Month: October 2008

LCH.Clearnet Mulls FX Clearing

LCH.Clearnet is studying the possibility of setting up a clearing service for the foreign exchange market, the London-based clearing house confirmed to Squawkbox last week. The potential for clearing cash FX trades has been highlighted over the past month following the collapse of Lehman Brothers. The one cash-based model that did centrally clear – FXMarketSpace […]

Hotspot Hires in Sales

Hotspot FX has strengthened its sales teams with two senior hires in Singapore and London. In Singapore Hotspot has hired Trent Beacroft as head of Asian sales reporting to Christopher Defilippo, head of global sales. Beacroft will oversee sales for both the Hotspot FXi multi-participant FX platform and Hotspot FX, a regulated platform for private […]

Wall Street Systems Launches FX Processing Network

Wall Street Systems has launched a “pay-as-you” go post-trade processing utility for foreign exchange cash and derivatives transactions that promises to lower costs for banks in the tier two and three bracket. The Electronic Settlement Network (ESN) is a hosted post-trade processing and settlement service powered by existing technology from Wall Street Systems – the […]

Associations Give Italian FinMin Proposal Short Shrift

The Managed Funds Association (MFA) and the Alternative Investment Management Association (AIMA) moved quickly to respond to comments attributed to Italian Finance Minister Giulio Tremonti who was reported as saying Italy may push for the abolition of hedge funds. With the actions of hedge funds in the spotlight following the extreme volatility on world financial […]

MG Financial Absorbed by Rosenthal Collins Group

Retail foreign exchange trading provider MG Financial has been merged with Chicago-based Rosenthal Collins Group, an independent futures brokerage and clearing firm, in an exchange of equity interests. MG Financial, now a wholly-owned subsidiary of RCG, benefits the broker by giving it a presence in over 100 countries, officials say. Scott Gordon, chairman and CEO […]

Zinkin Confirmed at Nomura

Martin Zinkin, who was previously responsible for Lehman Brothers’ e-commerce foreign exchange business in London has confirmed he is joining Nomura, as reported in Squawkbox last week. He will start early next month in a similar role to the one he had at Lehman. He brings his team of quantitative researchers in e-FX, including David […]

BNY Mellon Signs Global Deal for GFI Fenics FX

Bank of New York Mellon has signed a three-year global license for GFI Fenics FX, the foreign exchange options pricing and risk management software from inter-dealer broker GFI Group. The bank has rolled out Fenics FX in offices in New York, London and Tokyo and it is being used by traders, sales traders, and middle […]

Indian Grants Bank Trading in Interest Rate Futures

The Reserve Bank of India (RBI) has decided to allow local banks to take trading positions in exchange traded interest rate derivatives (IRDs). Previously, banks could only use IRDs for hedging purposes. The ruling, issued under the RBI’s “Guidelines on Exchange Traded Interest Rate Derivatives” paves the way for interest rate futures and options to […]

Rubicon Europe Trust Suffers More FX Losses

The troubled Allco Finance Group suffered more setbacks last week as its Rubicon Europe Trust (RET) fund, stricken by the financial crisis, said its mark to market losses on its foreign exchange hedge with Deutsche Bank has risen to AUD 68 million due to the Australian dollar’s plunge against the euro. Three weeks earlier the […]

Chunghwa to Unwind FX Contract with Goldman

Taiwan’s Chunghwa Telecom will unwind a sizeable foreign exchange derivatives contract that it transacted with Goldman Sachs in September 2007. The telecoms company announced in March 2008 an unrealised loss of NT$3 billion ($92 million) relating to the foreign exchange options hedging contract that had a lifespan of 10 years. At the time of the […]