Tech and data
Predicting the unexpected
Extreme value theory is an effective way of predicting the large moves frequently seen in currency markets, says Collin Crownover, global head, investor risk advisory group at Citigroup in New York
CFTC cracks down on scams
WASHINGTON, DC – US authorities have uncovered a forex scam worth more than $17 million involving nearly 1,000 customers.
CoesFx adds 10 new pairs
PLAINVIEW, NY – Electronic currency network, CoesFx, has added 10 new currency pairs, almost doubling the number of currencies available to its retail and institutional clients.
MetaQuotes releases MetaTrader 4 for FX
KAZAN – MetaQuotes Software will be releasing a new version of its forex trading system, MetaTrader 4, on July 1.
First Eonia swap index fixed
PARIS - The first fixing of the Eonia (euro overnight index average) swap index, took place on June 20 at 4.30pm CET.
Strong start for Chinese interbank trading platform
SHANGHAI – Volumes traded on China's interbank FX trading system (Cfets) have grown steadily since its launch in mid-May, say dealers.
New fund from ABN Amro
LONDON – ABN Amro has begun marketing a new currency fund made up of 10 underlying managed accounts, providing a diversified portfolio of currency management styles.
Finevo Markets takes FNX
NEW YORK – Manhattan-based broker-dealer Finevo Markets Group is employing FNX's ASP solution as its core platform for straight-through processing and processing of foreign exchange transactions.
Saxo Bank founders cash in
COPENHAGEN – Founders of Saxo Bank Lars Seier Christensen and Kim Fournais stand to pocket more than $30 million each following the sale of 25% of the business to a private equity firm.
WestLB using Cognotec to link to 360T
NEW YORK – Cognotec, the Dublin-based technology vendor, has selected WestLB, a partner bank, to deliver live automated market-making to multi-asset trading platform 360T.
Multi-hurdle barrier options
Remy Marino, head of structuring, interest rates, currencies and commodities at Calyon in New York, discusses how investors or hedgers can optimise the cost of their barrier strategies by utilising a multi-hurdle barrier option
More EM currencies for RBS FiX
LONDON – Royal Bank of Scotland (RBS) has made a further upgrade to its online FX service, RBS FiX, with the addition of forward benchmark prices for 12 emerging markets currencies.
CMC Markets adds new products and offices
LONDON/TORONTO – Online FX platform CMC Markets is set to expand with the launch of new currency baskets and additional offices globally.
Logicscope/Velocity service due
LONDON – Logicscope Realisations, the London-based financial software development company, and Adelaide-based financial services firm Velocity Systems International, have formed an alliance, initially focusing on FX.
InfoReach adds HotspotFXi to TMS
NEW YORK – InfoReach, the financial securities trading technology firm, has teamed up with Hotspot FXi, the online foreign exchange platform, to allow its clients access to its prices.
‘FX markets are unreadable’
Foreign exchange markets are notoriously difficult to predict, so corporates shouldn’t bother, argues Simon Miles (right), currency strategist at Corporate FX. Instead they should focus on deciding how to hedge the risk so they can determine its real…
‘No’ votes lead to record flows
LONDON – The ‘no’ votes on the EU constitutionreferendums last week led to unexpectedvolatility in the currency markets, and the highestvolumes ever seen on some platforms.
EBS opens in Korea
SEOUL – EBS , provider of electronic trading and market data solutions, has opened in Korea as an offshore broker for non-South Korean won pairs.
WSS/Cognotec launch system
STOCKHOLM, NEW YORK AND LONDON – Vendors Wall Street Systems (WSS) and Dublin-based Cognotec have launched an integrated FX solution delivering connectivity to banks, offering pre- and post-trade connectivity to clients.