News
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.
Bumper September for CME
CHICAGO – CME recorded another record month for FX trading in September, with an average of some 520,000 contracts transacted per day, up 26% on the same period for 2005.
MarketSpace adds more participants
CHICAGO – CME/Reuters’ joint venture FXMarketSpace has signed a second group of banks, saying this indicates widespread acceptance from market participants.
BIS: debt now bigger problem than inflation
BASEL – The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).
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.
AIB to pay €30m for overcharging
DUBLIN – Allied Irish Bank (AIB) is to pay over €30 million in further damages relating to foreign exchange overcharging, ending a two-year investigation into the matter.
BarCap joins algo bandwagon
LONDON – Barclays Capital (BarCap) has joined a select group of banks that has started offering algorithmic trading for forex over their single-bank platforms.
Lloyds shifts trading capabilities
LONDON – London-based Lloyds TSB bank is moving all staff to a building at 10 Gresham Street in the City of London.
BarCap enhances white-labelling
LONDON & MOUNTAIN VIEW – Barclays Capital has enhanced its white-label offering, signing an agreement with California-based Integral.
Safe to implement trial FX reforms in China
BEIJING – Chinese authorities last week approved the trial of FX reforms in a pilot project to be established in the northern financial district of Tianjin.