Day: 22 January 2007

State Street Spends $564 Million on Currenex

Consolidation in the multi-participant trading platform space has long been talked about but it has now taken a step forward with news that State Street Corp. has agreed to acquire Currenex, the independently owned online foreign exchange trading platform for $564 million in cash. "The acquisition will accelerate State Street's participation in the fast growing […]

Reddbook Celebrates 50 Years with Gold Edition

The Reddbook directory, formerly “the little red Hambros book”, which provides contact details of dealers around the world, is celebrating its 50th year in circulation with a special gold edition. Initially published in 1957 by Hambros Bank, Socit Gnrale inherited the publication as part of its purchase of Hambros. In 2004 the French bank sold […]

HKEX’s Yuan Futures Possibly by Mid 2007

Hong Kong Exchanges and Clearing (HKEx) is aiming to launch yuan currency futures contracts by mid 2007. The exchange says the launch date is dependent on consultations with regulators and feedback from market participants. HKEx announced plans to launch the product late last year (Squawkbox, December 4, 2006), three months after Chicago Mercantile Exchange launched its […]

Derivative Fitch Upgrades Platform for Credit Derivatives

Derivative Fitch, the credit derivatives rating agency, has launched a new version of its Risk Analytics Platform for Credit Derivatives (RAP CD) with daily mark-to-market pricing and risk analysis and full support for CDO2 structures. The new version also includes the addition of portfolio reporting and an improved graphical interface. Portfolio reporting offers the ability […]

Reuters Signs Eight to Kondor+

Reuters has signed eight clients to its Kondor+ trading and risk management product suite as the demand for adequate automation and risk management services grows in the face of continuing regulation. The deals strengthen Reuters’ Trade and Risk Management business across Europe. Clients include Montepio, a commercial bank in Portugal that has signed up for […]

New Peak for CLS

CLS Bank International set a new record for the volume of payment instructions settled in one day on January 16, settling 705,582 payment instructions with a gross value of $ 5.22 trillion. As is generally the case with CLS, the new record follows a US public holiday, therefore two days’ worth of trades are condensed […]

T-Zero Hires Harrington as COO

T-Zero, a credit derivatives messaging and connectivity provider, has hired George Harrington as chief operating officer to expand its senior management team. Launched in the summer of 2005 by e-trading platform provider Creditex to bring operational efficiencies to the credit derivatives industry, T-Zero enables market participants to automate post-trade processes by communicating with different credit […]

Credit Derivatives Veteran joins Codefarm

Codefarm, a Brighton, UK-based technology company that provides products and services for the structured credit market, has appointed Paul Varotsis as a non-executive director. Over the past twenty years, Varotsis has held a number of positions within the credit derivatives businesses at some of the major banks. He was head of CDOs at Barclays Capital, […]

RBC Completes Russian Rouble Issues

RBC Capital Markets said last week that it had completed two of the first ever bonds denominated in Russian roubles.  The first issue was RUB 2 billion with a five-year term issued by the European Bank of Reconstruction and Development and the second issue was RUB 2 billion with a four-year term issued by Nordic […]

Two More QFIIs Approved in China

China’s State Administration for Foreign Exchange (SAFE) has approved a further $500 million in mandates under its Qualified Foreign Institutional Investor (QFII) program, which allows qualifying firms to hold tradable Chinese shares for overseas investors. The latest mandates were given to GE Asset Management and UBS Global Asset Management, who received $200 million each. The […]