News
Icap keeps Moneyline platform
LONDON -- New York-based market data vendor Moneyline Telerate has extended a deal to supply its TRS (Trading Room System) data distribution platform to Icap when the London-based inter-dealer broker moves to a new trading floor in May, shrugging off…
Benchmarking against competitive exchange rates
The dollar decline has led to competitive divergences between those currencies that tag the dollar and those that have suffered. This is likely to bring increased FX volatility, says Peter Luxton, economic adviser at Informa Global Markets in London
Politics overshadows economics for zloty
WARSAW -- The resignation of the Polish prime minister from the leadership of the ruling Democratic Left Alliance (SLD) Party will lead to continued volatility in the zloty, which is already close to record lows, analysts said last week.
NAB report to reveal ‘control breakdowns’
MELBOURNE -- Pricewaterhouse- Coopers’ (PWC) report on the forex options trading scandal that has shaken National Australia Bank (NAB) in recent weeks is expected to expose a number of risk control problems at the bank, Graham Kraehe, NAB’s new chairman,…
RBS leading UK FX race
LONDON -- Royal Bank of Scotland (RBS) reported a 24% increase in foreign exchange revenues for 2003, the largest year-on-year rise among UK banks reporting their results last week.
Saxo targets institutional clients with CLS service
COPENHAGEN -- Saxo Bank plans to add more institutional clients after launching its third-party link-up to the continuous-linked settlement service via UBS earlier this month, Saxo’s co-chief executive officer Lars Christensen told FX Week .
BarCap to expand Asian emerging markets
SINGAPORE -- Barclays Capital has transferred Avijit Agarwal, formerly head of treasury in Mumbai, to Singapore to manage the wider Asian emerging markets treasury business.
FXCM hits back at CFTC charge
NEW YORK -- Online trading firm Forex Capital Markets (FXCM) hit back at the Commodity Futures Trading Commission (CFTC) last week, after the regulator charged it with liability for an allegedly fraudulent trading firm.
Italy seeks rule change on central bank boss’s tenure
ROME -- The Italian government is seeking to change the appointment terms of the governor of the Bank of Italy, in a move that could force the departure of Antonio Fazio.
GNI to launch FX module
LONDON -- UK broker GNI, a division of alternative investment provider Man Group, is set to go live with a new ‘click-and-deal’ spot FX trading module on its online platform GNI Touch, following final testing with clients this week, a senior official at…
Icap hires ex-WestLB chief to expand futures
LONDON -- Inter-dealer broker Icap has hired former WestLB markets head Humphrey Percy to launch a global futures business, a senior official told FX Week .
Market to test central banks post-G7
LONDON -- The G7 communiqué released after the Boca Raton meeting on February 7 will lead to the market testing the resolve of central banks to limit FX moves, analysts agreed last week.
Lava to launch FX product range
NEW YORK -- Equities technology firm Lava Trading will make a foray into the FX market in Q2 with its new LavaFX product range, targeting broker-dealers, market-makers and hedge funds.
UBS and CSFB to grow prime brokerage
ZURICH -- Swiss banks UBS and Credit Suisse both nominated prime brokerage as key areas of growth for their financial markets businesses, in their annual results reports published last week.
Ex-MMS team sets up new analysis firm
NEW YORK -- Three managers from the former MMS International, the currency analysis firm bought by publishing group Informa, have set up a new real-time technical analysis service for spot FX.
Tradition takes 10% stake in IFX Group
LAUSANNE -- Swiss broker Compagnie Financière Tradition has taken a 10% stake in UK online trading firm IFX Group, the firm announced last week.
Fimat adds for hedge funds
LONDON -- Fimat, the brokerage arm of French investment bank SG, has consolidated its alternative investment offerings under the single brand Alternative Investment Solutions (AIS) to boost services to the hedge fund industry.
CME slashes fees
CHICAGO -- The Chicago Mercantile Exchange will slash Asian and North American trading fees from March for new members, as it seeks to widen its client base after the launch of Eurex US.
Changes afoot at Merrill Lynch
NEW YORK -- A major restructuring of Merrill Lynch’s FX management is underway, according to sources close to the bank in New York.
HSBC white-label client goes live
DÜSSELDORF -- German bank HSBC Trinkaus and Burkhardt is the first HSBC client to use its white-label offering over Reuters Electronic Trading -- Automated Dealing (Retad) platform, HSBC announced last week.