORK - The collapse of Lehman Brothers last Sunday (September 14) is likely to force online retail trading company FXCM to enter another round of auctioning.
EMs batten down the hatches
LONDON - The US Federal Reserve fronted up with $265 billion last week to help the ailing US economy, and analysts expect the trend of government intervention to continue globally.