Electronic trading
Sizeable portion of banks not planning to become clearing members
Battle for client clearing business set to heat up, reveals Risk interdealer poll
Hotspot FX continues year-on-year growth
JERSEY CITY, NJ - Hotspot FX reported average daily volumes of $33 billion – double count – in July, up 55% from $21.30 billion a year earlier.
FXall adds head of global trade support
NEW YORK - Quito Zuba joins FXall as senior director and global head of trade support, as of today (August 16), in New York.
RBC hires European e-distribution chief from Citi
LONDON - RBC Capital Markets has hired Katherine Krebser as head of e-commerce distribution for Europe from Citi in London.
UniCredit restarts build in Asia
HONG KONG – UniCredit has made a key hire in Hong Kong as it reinstates plans to grow its presence in the Asia-Pacific, after spending the past year restructuring its fixed-income and currencies (FIC) business.
BAML live on CLS/Traiana by October
NEW YORK - Bank of America Merrill Lynch is due to go live on the CLS/Traiana joint venture trade-aggregation service by October, making it the last of the eight founding banks to begin processing through the service.
Interdealer brokers get boost from FX
LONDON - BGC Partners saw a 54.6% rise in foreign exchange revenues in the second quarter, due to a continuing rebound in global volumes, the broker reported last Thursday (August 5).
Exchange trading sees sharp rise in July
CHICAGO & LONDON - Exchange trading experienced a sharp year-on-year rise in July, overshadowing a marginal increase on traditional spot systems.
Wade's in at Deutsche Bank
NEW YORK - Deutsche Bank has boosted its electronic foreign exchange sales effort to corporate clients with a key hire from Citi.
2010 e-FX Awards are presented to winners in New York
Each year, FX Week holds the e-FX Awards, recognising innovation and success in the electronic foreign exchange trading industry.
CLS targets buy side with Omgeo
NEW YORK - CLS and Omgeo have teamed up to improve post-trade reporting by the buy-side community with the addition of CLS FX instructions to Omgeo’s standard settlement instruction (SSI) database.
EBS chases competition with decimalisation launch
NEW YORK - EBS's plans to offer decimalisation at the end of August could lead to a fall in market liquidity, caution traders.
Hotspot FX volumes up year-on-year
JERSEY CITY, NJ - Hotspot FX reported average daily volumes of $37.2 billion – double count – in June, up from $22.5 billion a year earlier.
Power to the high-frequency traders
Speakers at the FX Week USA congress held in New York last Tuesday (July 13) were resoundingly supportive of the role high-frequency traders (HFT) have had in ensuring liquidity in the market.
Smaller firms take e-FX trading internal
NEW YORK - The face of electronic foreign exchange trading is becoming more diversified as second- and third-tier banks become active contributors of liquidity, concluded panellists participating in the FX Week USA conference in New York last Tuesday …
End-users support central clearing
NEW YORK - The push for central clearing is increasingly being driven by end-users seeking operational efficiencies, rather than regulators, according to Jason Vitale, global head of dbClear FX at Deutsche Bank in New York.
CFTC rules increase credit risk
NEW YORK - Proposed rules to limit leverage on margin FX trading accounts at retail forex brokers will have the unintended consequence of increasing counterparty risk, according to Josh Levy, managing director at Tactical Asset Management.
Post-trade innovation set to drive up volumes
NEW YORK - Post-trade functions will become more important in foreign exchange trading operations as the FX market evolves through greater use of high-frequency trading, according to speakers at the FX Week USA conference on July 13.
RBS adds in e-sales
STAMFORD, CT – Royal Bank of Scotland (RBS) is increasing coverage of electronic sales to financial institutions with a hire from Barclays Capital in the US.
Portware eyes streaming liquidity, TCA in FX upgrade
NEW YORK - Execution management system (EMS) vendor Portware has targeted liquidity management, extended algorithmic execution and transaction cost analysis (TCA) with version 5.0 of its Portware FX trading platform, released on July 13.
StreamBase Partners with MarketFactory
NEW YORK - StreamBase has partnered with algorithmic FX trading applications vendor MarketFactory to enable hedge funds, banks and proprietary trading firms to speed their ‘time to first trade’ in the spot foreign exchange market.
Godfrey resurfaces at Wells Fargo
SAN FRANCISCO - Steve Godfrey, formerly co-head of global rates, currencies and commodities electronic solutions at Bank of America Merrill Lynch (BAML), has joined Wells Fargo as head of its foreign exchange e-commerce division.