Day: 1 June 2006

Banks and Prime Brokers Sign up to Test FXMarketSpace

About two dozen financial institutions have agreed to participate in the development and testing of FXMarketSpace, the joint venture that Reuters and Chicago Mercantile Exchange plan to launch in early 2007. The two companies say that take up of the Early Adopter Programme represents a major step forward in the launch of the world’s first […]

Last of the ex-NAB Dealers Jailed

The final two of four former National Australia Bank (NAB) foreign currency options traders have received stiff jail sentences for their activities that led to NAB eventually losing AUD360 million. Former senior dealer David Bullen, (34), and junior dealer Vincent Ficarra, (27), were sentenced to 44 and 28 months respectively for their roles in placing […]

Lava to Offer FX Trading in Russian Rouble

Lava Trading will introduce trading in the Russian rouble on its foreign exchange trading platform, LavaFX. The company will offer trading in the rouble against the US dollar and euro later this year. The rouble became fully convertible in July allowing for global spot trading in the currency. The Russian foreign exchange market has experienced […]

Citigroup and Goldman Sachs on CBOT

Citigroup and Goldman Sachs have become electronic market makers for the Chicago Board of Trade’s interest rate swap futures contracts. The banks join an existing electronic market maker, which CBOT declines to name, and provide liquidity to all market participants in CBOT 5-year and 10-year swap futures. “Their participation as electronic market makers in CBOT […]

RBS Opens FXall Money Market Platform

The Royal Bank of Scotland has become the first bank to trade money markets on the FXall trading platform. FXall went live with its new Money Markets platform in June, offering clients money markets trade processing from execution through to settlement and confirmation. The service offers a number of features including the ability to automatically […]

FX Connect and CME Hit the $100 Billion Mark

As discussion over the relative merits of the RFQ (Request for Quote) and exchange models of execution continue, announcements from State Street and the Chicago Mercantile Exchange (CME) indicate that both continue to thrive. State Street’s FX Connect says it exceeded $99 billion in turnover on a single day in June, far in excess of […]

Gain, Refco Deal Off

The deal for trading services provider Gain Capital to buy the retail forex accounts of the defunct Refco FX Associates (RFXA) has been “jointly terminated” according to the companies. RFXA said that as a result of its inability to enter into a final asset purchase agreement, it plans to terminate its agreement with FXCM, the […]

Bloomberg and T-Zero Partner

Bloomberg is providing users of its Professional desktop with post-trade services from T-Zero in a bid to further industry-wide goals of achieving greater efficiency and straight-through processing in the credit derivatives market. The development will enable more than 250,000 Bloomberg users to access T-Zero’s affirmation service so credit derivatives (CDS) deals can be processed electronically […]

A Picture of Health? Taking the Pulse of the Vendor Industry

Researchers have found that e-trading technology expenditure in the FX markets has been rising rapidly, with one survey estimating that around 60% of the sell-side technology spend is now going to third party vendors. For the vendors in general, this seems to indicate that business is healthy, but what in particular have banks been demanding […]

TT Bolsters Hires for Buy Side Sales

Trading Technologies International (TT), a provider of trading software for the derivatives market has appointed Travis Schwab to the newly created role of managing director, global buy side sales. Schwab, who most recently served as head of North American ebrokerage sales at Calyon Financial, will be based in New York and report to Tim Geannopulos, […]