Tech and data
GFT ramps up for institutions
ADA, MICHIGAN – Futures commission merchant Global Forex Trading (GFT) is expanding its institutional business with an aggressive recruitment drive for another new office.
News and research firms set to diversify
NEW YORK – News and research firms are looking to diversify their offerings following the recent take-over of currency analysis firm MMS by publishing group Informa Global Markets, said officials.
Volatility helps Reuters return to growth
LONDON – Renewed marketing efforts and continued volatility in the FX market led to a return to growth for Reuters’ dealing business in the first quarter despite fierce competition from EBS and Bloomberg, it said last week.
Banks draw EU25 battle plans
LONDON – Euro convergence may yet be years away for the 10 new member states joining the European Union (EU) this weekend, but far-sighted banks and brokers are already drawing up their FX battle plans for the new Europe.
FXall upgrades fault tolerance
NEW YORK – Multi-bank trading portal FXall is set to deploy the latest version of Sonic Software’s messaging middleware by the end of June, to upgrade remote communication and trading support for its sell-side client banks.
Synthesis takes Saxo for cross-product e-trading
GENEVA – Swiss private bank Synthesis Bank has launched a cross-product trading tool, Synthesis Trading Floor – a version of Saxo Bank’s SaxoTrader platform.
Ex-MMS analysts set up new research firm
NEW YORK -- A group of former MMS analysis staff are launching a new real-time advisory service today (April 19) for FX, fixed income and economic news.
CME cuts again for forex
CHICAGO -- The Chicago Mercantile Exchange will launch another series of price cuts in May to further boost FX volumes. This builds on discounts that are currently offered to new members across Europe ( FX Week , November 24, 2003), Asia and certain…
MAS move could pre-empt peg changes
SINGAPORE -- The Monetary Authority of Singapore’s surprise move last week towards a "policy of modest and gradual appreciation" for the Singapore dollar may be a pre-emptive move to counter Asian peg revaluations.
LBBW joins 360T with Cognotec
STUTTGART -- Germany’s sixth largest bank, Landesbank Baden-Württemberg (LBBW), has joined European multi-bank, multi-asset class trading platform 360T to offer its clients a wider electronic FX service.
ABN Amro takes Indover onto CLS
AMSTERDAM -- ABN Amro has taken Indover Bank onto the continuous-linked settlement (CLS) service for FX, as the first Dutch third party on the service. Indover’s Hong Kong branch is also signed up to become a fourth-party user via Indover in Amsterdam.
Icap enters electronic futures fray
LONDON -- UK-based inter-dealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter.
Trio signs first arb tool client
LONDON -- Trio Internet Systems, the IT arm of money broker Martin Brokers UK, is about to sign up its first customer for Vantage, a pricing and distribution application that highlights arbitrage opportunities between currencies and other instruments.
Richmond launches currency fund for Asia
HONG KONG -- Richmond Asset Management is set to launch a new fund in Hong Kong this month, to capitalise on increased opportunities to profit from currency strengthening, officials said last week. The Bermuda-based Currency Optimiser fund will be…
NAB "collusive broker" speculation grows
MELBOURNE -- Cantor Fitzgerald last week refused to comment on growing speculation that it is the broker referred to in two reports into National Australia Bank’s A$360 million (US$280 million) forex options losses.
JPMC expands in electronic FX
LONDON -- JP Morgan Chase has hired three staff for its FX e-commerce business in London over recent weeks, a spokesperson told FX Week .
Rand to join CLS in Q4
NEW YORK -- South African rand trades will be eligible for settlement on the continuous-linked settlement service (CLS) for foreign exchange by the end of the year.
SunGard buys out Derivatech
STOCKHOLM -- Front Capital Systems, the Swedish subsidiary of SunGard, has bought FX options software vendor Derivatech, the firm will announce today (April 5). The purchase, for an undisclosed sum, was completed in the last two weeks to build the Front…
Citi NY goes live on CLS
NEW YORK -- Citigroup’s New York branch has finally gone live on the continuous-linked settlement (CLS) service for foreign exchange.