News
Gain takes on Refco legacy business
NEW YORK – The future of Refco's 15,000 retail accounts looks a little more secure after last week's proposed deal with futures commission merchant Gain Capital.
MetaQuotes launches mobile trading platform
KAZAN – MetaQuotes Software, a Tartastan-based information and technology vendor, will launch a new mobile trading terminal on August 1.
China regulator to allow sterling/renminbi trading
SHANGHAI – China's foreign exchange regulator said last week it would permit trading of the renminbi against sterling on its FX market from August 1.
AXA IM adds currency management team
LONDON – AXA Investment Managers (AXA IM) is building up its FX capabilities with a new currency management team in London.
Saxo hires sales trio in London
LONDON – Saxo Bank has continued its recent aggressive hiring spree by adding three new faces to it institutional sales team in London.
BoA launches streaming FX options
NEW YORK – Bank of America has launched streaming options on its FXtransact web-based platform.
Asia Pacific: Intervention still a factor
BASEL – Reserve accumulation by the Asian FX market failed to stem the appreciation of a number of Asian currencies, according to the BIS's 76th annual report published last week.
Asia Pacific: Korean agency to manage $17bn of forex reserves
SEOUL – Korea Investment Corporation (KIC) signed a contract with the central bank of Korea last week to invest $17 billion of the country's foreign exchange reserves, according to the KIC.
Getting ahead in algo trading
LONDON – Progress Software, the technology vendor, has published a guide for the buy-side on how to get ahead in algorithmic trading in FX and other asset classes.
Asia Pacific: RBS launches US dollar swap trading in Asia via Bloomberg
HONG KONG – The Royal Bank of Scotland (RBS) launched US dollar swap trading last week during Asia business hours on Bloomberg.
EM currency positions hit
LONDON – The sharp moves in emerging markets (EM) currencies seen over the past few months are likely to lead to a shake-up in trading strategies.
CLS Bank settlement volumes rise in May
NEW YORK – CLS Bank International (CLS Bank) has reported a further rise in settlement volumes.
CMS updates VT Trader
NEW YORK – Online currency-trading firm CMS Forex has introduced a new version of its chart-based platform, VT Trader, with 100+ tools and technical indicators, enhanced charting and more customisable options.
Rouble now fully convertible
MOSCOW – The Russian rouble became fully convertible last week, signalling a new era for the country's financial markets.
E-FX luring bank talent
LONDON – Players in the e-FX space are luring talent from traditional banks as the e-forex landscape evolves, according to market participants.
FX investors defrauded
FLORIDA – Some 250 retail FX investors are set to receive $2.7 million in compensation, after a fraud committed by Gibraltar Monetary Corporation was uncovered by the CFTC.
Algorithmic trading takes centre stage
LONDON – The algorithmic trading market has mushroomed to around one fifth of the total volume of FX trading, according to Icap, London-based interdealer broker.
New algo trading tool from tech vendor trio
NEW YORK – Technology vendors Portware, Random Walk Computing and IBM have teamed up to launch Portware on Power, a new system for algorithmic trading.
Morgan Stanley posts strong results
NEW YORK – Morgan Stanley reported net income of $1.957 billion for Q2 2006, up 111% year-on-year and up 25% on the last quarter.
CLS sets new one-day record
LONDON & NEW YORK – CLS Bank International (CLS Bank) has set a new record for the value of payment instructions settled in one day.
Currenex signs two STP deals
LONDON – Currenex, the FX platform and technology vendor, has signed two straight-through processing (STP) deals with technology vendors BT Radianz and Wall Street Systems (WSS).
SuperD hires for e-trading capability
LONDON – SuperDerivatives is developing online trading capabilities for its options pricing and risk management software, and has made a senior hire to lead the effort.
Wan resurfaces at WestLB
HONG KONG – Dennis Wan, former head of China sales and head of FX sales for Asia at JP Morgan, has resurfaced at WestLB.