Tech and data
Multi-bank platforms reap e-forex growth rewards
LONDON -- Multi-bank FX trading portals are capturing the greatest amount of e-FX dealing volumes, according to consultancy Greenwich Associates.
HSBC white-labelling by Q3
LONDON -- HSBC’s new white-labelling service for foreign exchange trading, which was announced last week, will go live in Q3, according to an official at the bank in London.
A firm view on the rand
Unexpected data revealing South Africa’s current account surplus has led Merrill Lynch to cite a firm view on the rand. Jos Gerson, chief economist for South Africa in Cape Town, explains key factors that must be taken into account in coming to a solution
HSBC takes Reuters for white-labelling
LONDON -- HSBC Group has chosen Reuters to develop a white-label FX trading platform the bank will then white-label to client banks and corporates.
Firms line up to join FX standards group
LONDON -- The Treasury Workstation Integration Standards Team (Twist), an industry initiative set up to standardise integration between all FX systems, has doubled its membership to more than 50 firms in the past four months.
Staffing and systems key for exotics
LONDON -- Staffing and systems integration are key to the right exotics options pricing model, according to officials speaking at a derivatives seminar held in London last week.
ABN, Deutsche top forecast rankings
LONDON -- ABN Amro was the most accurate currency forecaster based on a one-month prediction made on March 7, while Deutsche Bank took top spot for 3m forecasts submitted three months ago in FX Week ’s table of forecasters (see below).
Client trading volumes rising
LONDON -- Booming hedge fund interest and an increasing number of client banks in the market are boosting global customer forex volumes, according to data from research consultancy Greenwich Associates.
More prime brokers take to web
LONDON -- Automation of the prime brokerage industry is well underway, with a host of new services set to hit the market in the coming months.
Audits attract UK funds to overlay
LONDON -- A growth in audit services to assess forex transaction costs is sparking increasing interest in currency overlay among UK pension funds.
Market uncertainty hits Cognotec
LONDON -- Irish FX trading software vendor Cognotec is cutting three positions in New York and one in Frankfurt in response to continuing uncertain market conditions, said chief executive Brian Maccaba.
Currenex white-labels trading platform
LONDON -- Multi-bank portal Currenex has sold a white-label version of its FX trading platform to an un-named bank, an official said last week.
Dollar consolidation brings FX manager joy
STAMFORD, CT -- A temporary halt in the US dollar’s downtrend helped 60% of currency managers on the Parker FX Index maintain positive returns in February. But returns were limited -- the index was up just 0.16% for the month.
Hotspot FXi adds Bear
NEW JERSEY -- New Jersey-based online institutional FX trading platform Hotspot FXi has signed up Bear Stearns as a prime broker and market maker on its FX electronic communications network (ECN), the firm will announce today.
War nerves compound cross-border M&A slump
LONDON -- Increased risk aversion due to uncertainty over the war in Iraq took its toll on cross-border mergers and acquisitions (M&A) in the first quarter of this year, according to data released at the end of March.
Trading practices yet to change post-CLS
NEW YORK -- Banks are reporting little change in the way they trade as a result of using the new continuous-linked settlement (CLS) service, according to an official survey out this week.
Electronic options broking to rise
LONDON -- Electronic broking of FX options is set to rise over the next 12 months, finds new research out this week.
NextSet enters forex market
PALO ALTO -- NextSet Software last week released an FX module for its Private Trading Exchange (PTX) system. PTX allows banks to offer bilateral, web-based trading to institutional and corporate clients, said Stephen Brown, director of product management.
Conflict puts newswires on overdrive
LONDON -- Market data firms reported booming interest in their services last week, as traders are increasingly turning to war reports to influence their trading.