News
dbFX goes Spanish
LONDON - Deutsche Bank plans to extend its coverage of the retail foreign exchange market by launching margin trading platform dbFX in additional European languages this year.
UBS wins A&L's options outsourcing
LEICESTER - Alliance & Leicester (A&L) has contracted UBS to provide foreign exchange options technology to the UK bank.
Deutsche woos private clients
LONDON - Deutsche Bank has established a private clients foreign exchange team in London and Zurich, to target the expanding high-net-worth client base.
Rand Merchant Bank to roll out e-trading
JOHANNESBURG - Rand Merchant Bank (RMB), a division of FirstRand Bank, plans to go live with a multi-asset class electronic trading platform by Q3.
Reuters launches enhanced prime brokerage service
LONDON - Ten banks and buy-side clients have begun using a revamped prime brokerage offering by Reuters to trade over electronic trading system Spot Matching.
CME e-trading upgrades save time and money
CHICAGO - CME Group has announced several product and technology enhancements aimed at reducing response time and cost.
Tullett Prebon expands product range in Japan
LONDON & TOKYO - Interdealer broker Tullett Prebon has restructured its Tokyo joint venture with broker-dealer house Central Tanshi, a move that will have a big impact on revenues coming out of Japan, a company official told FX Week .
FX market goes back to fundamentals
LONDON - A correction in overvalued currencies and risk aversion will promote strategies based on economic factors and real value this year, say analysts.
GFI trades first interbank rouble swaption
Interdealer broker GFI Group brokered the first interbank over-the-counter ruble interest rate option trade at the end of November.
Dah Sing Bank deploys Fenics FX
HONG KONG - Dah Sing Bank has begun using foreign exchange options pricing and risk management system Fenics FX, developed by interdealer broker GFI, at its Hong Kong-based treasury department.
Barclays promotes four FX managing directors
LONDON & FRANKFURT - Barclays Capital's foreign exchange division has started the new year with four new managing directors.
Travelex takes on TwoFour
Foreign exchange specialist Travelex will begin using TwoFour as its global FX trading system following its acquisition of Ruesch International, a business-to-business global payment systems vendor.
Swedbank goes live with e-FX price stream
STOCKHOLM - Swedbank plans to offer streaming foreign exchange rates over its proprietary platform and multi-bank platform, FXall, by the end of this month.
Nordea builds algorithms
COPENHAGEN - Nordea plans to begin using algorithms for trading and risk management within the first half of this year, a senior official has told FX Week .
UBS launches Greenhouse Index
LONDON - UBS is set to launch UBS Greenhouse Index (UBS-GHI), a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits, on January 23.
UBS loses staff to Julius Baer
SINGAPORE - Bank Julius Baer has expanded its marketing team in Singapore with senior hires from Swiss rival UBS.
Currenex platform revamp boosts corporate coverage
NEW YORK - Currenex has released a redesigned platform in an effort to boost activity from the corporate market, FX Week has learned.
US banks in management shake-up
GLOBAL - Lehman Brothers and Merrill Lynch have seen a shake-out of senior management globally as the banks began paying out bonuses last week.
NFA shuts down four FX dealers
CHICAGO - Four foreign exchange brokers were forced to close operations last month after failing to meet the National Futures Association's (NFA) $5 million minimum net capital requirements.
FXall posts record volumes for 2007
LONDON - Multibank portal FXall reported record annual trading volumes of over $13.4 trillion - single count - in 2007, a 37% rise over 2006 figures.
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week .