Month: February 2007

FXMarketSpace Receives FSA Authorisation, Completes Customer Testing

FXMarketSpace (FXMS), the first centrally-cleared, global foreign exchange platform due to launch this quarter, has been authorised by the UK’s Financial Services Authority as an alternative trading system. Additionally, the company says it has completed its customer testing program which has taken place over the past eight weeks with over 25 customers comprising banks, prime […]

EBS Launches Automated Netting Service

EBS has launched an automated ticket netting service for prime broking banksto help them manage more efficiently the increasing number of foreign exchange dealing tickets. As reported in Profit & Loss (January, 2007), EBS, now part of Icap, has worked with FX post-trade technology provider Traiana to create a netting system called NetLink, which enables […]

CME Promotes Schulz and Durrant

The Chicago Mercantile Exchange (CME) has promoted David Schulz and Andrew Durrant to director, foreign exchange products and director, foreign exchange products – Europe respectively with immediate effect. The appointments are just two of 23 corporate officer promotions that have been made across the exchange.  Schulz is responsible for developing relationships with global foreign exchange […]

Cognotec to Axe up to 40 Jobs

Restructuring at foreign exchange software development company Cognotec will result in the loss of up to 40 jobs – over 20% of its workforce – it emerged last week. Most of the cuts will be made in Dublin where the majority of Cognotec’s 190 employees are based. The job losses will be made as part […]

Citigroup, HSBC and RBS Make Fixing Available on FXall

Foreign exchange trading platform FXall has added benchmark fixings from Citigroup, HSBC and the Royal Bank of Scotland to its order management service QuickOMS. Clients can now submit request-for-stream and benchmark orders through a single, integrated service. Benchmark fixings are independent, auditable FX rates designed to provide an accurate reflection of the FX market at […]

Saxo Bank Enters China

Saxo Bank has been granted a license by the China Banking Regulatory Commission (CBRC) to establish a representative office in Beijing. Kevin Ashby, chairman and CEO of Saxo Capital Markets, Singapore, says, “Our initial focus will be to form strategic alliances and partnerships with banks and financial institutions in China to promote Saxo Trader as […]

China to create Investment Company to Manage FX Reserves

The creation of a massive investment company to help manage China’s $1.07 trillion in foreign exchange reserves is underway, according to the Shanghai Daily. Central Huijin Investment Co, an investment and restructuring arm of the People’s Bank of China (PBOC), may be reorganised and merged with the new entity, according to the Chinese newspaper report. […]

Ex-NAB Man in at RBA as Battellino Promoted

Ric Battellino has been appointed deputy governor of the Reserve Bank of Australia (RBA) for a term of five years. The appointment in September 2006 of Glenn Stevens as governor of the RBA created a vacancy at the deputy governor level. The appointment was made by Peter Costello, treasurer of Australia, who says, “I have […]

BoNY Enhances iConfirm

The Bank of New York (BoNY) has launched a new version of iConfirm, a Web-based system that automates confirmation processing for foreign exchange trades. Using iConfirm, clients can manage a variety of post-trade activities, including confirmation review and affirmation, settlement processing, maintenance of standard settlement instructions, trade query, and reporting. The enhanced tool includes streamlined […]

CFETS Awards FX Trading Platform Development to Tata

A contract to modernise the China Foreign Exchange Trade System (CFETS) trading platform has been given to a joint venture between Indian IT conglomerate Tata Consultancy Services, three Chinese software institutions, and Microsoft. Tata has a 65% stake in the venture. Tata says it will implement a comprehensive trading system for CFETS, a subsidiary of […]

Profit & Loss is no longer publishing

Thank you for 21 great years of support