Tech and data
Saxo to offer online FX to RCG
COPENHAGEN – Saxo Bank has linked up with futures clearing firm Rosenthal Collins Group (RCG) to offer its forex capabilities to the Chicago-based firm's online customers.
Protecting speculative trade management positions
Some clients will have specific views on the future movements of currencies to which they have exposure. UBS's global FX solutions group shows how barrier strategies can be used to limit risk on these positions
Chinese banks turn to Reuters for help with derivatives regulations
SHANGHAI – Guangdong Development Bank (GDB), First Sino Bank (FSB) and the Bank of Shanghai (BOS) are installing systems from Reuters to comply with derivatives regulations introduced by the China Banking Regulatory Commission (CBRC) in March.
Saxo Bank to launch in the US
NEW YORK – Retail forex specialist Saxo Bank will launch its online trading platform SaxoTrader in the US this week.
Rankings reveal diversifying inter-dealer market
The inter-dealer market for foreign exchange is shrinking, as an increasing number of mid-tier players retreat from market-making to become clients of the top firms. The banks that remain are working hard to consolidate their positions as liquidity…
ABN Amro takes Traiana for PB
CHICAGO – ABN Amro has signed up to use Traiana's TRM (Trading Relationship Management) solution, which automates the give-up of trades between prime brokers.
FX volumes up by a third
LONDON – FX trading volumes are up by nearly a third over the past three years, according to new research from UK consultancy ClientKnowledge.
RiskMetrics signs 200th client for ASP platform
NEW YORK – Risk management vendor RiskMetrics Group has signed 200 clients for ASP (application service provider) delivery of its RiskManager, CreditManager and CDOManager tools, it said last week.
Commerce FX storms US retail market
BOSTON – Commerce FX, a subsidiary of Boston-based Commerce Bank & Trust, is reaping the rewards of its entrance into the retail margin trading market last year, an official told FX Week .
Dollar/yen break-out expected
TOKYO – Technical indicators suggest dollar/yen could be set to break out of the tight trading range it has been trapped in since June. "Resistance is declining and support is rising. We will get a decent break-out trade soon," said Karen Griffith, head…
EBS reports per-minute record post jobs data
LONDON – Traders manning the traditionally quiet summer desks saw a surprise burst of action on August 6, as a massive surge in volumes followed shock jobs data out of the US.
RBS flicks to video switches for forex
NEW YORK – FX traders at Royal Bank of Scotland (RBS) in New York are battling data latency by reverting to a traditional form of technology – video switches.
Hedging when the market moves against you
A nine month sliding forward structure can help your company achieve attractive FX hedging rates when the market has moved substantially beyond your budget rates, says Adam Gilmour, head of FX options sales in Citigroup's emerging markets sales and…
Return of the voice broker
Cantor Fitzgerald revives voice broking market with spin-off firm. NEW YORK - Cantor Fitzgerald reversed a trend of consolidation in the broking market last week by spinning off a new firm to focus exclusively on voice broking.
Rate differentials bolster peso trading
MEXICO CITY – Speculation on the direction of US interest rates is bolstering already high levels of trading in US dollar/Mexican peso.
SimCorp focuses on FX in IT/2 upgrade
COPENHAGEN – Treasury management vendor SimCorp released the latest version of its treasury management software IT/2 last week, which has enhanced FX position management and has "a heavy focus on FX", an official told FX Week .
BIS paper warns of outsourcing risks
BASEL – Outsourcing in the financial services industry is leading to increased compliance and regulatory risk, according to a consultation paper published by the Bank for International Settlements (BIS) last week.
Terror alerts spur DR plans
NEW YORK – Terrorist warnings last week from the Bush administration have jolted securities firms into action and underscored the necessity for creating and testing disaster recovery (DR) and business continuity (BC) plans.
Russian peg change to drive rouble trading
MOSCOW – A touted move from a dollar peg to a dollar-euro basket will be the key driver for trading in the rouble in coming months.
SuperD releases SD-FX upgrade
LONDON – Options pricing systems vendor SuperDerivatives launched an upgrade of its SD-FX system last week.