Post-trade
BNP Paribas ups the ante in forex
LONDON - BNP Paribas plans to roll out a new foreign exchange trading platform to select clients by the end of the year, in a bid to grow its presence in FX.
BoNY signs up to GFI's Fenics FX
NEW YORK - Bank of New York Mellon has signed a three-year licence for GFI Fenics FX, a pricing and risk management software system.
Wall St Systems launches ESN
LONDON & PARIS - Wall Street Systems is in discussion with a Tier II and two Tier III US banks for use of its pay-as-you-go post-trade processing utility, Electronic Settlement Network (ESN).
Futures broker RCG buys MG Financial
CHICAGO & NEW YORK - Rosenthal Collins Group (RCG) completed the acquisition of online foreign exchange trading company MG Financial on October 15.
City Index drops three in London
LONDON - Retail trading company City Index laid off three foreign exchange staff from its margin FX provider, IFX Markets, in London last Thursday (October 16), as it integrates the FX business with recently acquired FX Solutions.
BarCap picks Caplin for rates
LONDON - Barclays Capital has signed a contract to purchase web-based application Caplin Trader for its fixed-income electronic commerce system.
JDFX gets smart with Kontrol
ZURICH - Foreign exchange trading company JDFX has capitalised on an increasing focus on risk management within financial markets by launching Kontrol, a system built to eliminate inefficiencies and dangers caused by calculating risk several times a day…
Decline continues on Parker FX
STAMFORD, CT - The Parker FX Index made a loss of 0.73% in August, falling further from a negative 0.11% the previous month, as the sharp appreciation in the US dollar caught out 60% of managers.
FXMPG tackles FX practices
BRUSSELS - The Foreign Exchange Market Practice Group (FXMPG) plans to hold its first meeting in January, to begin establishing global market practice for foreign exchange activities.
RealStream Margin revamped
LONDON - Cognotec is set to roll out the latest version of its web-based margin trading system, RealStream Margin 3.0, in response to market demand for efficiency and enhanced risk management products.
Cutting costs
Pat Lefler, director, product marketing, at Wall Street Systems in New York, looks at ways smaller banks could reduce their trade-processing costs and remain competitive
Iosco turns spotlight on commodities
WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) and the UK Financial Services Authority (FSA) are to lead an international regulators' group overseeing the commodity markets.
Gold rush on Lehman's European FX team
LONDON - Dealers are willing to pay top dollar for Lehman Brothers' foreign exchange team in Europe, following the failure of administrator PricewaterhouseCoopers (PwC) to agree a sale of the defunct bank's European fixed-income unit last week.
Saxo Bank cuts 400 jobs
COPENHAGEN & LONDON - Saxo Bank is today (September 29) shedding up to 400 jobs globally as part of plans to streamline its business, officials tell FX Week .
Citi gains BoC Hong Kong for CLS
HONG KONG - Bank of China (Hong Kong) (BoC HK) has signed an agreement to use Citi's Global Transaction Services as its continuous-linked settlement (CLS) nostro agent for US dollar.
JPM offers new FX platform
LONDON - JP Morgan last week launched MorganDirect, a new proprietary foreign exchange trading platform that will eventually replace the incumbent JPex system.
OCBC cashes in on Asian DCR growth
SINGAPORE - OCBC Bank expects to see 20% growth in its dual currency returns (DCR) business in Singapore next year, following implementation of a structured deposit pricing and processing system from FinIQ, said bank officials.
Swedbank signs on to Aleri's LMS
STOCKHOLM - Swedbank has become the latest dealer to introduce a liquidity management system (LMS), selecting Aleri's LMS technology to manage liquidity risk across all asset classes.
JP Morgan replaces AIG on Currenex
NEW YORK - JP Morgan replaced AIG as the central clearer on Currenex's anonymous trading platform on September 17.