Post-trade
Processing costs slashed
LONDON – Confirmation-matching systems such as Swapswire and DTCC have slashed processing costs for over-the-counter derivatives trades, according to research released last week.
Market-makers need to get technical
The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
Lloyds TSB expands global derivatives capacity
LONDON – Lloyds TSB's corporate markets division has hired three senior staff in London, expanding its derivatives trading and development operations.
KMJ Currency Program reaps rewards of market turmoil
The KMJ Currency Program was up 14.7% in August, benefiting from the turmoil in the currency markets.
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
Banks pilot OCL pre-settlement tool
LONDON – Two banks are piloting a pre-settlement netting solution developed by post-trade technology vendor Options Computer (OCL) to manage back-office capacity constraints brought on by high- frequency trading ( FX Week, July 16).
CLS settles record volumes in August
LONDON & NEW YORK – CLS Bank International has posted record volumes for foreign exchange payment instructions settled in August, amid heightened activity in the FX markets.
Banks pilot OCL pre-settlement tool
LONDON – Two banks are piloting a pre-settlement netting solution developed by post-trade technology vendor Options Computer (OCL) to manage back-office capacity constraints brought on by high- frequency trading (FX Week, July 16).
Capitalising with caps
Loïc Henry, head of Paris FX structuring at French Bank Calyon, suggests the introduction of caps when participating in spread options
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Saxo Bank expands globally
COPENHAGEN – Saxo Bank is building a global wealth management business as part of its corporate growth strategy for 2010.
Dealing with capacity constraints
Surging ticket volumes from algorithmic traders are leading to calls for change from dealers facing capacity constraints at their back offices.
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week .
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week.
EFX options broking sparks into life
Competition in electronic FX options broking is intensifying, with electronic brokers rolling out new tools to capture the growing business opportunity.
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
Morgan Stanley hires Fed veteran for advisory role
HONG KONG – Morgan Stanley Investment Management has hired Dino Kos, former head of the markets group at the Federal Reserve Bank of New York, to lead a team advising on investment by central banks outside the US.
Tullett raids ABN's e-commerce team
LONDON & SINGAPORE – A seven-strong e-business team has quit ABN Amro to join interdealer broker Tullett Prebon, according to market sources.
Tullett raids ABN's e-commerce team
LONDON & SINGAPORE – A seven-strong e-business team has quit ABN Amro to join interdealer broker Tullett Prebon, according to market sources.
CME/CBOT merger terms agreed
CHICAGO – Shareholders of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) agreed an $11.9 billion merger deal last Monday (July 9), ending CME's long-running battle with the IntercontinentalExchange (Ice) for control of CBOT.
Icap speeds up FX data feed
LONDON – Interdealer broker Icap last week (July 11) announced it had improved its EBS Live spot data feed by reducing processing and communication latency.
Keeping pace in an explosive market
Rick Schumacher, product manager at Wall Street Systems in New York, explores recent transformations in the FX market and the new challenges and opportunities these present for banks