News
Reuters outage spells pricing void
LONDON - The pitfalls of relying on electronic systems was made clear to FX traders last week, as a power outage at Reuters' technical centre left them without pricing in European currencies for seven hours. The outage, which began at 2.34pm in London (9…
Lava launches FX platform
NEW YORK – Lava Trading, the US-based equities technology firm Citigroup bought last month, has launched a foreign exchange trading platform called LavaFX.
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.
Reech forecasts growth in demand from hedge funds
LONDON – SunGard Reech expects to see a growth in demand from hedge funds for its stochastic volatility model, Real Stochvol, as more people seek to invest in hedge funds, said Christophe Reech, chief executive of the SunGard unit.
Swapstream names new chief executive
LONDON – Swapstream, a medium- and long-term interest rate swaps trading platform, has made Stéphane Rio chief executive, based in London. Rio previously headed rates trading at Commerzbank in London for five years, and replaces Marcus Grubb, who left…
SuperD adds 14 in global sales
LONDON – Super Derivatives has taken on 14 sales and support staff, as it tries to expand its coverage in the foreign exchange market and break into other asset classes.
Trading places
Calyon hires EM dealer
Indian forex settlement service joins CLS
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) will go live on CLS on October 23.
Deutsche gets China FX derivatives licence
Deutsche Bank has become the latest foreign bank in China licensed to trade onshore currency derivatives. An un-named Deutsche Bank official in Singapore said the China Banking Regulatory Commission gave the German bank the go-ahead last week.
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.
FX chief joins Pru exit queue
LONDON – The departure of Howard Carr, head of FX and commodities at Prudential Bache in London, has sparked fears for the future of the bank's FX desk in the city.
Special Feature - CLS settlement: the next two years
As CLS enters its third year, Joseph De Feo discusses plans for expansion Two years ago, the CLS Group launched the world's first global settlement service for foreign exchange trades. Following several other aborted efforts to tackle Herstatt, or…
BNP expands institutional forex
LONDON/NY – BNP Paribas has hired three institutional FX sales dealers in London and New York in the past month as the bank continues to develop coverage for this growing client sector.
GFI launches new FX option data service
NEW YORK – Broker and market data firm GFI Group has launched a new currency options historical data service for quantitative experts, risk managers and middle-office employees at banks active in the FX markets.
Alex Mann adds to FX search team
LONDON – Recruitment firm Alexander Mann has expanded its FX search team, with the appointment of Tony Marshall as head of UK and European capital markets from rival AT Kearney. His appointment follows the August hire of Shani Shamah as a director in…
Bear expands EM trading
LONDON – Bear Stearns is expanding its European emerging markets trading desk in London with two new hires from Calyon and two more planned additions in the new year.
Margin squeeze benefits Japan derivatives dealers
TOKYO – Derivatives dealers in Japan are in demand, as spread compression in vanilla FX has prompted foreign banks to look elsewhere for margin.
EBS gets foothold in China
SHANGHAI – Spot broker EBS has signed up Bank of Montreal as the first bank in mainland China to use EBS Spot, its spot broking platform. Through the agreement, Bank of Montreal (BMo) will be able to trade spot FX from its offices in Beijing, Guangzhou…
JP Morgan and Bloomberg launch Asian currency index
SINGAPORE – JP Morgan Chase and market data vendor Bloomberg have teamed up to launch a tradable index of currencies from Asian emerging markets, the firms announced last week.
BIS paints bright future for FX
BASEL – The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements’ (BIS) triennial FX survey last week, has painted a bright future ahead for forex market participants.
Dalman quits Commerzbank
FRANKFURT – Mehmet Dalman, previously a board member and head of investment banking at Commerzbank AG in Frankfurt, is launching a new fund group called Wealth Management Group (WMG) in London.
Seven banks to start testing CME FX on Reuters
CHICAGO – Seven banks will start beta-testing CME FX, the Chicago Mercantile Exchange’s e-FX futures available on Reuters 3000 terminals, at the end of the fourth quarter, Reuters and the CME said last week.
Deutsche Bank builds research
LONDON – Deutsche Bank has reshuffled its FX research team following the departure of global head of FX research Michael Rosenberg earlier this summer.