Post-trade
The post-trade value chain
Nick Dyne, head of business development at post-trade technology vendor Logicscope in London, evaluates the prospect of a 'virtual' back office
Calyon cuts back in derivatives to survive downturn
PARIS - Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.
WSS gets $105m
NEW YORK - Wall Street Systems plans to use part of the funds from its secured credit facility from Wells Fargo Foothill to support foreign exchange trade processing business initiatives in 2009, according to senior official at the company.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.
Natixis in Bear Stearns forex hiring spree
NEW YORK - Natixis has hired 17 foreign exchange staff from defunct US investment bank Bear Stearns to kick-start the expansion of its FX platform.
FXCM chooses NetLink for ticket netting
NEW YORK - FXCM has gone live with post-trade technology vendor Traiana's NetLink, to provide a retail ticket netting solution for its liquidity providers and prime brokers.
TraderTools LMP works with FXMS
NEW YORK - TraderTools is enabling users of its liquidity management platform (LMP) to access liquidity from electronic trading platform FXMarketSpace (FXMS).
DealHub's BAM goes with the flows
LONDON - Option Computers Limited (OCL) has completed development of its business activity monitoring module (BAM), which enables users to view clients' foreign exchange trading activity.
CME/FXMS venture over?
LONDON - CME Group (CME), Thomson Reuters and FXMarketSpace (FXMS) have not confirmed a media report alleging CME has decided to end its involvement in FXMS, its joint venture FX platform with Thomson Reuters.
Parker FX returns drop in July
STAMFORD, CT - The Parker FX Index fell 0.11% in July, down from a return of 0.17% in June, as the big drop in energy prices helped the US dollar appreciate.
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
China cracks down on compliance
BEIJING - Chinese regulators have announced plans to monitor domestic and foreign banks' implementation of foreign-currency controls, in a move some analysts say is aimed at keeping speculative money out of the market.
Algo trading: worth the expense?
An important issue that came up in the Aite Group report on algorithmic trading in foreign exchange released last week was the cost of using this form of trading.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
Finocorp adopts RealStream Margin
TEL AVIV - Financial services provider Finocorp has taken Cognotec's RealStream Margin platform on board for use within its online retail foreign exchange trading service, Realstreamtrading.
Forex revives an ailing Thomson Reuters
NEW YORK – Foreign exchange has aided Thomson Reuters’ second-quarter figures as it posted disappointing organic growth figures amid roiling financial markets.
nvestors back MarQCuS by $1.7 billion
LONDON – Lehman Brothers has gained $1.7 billion in investments for its Macro Quantitative Currency Strategies platform (MarQCuS), as investors aim to maximise returns amid failing pure carry strategies.
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.
Emerging markets boost returns for ODL
LONDON – Emerging markets represent the fastest growing segment of the retail foreign exchange market at London-headquartered ODL Securities.
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.