Trading
In Brief, May 3, 2010
What's going on in the FX technology sector.
Bilateral collateral agreements up in 2010
SAN FRANCISCO - Bilateral collateral agreements make up 83% of all collateral agreements in circulation in the over-the-counter derivatives market this year, versus 75% last year, according to a survey by the International Swaps and Derivatives…
CIBC continues markets restructure with FX strategy hire
LONDON & TORONTO - CIBC is expanding its workforce with two hires in newly created roles.
High-frequency trading will be 40% of market by 2012
BOSTON - High-frequency traders could win from the introduction of central clearing in over-the-counter markets, according to research by Boston-based consultancy Aite Group released last week (April 26).
Progress releases single-bank portal FX adapter
NEW YORK - Complex event processing (CEP) platform vendor Progress Apama has introduced a suite of single-bank portal adapters for its Apama Capital Markets Framework, which are available today (May 3).
Sophis to partner with Windows 7 in May
PARIS - Sophis is planning an upgrade of Risque, its cross-asset portfolio and risk management system, to Windows 7 software from Microsoft.net at the end of May.
BarCap losses trickle on
LONDON & SINGAPORE - Barclays Capital (BarCap) has lost two more staff, following the mass exodus at the end of April.
Euro crisis sparks record e-trading
LONDON & CHICAGO - Heightened concerns over the contagion risks of the Greek fiscal crisis to periphery economies last week led to record trading days on electronic trading systems.
ETF Securities: Listed currency products in demand
LONDON – ETF Securities reported assets of $120 million in its currency-linked exchange-traded portfolio as of April 23, signalling increased demand for these products.
Nomura wins three in global sales
LONDON & NEW YORK - Now the bonus rounds are over, the hunting season has begun. Nomura is reported to have hired sales staff from Barclays Capital in London and UBS in New York.
Trading Places, May 3, 2010
Find out about the movers and shakers in the FX world.
US forex back on form in first quarter
NEW YORK & BOSTON - Most US banks reported strong forex revenues in the first quarter this year versus last year, as the global markets start to recover.
Gain Capital: outer eurozone will drag euro down
Gain Capital topped the three-month currency forecast rankings with a bearish stance on the euro, having predicted the Greek debt crisis would spread to neighbouring economies.
Parker FX: Discretionary approach gets better returns in March
STAMFORD, CT – The Parker FX Index reported a 0.78% return for the month of March, when the US dollar continued to appreciate relative to the majors, with the DXY Index gaining 0.62%.
Credit Suisse rebuilds spot in NY
Swiss dealer adds senior trader
Prime brokers switch on to SAS 70 checks
Prime brokers have focused on bolstering asset security for clients after billions of dollars of client assets were caught up in the administration of Lehman Brothers International (Europe) (LBIE).
RBS loses Usher but gains Gething
LONDON – Royal Bank of Scotland has lost Richard Usher, London chief dealer and EUR/USD spot trader, in a further senior departure from the bank.
Deutsche fined for Hungarian FX swaps
BUDAPEST - Deutsche Bank has been fined $455,441 by the Hungarian regulatory authorities for manipulating the forint to profit from foreign exchange swaps trades entered with local banks.
Euro loses as markets play it safe
Greece continues to dominate the headlines. However, the contagion effect to other eurozone peripherals as well as concerns over Chinese monetary tightening and proposed financial regulatory reforms have been driving financial markets recently –…
Singapore Exchange moves into clearing
SINGAPORE - The Singapore Exchange (SGX-DC) became the latest to pitch clearing for foreign exchange products last week, with a proposal to clear financial derivatives, including Asian FX forwards contracts settled in US dollars.
Banks widen scope of IT budgets
Speakers at the FX Week webinar, FX technology arms race: the battle for market share, last Tuesday (April 20) covered a wide range of issues facing the industry post-crisis, including regulation, customers' increased demands and post-trade processing.
JP Morgan in e-FX build
LONDON – JP Morgan is continuing to build up product capabilities on its internally developed single-dealer system, MorganDirect, after switching off the pre-existing AVT-based system JPex last month.
Szucs and Shiff join BAML
LONDON - Bank of America Merrill Lynch (BAML) continues to build up its foreign exchange franchise with the hire of a senior institutional salesperson from Morgan Stanley in London.