Tech and data
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.
Currenex opts for Fix
NEW YORK -- Currenex will go live with a Fix gateway for access to its executable streaming prices service by mid-April, after the completion of beta testing with a partner bank and three user clients.
Banks unclear on new research rules
LONDON -- The UK’s FX Joint Standing Committee is to host a meeting with UK regulator the Financial Services Authority (FSA) to clarify the forex implications of FSA rules on research that were released last week.
Watchdog savages NAB
MELBOURNE -- National Australia Bank’s currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released last week.
Fundtech adds two CLS clients
NEW JERSEY -- Two Fundtech clients have extended their use of payments software Payplus for CLS (continuous-linked settlement) to support the growth of their FX businesses.
NAB OPTIONS SCANDAL - NAB crisis deepens with latest departure
MELBOURNE -- The staffing crisis at National Australia Bank (NAB) deepened last week as Peter Cunningham, joint global head of FX left the bank, in a move a NAB spokesperson described as a "mutual agreement".
Reuters buys remainder of Icor
LONDON -- Reuters has taken over Icor Brokerage's electronic FX options platform, following its announcement last week that it has bought the remaining 50% stake in Icor it did not already own.
Volatility and leverage key for Euro importer
Trading volatility allows a European importer to improve its dollar buying rate and mitigate Asian strengthening says Silash Ruparell in European FX sales at Lehman Brothers in London
SuperD adds 10 European banks
LONDON -- Ten more banks in Germany and Austria have started using SuperDerivatives’ FX options pricing system, the vendor said last week.
FXpress switches architecture
BALA CYNWYD, PA -- A new version of vendor FXpress’ exposure management and trading platform will enable corporate users to share position-keeping information with their remote offices via the internet.