News
Taiwan’s Sinopac chooses GFI
TAIPEI -- US inter-dealer broker and market data supplier GFI last week announced that Taiwanese financial institution Bank Sinopac has started using Fenics FX, GFI’s flagship forex options pricing, analytical and revaluation system.
FX group works on Fix 4.5
NEW YORK -- The Fix (Financial Information Exchange Protocol) FX working group is preparing an analysis of the requirements for applying the next version of the protocol to foreign exchange.
HSBC NY makes senior appointments in forex
NEW YORK -- HSBC has made two senior hires to its New York FX business.
NAB ‘rogue trading’ dates from 2002
MELBOURNE -- Alleged rogue trading in forex options at National Australia Bank (NAB) had been going on for at least a year before the bank’s original estimate, an NAB official said last week, as the bank revised its final estimate for losses up to A$360…
Global Link upgrades matching
HONG KONG -- Global Link, State Street Bank’s e-commerce platform, will release an upgraded version of its real-time, FX multi-counterparty trade matching and confirmation system this week.
G10 trade keeps Citi earnings stable
NEW YORK -- Opportunities in the G10 currencies and efficiency gains from electronic trading helped maintain Citigroup’s strong FX earnings in 2003.
TraderTools on FXall
Multi-bank FX platform FXall has granted New York-based vendor TraderTools a licence to offer its STPlatform for automated streaming prices via FXall.
US holiday helps set record volumes on CLS and CME
NEW YORK/CHICAGO -- Record volumes were set on the continuous-linked settlement (CLS) service for foreign exchange, and on the Chicago Mercantile Exchange’s (CME) e-FX platform last Tuesday (January 20) after the US holiday the preceding day.
Cognotec banks on Hotspot
LONDON -- HotspotFXi is set to add to its list of market makers this quarter as new banks connect to the trading platform through Cognotec, Hotspot chief executive officer John Eley said last week. The first banks to use the connection are currently in…
Fix appoints forex co-chairs
NEW YORK -- The Fix Protocol FX working group has appointed Jack Lemonik, chief technology officer at FXall in New York, and Steven Donovan, director of investment technology at investment manager Massachusetts Financial Services (MFS), as its co-chairs.
Spotlight on ‘points’ post FBI inquiry
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
Korean regulations to keep won stable
SEOUL -- Analysts are forecasting more near-term stability for the Korean won, after the South Korean Ministry of Finance and Economics (Mofe) last week introduced regulations aimed at limiting activity in the non-deliverable forwards (NDF) market by…
NAB chief admits weaknesses
MELBOURNE -- National Australia Bank chief executive Frank Cicutto last week admitted that weak internal processes had enabled the four traders it suspended on January 13 to carry out a suspected fraud.
Citi’s Moore promoted
LONDON -- Citigroup will have a new senior management structure for foreign exchange, following the announcement last week that current global FX head Richard Moore has been promoted to head of European fixed income.
IAS 39 still unacceptable says Euro official
BRUSSELS -- Frits Bolkestein, European commissioner for the internal market, taxation and customs union, said last week that standards for the treatment of derivatives are still not suitable for adoption, despite recent concessions by the International…
Merrill’s bonuses disappoint
LONDON -- Many FX dealers at Merrill Lynch were disappointed with their bonuses this year, despite a good year in FX at the US investment bank, recruitment consultants reported last week.
Sentiment indexes gain importance
LONDON -- Traders and investors are increasingly looking to new market sentiment indexes to help them manage their positions in the currency markets.
Cost of exceptions down 30%
LIVINGSTON, NJ -- The cost of exceptions, or failed trades, has fallen almost 30% in the past year, as institutions automate exception processing, according to the latest survey by SunGard eProcess Intelligence (ePI), the processing unit of SunGard. The…
SPECIAL REPORT: CHINA Opportunity China: banks reveal plans
SHANGHAI -- Top forex banks are stepping up their strategies to win lucrative FX business in China as it gradually liberalises its economy. Major international players are taking steps such as increasing staffing levels in the Asia-Pacific, or carrying…
Market upbeat on Reuters’ Q4 decline
LONDON -- Reuters’ share price rose by more than 13% on the London Stock Exchange on January 15 from £2.79 to £3.17 -- where it hovered until close of trading last week -- following a statement by the vendor on its Q4 performance.