Month: August 2006

Indian Mutual Funds Allowed to Increase Foreign Investments

Market regulator, the Securities and Exchange Board of India (SEBI) said last week that domestic mutual funds would be allowed to place a maximum of 10% of net assets in foreign investments. The announcement was made as SEBI released guidelines for mutual funds to invest overseas and follows the Reserve Bank of India’s decision in […]

China to Become FX Powerhouse as Capital Outflows Surge

China’s momentum in becoming a major force in global foreign exchange markets is growing, with Citigroup estimating outward investment by Chinese firms and investorsrising from $20 billion this year to more than $100 billion by 2015. Citigroup’s recently released report, Greater China Insights: Chinese Capital Export – A New Force in the World, says, "China’s […]

Saxo Bank DebutsTrading Module for FX Options

Saxo Bank is enhancing its SaxoTrader 2 platform with a newFX options module. The module offers live streaming prices on options on all major currency crosses – nine streaming with 26 pairs in total; gold and silver options;complete information,including Greekson open FX option positions in the account summary; RFQ functionality; and optionalsemi-automatic delta-hedging after each […]

Spending on Credit Derivatives Technology to Rocket to $500 Million

Hedge funds and banks are set to spend almost $500 million on credit derivative trading systems this year, a rise of 45%, as they scramble to automate settlement processes and cut transaction costs. The extra spending on new systems, which have the potential to halve the cost of credit derivatives trades in future, represents a […]

Misys Appoints Victore

Technology vendor Misys Banking Systems has appointed Steve Victore as managing director of its treasury and capital markets business in the Americas. He joins from Beauchamp Financial Technology, where he was group head of sales and marketing and a member of its board of directors.Previously, he was COO of Fintech, a web-based trading and portfolio […]

Kalahari Hires Head of Analytic Solutions Team

Software provider Kalahari has appointed Kashif Khan-Sherwany as manager of its analytic solutions, reporting to Gautam Dixit, head of technology. Khan-Sherwany joins after spending five years in the financial industry, including two years at JP Morgan Chase where he worked in the global treasury department developing risk, profit and loss, pricing, positions and other trading […]

Malaysia Allows Islamic Banking Services in Foreign Currencies

Malaysia’s central bank, Bank Negara, is bringing in measures to allow the nation’s banks to offer Islamic banking services in foreign currencies for the first time. Licenses would be issued by Bank Negara Malaysia to both domestic and foreign banks based in Malaysia, with the aim of encouraging greater foreign investment from those wishing to […]

Openlink Expands in Sydney

Financial software provider Openlink is expanding its Sydney office as one of two global centres for its On Demand ASP product initiative. Openlink is a developer of trading, risk management, and operations processing software in foreign exchange, money markets, interest rate derivatives, fixed income securities, energy, metals, and soft commodities. The firm will add development […]

FX Concepts Transfers European Ops to London

Investment management firm FX Concepts, which has more than $11 billion of assets under management in currency overlay and absolute return programmes for institutional clients, has shifted its European base from Paris to London. The firm, established in 1981 and headquartered in New York with offices in Singapore, Sydney and Tokyo,has run its European arm […]

FX Traders Detained in Vietnam

ABN Amro’s Vietnamese FX operation has been embroiled with the state-owned Industrial and Commercial Bank of Vietnam (Incombank) over alleged illegal foreign exchange deals that the Vietnamese bank says caused losses of $5.4 million. The brouhaha has resulted in police detaining a number of FX traders from both ABN and Incombank. In addition a lawsuit […]