Month: April 2004

FXC Reiterates Unnamed Advice: Comments on Outsourcing of Compliance Function

The New York FX Committee (FXC), the advisory body established under the auspices of the Federal Reserve Bank of New York, has issued fresh guidance on the issue of trading with unnamed counterparties and has also commented negatively on what it sees as a growing problem of documentation aimed at outsourcing a dealing firm’s internal […]

Major Management Revamp at Citi’s GCIB

Citigroup has put a new foreign exchange management structure in place as part of a wider organisational restructure. Jeff Feig becomes global head of FX, while Richard Moore becomes head of global rates and currencies (GRAC). Further up the chain, in its efforts to ensure that the capabilities of its Global Corporate and Investment Banking […]

NAB Procedures, Management, Slammed by PwC Report

The official report into Aud 360 million losses at National Australia Bank (NAB) has been released and is unsurprisingly highly critical of both management and operational procedures within the bank. In echoes of the investigation into the $700 million losses at Allfirst Financial that were revealed in early 2002 (see Profit & Loss, April 2002), […]

Icy Software Expands Range

Icy Software has enlarged the range of options that can be priced with its pricing tool IcyFX. The company says that IcyFX users will now be able to price, market and monitor OTC options on metals including gold, silver, palladium, copper, aluminium, zinc, lead, tin, nickel and silver. All the features of IcyFX – graphs, […]

CME Adds E$ Tools, Reports Strong Volume

The Chicago Mercantile Exchange (CME) will extend the Eurodollar spread functionality on its electronic trading platform, Globex, to include implied ‘butterfly’ spread trades, a frequently used configuration for Eurodollar positions. The new butterfly spread capabilities will be similar to those that currently exist for Globex Eurodollar calendar trades and will allow users to efficiently establish […]

Fortis Expands Connectivity to Buy Side

Fortis Bank has entered into a three-year contract to use Radianz’s market infrastructure for connectivity to buy side clients. Geert Vanderbeke, executive director of brokerage services for Fortis, says, “Radianz provides a critical link to financial institutions worldwide, including 39 of the top 40 buy side firms. It also enables more efficient access to a […]

Cantor and Tradition Extend Joint Cash & Swaps Product

Cantor Market Data, a division of Cantor Fitzgerald, and Tradition (North America) and Tradition (UK), subsidiaries of Compagnie Financière Tradition, have expanded their joint cash and swaps market data product to cover UK/European trading hours. The service is available over Reuters, as well as through Cantor Direct and Cantor Market Data’s website. The expansion provides […]

NYCC Chooses JP Morgan TS for CLS

JP Morgan Treasury Services (JPM TS) has been selected by the New York Clearing Corporation (NYCC), the clearing house subsidiary of the New York Board of Trade, to be its Continuous Linked Settlement (CLS) service provider. JPM TS says that the NYCC will streamline the settlement of its quarterly foreign currency futures contracts by connecting […]

SEB to Use Summit for Risk Monitoring

SEB Merchant Bank has selected Summit Systems’ treasury and capital markets system to help consolidate risk monitoring for several desks into a single platform. The deal means that the bank’s use of the Summit system expands from derivatives to coverage across different asset classes, processing a range of trades from FX to futures, FRAs and […]

Icap Takes Moneyline Telerate for Market Data

Interdealer broker Icap is to deploy Moneyline Telerate’s TRS, the market data distribution platform and associated APIs along with the company’s Active8 desktop. TRS will initially be deployed in the front office at Icap’s new Broadgate location in London, which is due to open in May, and will support 700 broking positions. Subsequent initiatives will […]