Foreign exchange
Tullett Prebon launches multi-asset market data service
LONDON – Tullett Prebon Information, the market data division of interdealer broker Tullett Prebon, last week launched its market data service, Mark2Marker.
Margin trading – an untapped opportunity
Brian Maccaba , executive chairman of Cognotec, highlights the huge growth in web-based FX margin trading and argues that banks cannot afford to ignore the opportunities that this presents
EBS credited for 75% rise in e-broking revenues at Icap
LONDON – Spot broker EBS was largely behind a 75% rise in second-half electronic broking revenues at interdealer broker Icap, the broker said last week.
ISE prepares FX options launch
NEW YORK – The International Securities Exchange (ISE) has begun publishing the underlying rates for its new ISE FX options, in preparation for launch next year.
BarCap joins LiquidityHub
NEW YORK – Barclays Capital (BarCap) has joined the LiquidityHub bank consortium, which plans to aggregate liquidity and market data for electronic trading, for their clients.
Citi forms FICC group
NEW YORK – Citigroup has merged its global fixed income and emerging markets businesses to establish a new global fixed income, currencies and commodities (FICC) group.
The carry trade shows best returns
LONDON – Carry trading can still produce positive returns, but trend trading models are losing ground, Citigroup's risk advisory group director, Jessica James told the FX Week Europe Congress.
Icap pushes into options
LONDON – Icap plans to launch non-deliverable forwards and develop an electronic FX options trading platform, CEO Michael Spencer told the FX Week annual congress in his keynote address.
Citigroup plays catch-up
Citigroup's recent investment in forex technology appears to be paying off, as demonstrated by the bank's resurgence this year
NFA expels Spencer Financial
NEW YORK – The National Futures Association (NFA) has expelled forex dealer member Spencer Financial from NFA membership following its failure to implement an adequate anti-money laundering regime.
FXPB: a growing divide
LONDON – Foreign exchange prime brokers (FXPB) have started to split into full-service providers and those targeting niche markets, according to panelists at the FX Week Europe Congress last week.
EBS/FXMarketSpace rivalry heats up
LONDON – The standoff between newcomer FXMarketSpace and incumbent platform EBS revved up last week, with EBS claiming the former will favour Chicago-based users.
City bonuses rise by a quarter
LONDON – Just under half of city workers expect a 25% rise in bonuses this year, according to survey results released last week.
Lacklustre bonus season is forecast on low volatility
LONDON – Headhunters say FX professionals are concerned that low market volatility will mean lower bonuses, despite predictions that overall bank remuneration will be up.
China's forex reserves exceed $1 trillion
BEIJING – China's foreign exchange reserves have exceeded the $1 trillion mark, said state officials last week.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Dresdner joins EBS as prime bank amid rising volumes
LONDON – Dresdner Kleinwort has joined EBS as a prime bank, with the spot broker saying sharp increases in prime volumes demonstrate its ability to withstand challenges from new entrants.
Taking advantage of variance swaps
Loïc Henry, head of structuring at Calyon in Paris, suggests using variance swaps to trade non-directional strategies in an environment of low volatility
Thailand acts to curb baht speculation
BANGKOK – The Bank of Thailand (BoT) introduced new capital controls last week aimed at clamping down on speculative baht trading.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Top Australian banks report bumper FX profits
SYDNEY & MELBOURNE – National Australia Bank (NAB), ANZ and Westpac reported decreased overall profits in the six months ending September 30, reflecting the slower trading climate over the past few months.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.
FXMarketSpace grows with EBS hires
NEW YORK & LONDON – Trading platform FXMarketSpace has poached two staff from rival EBS as part of its buildup ahead of launch next year.
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.