Tech and data
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.
Volatility plays havoc with cross-border M&A
LONDON -- Foreign exchange volatility might be offering traders unprecedented opportunities in the currency markets -- but sales dealers are paying for it with the loss of cross-border mergers and acquisitions (M&A) business.
800 expected at ACI London event in May
LONDON -- Forex industry body ACI is expecting up to 800 FX officials to descend on London in May for its seventh European Congress, hosted by ACI UK.
SSiSearch adds 10 more for system testing
LONDON -- SSiSearch, a vendor of authenticated FX settlements reference data, said last week that 10 new clients are set to start testing the system, bringing the total number of banks now in trial with its global directory to 275.
Asian regulators ease restrictions
HONG KONG -- Banks in Northeast Asia are rushing to apply for licences to enable them to transact non-renminbi derivatives in China, following a relaxation of the rules from March 1.
Centradia userbase doubles
LONDON -- The growth of financial institution and asset manager clients using European multi-bank portal Centradia has fuelled rocketing volumes and client numbers on the platform, said chief executive Fabrice Mativat last week.
Corporates behind in IAS 39-compliant systems
LONDON -- Corporates and vendors have been slow to adapt to the new technology needed to effectively manage their treasury businesses under upcoming accounting standards IAS 39, senior officials said last week.
Hotspot and Saxo add MNI FX news
NEW JERSEY -- Hotspot FX and Saxo Bank both announced the addition of free FX news and analysis from New York-based Market News International (MNI) to their trading platforms last week.
HSBC takes central bank on CLS
LONDON -- HSBC has implemented the first central bank on CLS, it said last week.