Tech and data
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.
Moneyline adds FXall quotes
NEW YORK -- Moneyline Telerate clients will be able to access real-time forex quotes from multi-bank trading portal FXall during the second quarter and make request-for-quotes by the third, the firms said last 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.
Forexster signs up first bank
BERMUDA -- Bear Stearns is participating in Forexster, a Bermuda-based FX dealing application service provider, Forexster announced last week.
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
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.
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
Further uncertainty grips market
LONDON -- FX markets breathed a sigh of relief last week as the war in Iraq got under way, but as one source of uncertainty was removed, another popped up.
360T lures JPMC’s Mohr
FRANKFURT -- German FX technology firm 360T has hired Andrea Mohr from JP Morgan Chase in London to spearhead its sales effort.
Deutsche adds to e-FX
NEW YORK -- Deutsche Bank plans to add FX options, futures and exchange-for-physical contracts to its FX electronic trading and order management platform, autobahnFX, by the third quarter.