Post-trade
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.
Lehman derivatives trading 'light'
NEW YORK - The International Swaps and Derivatives Association's emergency trading session, held on Sunday, September 14 to reduce banks' exposure to Lehman Brothers, received a low response, said a New-York based official that participated in the co…
Sibos: market must clear processing bottleneck
VIENNA - During a panel discussion at last week's Sibos conference, CLS Bank, Credit Suisse, Traiana and Bloomberg agreed collective action was needed to avoid a serious processing bottleneck in the foreign exchange market.
RBS and Simplex launch RBS Swift
LONDON - The Royal Bank of Scotland (RBS) has teamed with technology provider Simplex Consulting to launch an RBS Swift Service Bureau for corporates requiring outsourced services connecting to the Swift network.
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.