Month: January 2007

CME, CBOT Name Post-Merger Management Team

Executives of the Chicago Mercantile Exchange (CME) dominate the management lineup of a new super exchange following the completion of its merger with rival Chicago Board of Trade (CBOT). Just one member of CBOT was named in the merged company’s management team. Bryan Durkin, CBOT’s chief operating officer will join CME Group in the same […]

Tokyo Financial Exchange to Upgrade FX Futures System

The Tokyo Financial Exchange (TFX) plans to upgrade its foreign exchange margin trading system following growing volumes in its currency futures contracts. A TFX spokesperson tells Squawkbox that the exchange will aim to upgrade its system internally, possibly in mid 2007. TFX launched seven currency futures contracts in July 2005 with average daily volumes now […]

Chinese Premier Calls for More Active FX Reserves Management

China’s Premier Wen Jiabao says China should steadily move forward on foreign exchange reform and should actively ‘explore new means and extend channels’ for the use of its $1.07 trillion foreign exchange reserves. Wen was speaking at China’s third national financial conference which is held every five years to set the agenda for the country’s […]

First Republic Bank Builds FX Team

US-based First Republic Bank has named Julianne Tamasy as head of foreign exchange and Richard Lombardozzi as managing director of foreign exchange. The bank says they will work with a wide range of clients, including asset managers and private equity and venture capital firms as well as non-profit organisations. Prior to joining First Republic, Tamasy […]

The New PPP…The iPod Nano

CommSec, Australia’s largest retail focused securities firm, has launched an iPod Nano index to measure relative currency valuations across 26 countries. The index is a ‘light hearted’ approach to assessing currency values in the same way as The Economist’s now-famous Big Mac index, according to CommSec. The Big Mac index was devised in 1986 using […]

Hanover Hires FX Consultant

Hanover Search and Selection, a London-based executive search firm, has hired Anthony Bexley to develop its foreign exchange and commodities business. He joins the financial markets team as an executive consultant. He began his career in IT recruitment and moved into investment banking n 2001. He specialises in the FX and commodities markets.

RTS Offers Access to CME and Nymex Platforms

RTS Realtime Systems Group, an independent software vendor, now offers customers direct market access to the Chicago Mercantile Exchange’s Globex trading platform and Nymex through the combination of RTD and CME LNet. CME LNet is a customer-managed service offering 40mb redundant fibre connections to the Globex platform via specified collocation facilities. LNet is expected to […]

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 […]