Month: March 2003

The Changing Face of Currency Overlay:From Service Class to Asset Class

Currency overlay is not a new phenomenon, it has been a service used by forward thinking asset managers for some years; however, the world of currency overlay could be about to change irrevocably. For years, currency has been a by-product of other transactions in the financial and non-financial world, but shrinking (or non-existent) returns in […]

Tullett and Collins Stewart to Merge

Inter-dealer broker Tullett, formerly Tullett & Tokyo Liberty, has reached an agreement to merge with Collins Stewart, the UK-based stockbroking firm. At time of going to press, the overall value of Tullett capital is given as around £251.2 million, the deal is expected to go unconditional in early March. “This combination enables Tullett to achieve […]

Bank One Looks to Expand the Model

Just over one year ago, Bank One’s global FX operations sat within the International Division of the group, which meant, importantly, according to Justin Foley, managing director and global head of FX options, that it missed out on the investment drive within the bank’s Capital Markets operation. In early 2002, however, FX began reporting into […]

GFI Offers Revaluation Data Service

GFI Group has launched a new service that provides risk managers with access to independent data for the FX options market. The company will set implied volatility surfaces for OTC FX options in 20 currency pairs at 10:00 am (EST) each day, providing risk managers with data to revalue FX derivative portfolios. The company says […]

Reuters’ Kobra Challenged

Caplin Systems, a Web technology supplier, is introducing an alternative to Kobra, Reuters’ data distribution platform; the provocatively titled Mongoose. The new system offers connectivity to market data from a number of sources, as well as giving users the ability to customise their display and access information from any Internet enabled computer. “Market data distribution […]

Deutsche Bank Sells Socx Interest

Wall Street Systems (WSS) is to acquire Deutsche Bank’s 50% interest in Socx (Settlement & Operations Clearing eXchange), the pair’s joint outsourcing venture which was launched in October 2001 (see Profit & Loss, January 2002). The bank will continue to use WSS’s treasury engine to process its money market transactions in-house. Deutsche has been refocusing […]

Centradia Raises the Volume

The March 2002 issue of Profit & Loss carried an article entitled, “Centradia Commences Business – Quietly”. Since that soft launch (which was actually in November/December 2001), Centradia maintained this relatively low profile, but has had considerable success in both client and volume terms, to the extent that it now has more than 400 clients […]

ACI Step Welcomes Feedback to Proposals: Prepares for Enlarged Task Force

The Euribor – ACI Short Term European Paper Task Force (ACI Step) has published its recommendations for the development of the pan-European market and received recommendations from interested parties. As a result of this feedback, it will be holding a meeting to create an ACI Short Term European Paper Enlarged Task Force on March 11, […]

Profit & Loss/FMA-USA Conference Set for May

The Financial Markets Association-USA (FMA-USA) is looking to continue its rebuilding programme via education by holding a two-day conference in Chicago on May 15-16, in partnership with Profit & Loss magazine. The programme, “FX & Capital Markets: Today and Tomorrow” places a heavy emphasis on e-business, as well as the practical issues surrounding trading in […]

Suomen Pankki Takes Trema Finance Kit

Finland’s central bank, Suomen Pankki, is to use Trema Finance Kit to manage its foreign exchange reserves, monetary policy and customer payments. Trema says that the system provides integration between front and back office and facilitates the straight-through processing of transactions, and that Suomen Pankki is among the first central banks to implement the new […]