News
Platforms adopt algorithmic trading
NEW YORK – Algorithmic trading continues to gather momentum, with trading platforms EBS and Hotspot FXi linking to software provider Progress Software Corporation's Apama Algorithmic trading software.
BBH links to Reuters' RMDS
NEW YORK – Brown Brothers Harriman (BBH)
Iceland builds foreign reserves
REYKJAVIK – The Central Bank of Iceland (CBI) has decided to increase its USD/ISK weekly buying from $2.5 million to $12.5 million by the end of the year following the improved liquidity position of the Treasury.
Lehman hires new trade head
NEW YORK – Lehman Brothers has hired Jason Margiotta as head of forex forwards trading, New York, FX Week understands.
Citi continues Vasp build-up
LONDON – Citigroup has made two hires as it builds its FX risk advisory and structured products teams in London. Both teams sit within the bank's value-added services and products group (Vasp) which it established a year ago ( FX Week , September 20,…
Platforms adopt algorithmic trading
NEW YORK – Algorithmic trading continues to gather momentum, with trading platforms EBS and Hotspot FXi linking to software provider Progress Software Corporation's Apama Algorithmic trading software.
Icap takes on Prebon's rate derivatives team in Sydney
SYDNEY – Interdealer broker Icap is to take on the former Sydney-based interest-rate derivatives team of Prebon Group, which was bought by London-based financial services group Collins Stewart Tullett in October 2004.
Eurex to roll out its futures platform in United States
CHICAGO & Frankfurt – Eurex, the Frankfurt-based derivatives exchange, will be rolling out its FX futures platform in the US this month as planned, confirms an official at the exchange in Frankfurt.
Banks risk US regulatory backlash
NEW YORK – FX banks could face a regulatory backlash in the US for the mis-selling of FX products by retail brokers, warn market players.
DrKW targets digital markets division
GLOBAL – German investment bank Dresdner Kleinwort Wasserstein (DrKW) is establishing a new digital markets division aimed at developing and operating electronic and web-based trading, execution and analytical services for FX and other asset classes.
FX Connect and Currenex to pool resources
NEW YORK & BOSTON – FX Connect and Currenex are looking at ways to collaborate to provide a more complete solution to clients.
ICICI suspends five for trading losses
MUMBAI – ICICI Bank, India's largest domestic private bank, has suspended five staff for their involvement in an FX deal resulting in more than 10 million rupees ($228,000) in losses.
Saxo Bank expands FX
COPENHAGEN & FRANKFURT – Saxo Bank, the Danish foreign exchange specialist, has introduced enhanced technology to cover a wider range of products and functionality.
Three more banks get green light to trade RMB forwards
BEIJING – The People's Bank of China authorised a further three banks to trade renminbi (RMB)forwards onshore last week, following regulatory changes made last month.
Major banks to pilot SwiftNet TSU
COPENHAGEN – Swift announced that 13 major trade banks have signed on to pilot the SwiftNet Trade Services Utility (TSU) solution.
Corporate customers 'unhappy with bank service' – SAP boss
COPENHAGEN – Corporate customers are dissatisfied with current levels of service from their banks, said Léo Apotheker, president of global field operations at technology vendor SAP at the 2005 Sibos conference held last week.
Dollar boosts FX derivatives
BASLE – The rally in the US dollar has worked to the benefit of exchanges offering trading in currency derivatives.
RBS hires Japan eCommerce head
TOKYO – The Royal Bank of Scotland Financial Markets has hired Junko Kawada as head of eCommerce sales, Japan, as part of efforts to build its eCommerce business in the region.