News
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
Traiana and Flextrade provide algo STP
Trading technology vendors Traiana and Flextrade have teamed up to enable straight-through-processing (STP) of algorithmic trades over their systems.
Rennies adopts CheckFree solution
SYDNEY – Rennies Bank, a South African forex specialist, is now employing CheckFree's Accurate NXG straight-through processing solution to help better manage potential operational risk for internal and external customers.
Singapore hosts second FX Week Asia conference
SINGAPORE – On Tuesday (October 17), the second FX Week Asia conference will be held at the Shangri-La Hotel, Singapore. The event brings together leading speakers and buy- and sell-side market participants.
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.
DK pulls digital plug
LONDON & FRANKFURT – Dresdner Kleinwort (DK) has culled its digital markets division, and Sean Park, the division’s head, will leave the bank this month, FX Week has learned.
Cognotec moves into custody
SYDNEY – Technology vendor Cognotec this week launches a custody service that automates the forex component of securities transactions.
IBM offers bleak news for traders
LONDON – Nine out of 10 traders in the City of London will be out of a job in 2015, mainly because of the rise of algorithmic trading, according to an IBM white paper released last week. However, bank officials and analysts doubt the numbers.
Students to trade forex, with a $10,000 prize
AUSTIN, Texas – Online forex platform GFT has set up a competition that pits students’ wits against a simulated FX market. The prize is $10,000 with which to trade on the real thing.
Bank of China broadens CLS horizons
HONG KONG & BEIJING – Bank of China (BoC) has become a shareholder in CLS Group, as the world’s largest emerging economy takes another step towards integration into global capital markets.
Credit Suisse starts algorithmic trading
LONDON – Credit Suisse is developing multi-asset algorithms to complement its Advanced Execution Services (AES) suite of algorithmic trading capabilities, according to an official at the bank.
UK business unprepared for hedging changes
LONDON – Medium-sized UK companies are unprepared for forthcoming rule changes on accounting standards that require more rigorous reporting of FX exposure, according to forex specialist HiFX.
'Boiler room' retail FX fraudsters face US court for high-pressure techniques
NEW YORK – The retail foreign exchange market suffered another blow at the end of last month, as 11 men were indicted by a US court on charges of ‘boiler room’ fraud.
Asian expansion for Fimat
ASIA-PACIFIC & MIDDLE EAST – Fimat, the brokerage arm of Société Générale, is slated to use BT Radianz’ Proximity Solution in Asia to provide low-latency access to derivatives exchanges in Korea, Singapore and Japan.