Month: February 2008

Philippine FX Derivatives Market Planned by Exchanges

A derivatives market for Philippine foreign exchange, fixed income and equities is to be jointly developed by the Philippine Stock Exchange (PSE) and the Philippine Dealing System (PDS) Holdings Corp. The exchange partners intend to present a regulatory, product and settlement framework within 90 days. PDS runs the country’s fixed income trading and FX settlement […]

Merrill Lynch to Expand FX in Korea after Winning Bank License

Merrill Lynch has been awarded a full banking license by South Korea’s Financial Supervisory Commission, which will allow it to expand its Korean business to engage in foreign exchange, derivatives, bonds and futures. Jason Brand, president of Merrill Lynch Pacific Rim says, "This banking license will form a critical component of our solutions-based approach for […]

UBS Wins Banking License in India

UBS has been awarded a commercial banking license in India, according to V Leeladhar, deputy governor of the Reserve Bank of India (RBI) speaking to reporters after a conference in Mumbai. The license will help the bank in its fixed income and foreign exchange businesses The RBI is yet to issue a formal notification, while […]

Merrill Lynch Appoints in Prime Brokerage Sales

Merrill Lynch has hired Jeffrey Levy as its Singapore-based director of prime brokerage sales. He was previously the CEO of FreeSpirt Group, a $150 million Sydney-based hedge fund. Levy reports to Eddie Guillemette, co-head of Asia global markets financing and services. Merrill’s other business co-head in Asia is Brian Canniffe.

Shanghai Gold Exchange Unveils First Global Members

Shanghai Gold Exchange (ShGE) has approved Standard Chartered and HSBC as its first offshore members. Both banks are expected to commence gold trading and market making on the exchange by April. ShGE traded 1,828 tons of gold in 2007, up 46% from the previous year. China’s only gold futures contract was launched last month by […]

ASX FX CFDs See Soft Volumes as Equity CFDs Take Off

Foreign exchange contracts for differences (CFDs) on the Australian Securities Exchange (ASX) saw 84,124 lots worth a notional AUD 6.9 million traded in January 2008. In contrast, ASX’s equity based CFDs traded 8.7 million lots worth AUD 212.3 million in the same month. The products, listed in November 2008, are the world’s first listed CFDs […]

Misys Hires Americas MD for Treasury Solutions

Misys, a provider of application software to global treasury departments, has taken on Bill Pollie as managing director of its solutions for treasury and capital markets business in the Americas. "With our strategic focus on offering solutions to financial institutions across the sell side and buy side, Bill is the right person to lead our […]

Logicscope Launches TradeSTPConnect

Trading technology company Logicscope has launched TradeSTPConnect, a fully-hosted STP service that connects trading venues and end users for real-time, multi-asset trade notification. TradeSTPConnect provides post-trade notification to end user clients of banks and trading platforms, eliminating much of the operational, implementation and support resources required typically for bespoke client-side integration, the company says. Trade […]

Velocity Systems International Expands Globally

Velocity Systems International, a Sydney-headquartered developer of Web-based foreign exchange software for brokers and dealing platforms, has expanded globally with new offices in London and a planned office opening in New York later this year. The London operation is run by Alan Scott, CEO of Velocity Systems, who will divide his time between London and […]

Thomson Gets Green Light for Reuters

Thomson received approval from regulators in Europe, the US and Canada to acquire Reuters last Tuesday (19 February) in a deal that will create the world’s biggest provider of financial news and data. In order to meet the conditions of the US Department of Justice, Europe’s Competition Commission and the Canadian Competition Bureau, Thomson and […]