Month: September 2007

BMO’s Gas Losses Mount

Bank of Montreal has reported deepening losses from its disastrous natural gas position earlier this year (see Profit & Loss, June 2007). BMO says its losses from natural gas trades grew by another (US)$91m in the third quarter.   Net income for the group came in at $622.4m, a $47m loss or just over seven […]

EFAMA Releases Investment Fund Industry Statistics Q2

The European Fund and Asset Management Association has issued its latest quarterly statistical report detailing its views on the trends in the European Investment Fund Industry during Q2 of 2007 and the results for the first half of the year. Some of the release’s highlights were how net sales of Undertakings for Collective Investment in Transferable […]

BNP Hires to Drive Risk Management Advisory Business

BNP Paribas has hired into its corporate solutions group within fixed income’s European corporate group (ECG), to help spearhead the enhancement and expansion of the company’s risk management advisory business. Alexandre Canavezes has been appointed to the portfolio optimisation team in London and reports to Stanley Myint, head of portfolio optimisation, having commenced employment on August […]

CFTC Seeks Feedback on China: CFETS to Clear CME Futures

The US Commodity Futures Trading Commission (CFTC) is seeking public comment on a proposal to allow the China Foreign Exchange Trade System & National Interbank Funding Center (CFETS) to clear, for customers domiciled in China, foreign currency and interest rate futures transactions at the Chicago Mercantile Exchange (CME). CFETS is an affiliate of the People's Bank […]

Charles River, GLTrade and TT Eye Japan Developments

Japan’s impending Financial Instruments and Exchange Law (J-SOX), the country’s equivalent to the US Sarbanes-Oxley, is expected to spur advances in compliance reporting at local financial institutions. Charles River Development, a provider of financial software and services to the global investment management community, says it has launched a Japan User Group, (JUG) to discuss Japanese business […]

Progress Software to Target Oz Firms

Progress Software is to market its Apama range of algorithmic trading software and Fraud Detection services to the Australian financial sector.   The Apama algorithmic trading platform enables financial institutions to instantly and continuously analyse, evaluate and respond to complex market events in real time for algorithmic trading, risk management, market aggregation and pricing.   […]

ICICI Builds FX Derivatives Business, Key Executive Poached

India’s ICICI Bank has built a 100-person strong foreign exchange derivatives team over the past three years, according to a report in India’s Business Standard, quoting Chanda Kochhar, the bank’s deputy managing director.  The bank’s trading volumes in currency derivatives has increased by 70% to INR73,093 crore (US$18.3 billion) in 2006-2007 from a year earlier, […]

Bear Stearns Appoints CEO for Asia

Bear Stearns has promoted John Moore as CEO of its businesses in Asia. Based in the firm’s offices in Tokyo and Hong Kong, he reports to Michel Péretié, head of Europe and Asia.  Moore joined Bear Stearns in March 2001 as global head of agency capital markets in New York and later moved to London […]

Voltrex Hits the Web

FX trading platform Voltrex has launched a thin client version of its VFX service which allows clients access via the Internet.   “Our Internet technology provides our clients with our currency services online, an alternative approach to traditional voice broking,” says Graham Farrow, managing director, Voltrex Foreign Exchange. “Our one-stop solution enables users to monitor […]