Tech and data
Forex results strong in Q4
NEW YORK - Goldman Sachs and Morgan Stanley reported strong results for foreign exchange in the fourth quarter of 2007, despite challenging market conditions.
Goldman Sachs launches FX algos
LONDON - Goldman Sachs plans to debut foreign exchange trading algorithms in the first half of 2008, as part of a strategy to gain market share.
Banks brace for algo trading boom in 2008
As the industry continues to digest the credit market's meltdown, foreign exchange trading volumes continue to boom. Representatives of the major FX banks, Credit Suisse, HSBC and Saxo Bank, discuss the main technology trends in e-FX trading to watch in…
Hotspot FXi revamp means faster trades
JERSEY CITY, NJ - Electronic communications network (ECN) Hotspot FXi plans to implement a multiple-server matching engine architecture to replace its single matching engine in January 2008, to improve the platform's performance.
VAR exceptions rise in third quarter
NEW YORK & ZURICH - Volatility in financial markets led investment banks to far exceed thresholds for trading losses in the third quarter, casting doubt on their risk modelling.
New Swift solution aims for better processing
NEW YORK - Bloomberg is teaming up with industry messaging co-operative Swift to tackle the division between the front, middle and back offices when processing foreign exchange trades.
StanChart introduces electronic NDF trading
LONDON - Standard Chartered began offering electronic trading in emerging market non-deliverable forwards (NDFs) over proprietary electronic platform Straight2Bank Web and through multi-bank platform FXall on November 13.
FX algos no longer just for big players
LONDON - Gaining an edge in foreign exchange execution through trading algorithms is no longer the domain of just the largest forex dealers, according to a panel at the FX Week Europe congress last week.
Apama users given more algo options
Trading technology vendor Progress Software has integrated the Progress Apama algorithmic trading platform into electonic communications network Accelor.
SuperD adds inflation products to platform
NEW YORK - Derivatives data and pricing software vendor SuperDerivatives is adding support for inflation-linked securities and derivatives to its SD-IR interest rate derivatives pricing module, in response to client demand for data to hedge inflation…
UniCredit expands FICC
NEW YORK - UniCredit has hired a new head of fixed income, currencies and commodities (FICC) for the Americas, as part of a push to expand its global foreign exchange franchise.
European dealers post record FX results
ZURICH & FRANKFURT – Losses linked to the credit crisis have overshadowed what has been a bumper third quarter for foreign exchange dealers, according to results released last week.
BoA swings the axe
NEW YORK – Bank of America has taken a hatchet to its three-month-old global rates, currencies and commodities (GRCC) business, with senior level departures and desk closures last week.
Citi hires two new heads for Asia-Pacific FICC
HONG KONG & SINGAPORE – Citi has hired Rodrigo Zorrilla and Aamir Rahim to co-head its Asia-Pacific fixed income, currencies and commodities (FICC) business, following the departure of Jeremy Amias this summer.
Saxo and JDFX offer risk management online
COPENHAGEN & ZURICH – Saxo Bank and Zurich-based foreign exchange trading company JDFX are today releasing Meta RMS, a risk management software package within JDFX’s online trading front end, MetaTrader.
GFI expands FX options trading
NEW YORK – Interdealer broker GFI Group plans to enable trading in foreign exchange options with specific interests, on electronic FX options broking system ForexMatch early next year, according to senior officials at the company in New York.
HSBC trades China’s first onshore FRAs
HONG KONG – HSBC has traded the first onshore renminbi forward rate agreements (FRAs) in China, using the Shanghai interbank offered rate (Shibor) as a reference rate.
Deutsche Schiffsbank takes SuperDerivatives onboard
BREMEN – Deutsche Schiffsbank is using SuperDerivatives’ interest rate and foreign currency derivatives platforms as part of an effort to sell rates and FX risk management products to shipping customers.
Proquote signs up for Tullett’s data
Tullett Prebon Information is feeding real-time pricing data for money markets, rates and fixed income to Proquote, the London Stock Exchange’s (LSE) multi-asset class market data and trading terminal.
LiquidityHub opens with euro swaps
LONDON – London-based electronic trading consortium LiquidityHub began offering euro interest rate swaps from 12 major dealers on October 22
BarCap reshuffles Asia rates and FX
HONG KONG & LONDON – Barclays Capital has made senior management changes in rates and foreign exchange following the transfer of former chief operating officer of global rates Peter Romain to a new role in wealth management.
Banks slow to prepare for Mifid
PARIS – Investment banks have spent 20–25% less than initial estimates on preparations for the Markets in Financial Instruments Directive (Mifid), according to research from Paris-based IT service provider Atos Origin.