Month: December 2008

Morningstar buys Tenfore

Chicago-based investment research provider Morningstar has moved into the real-time market data business with the acquisition of the UK’s Tenfore Systems for approximately $21 million. Tenfore management will report to Catherine Gillis Odelbo, group president for Morningstar, and the company’s products will adopt the Morningstar branding. Odelbo says: “Tenfore has a sophisticated technology infrastructure, and […]

OSE Sets May Launch For FX Trading

The Osaka Securities Exchange (OSE) has set a May start date for its foreign exchange margin trading aimed initially at retail investors. OSE originally planned to launch in March next year but is moving the date back due to some market participants falling behind schedule in terms of system development. Trading conditions, characterised by high […]

Barclays to Use Bloomberg FX Rates for ETN Benchmarking

Barclays Bank says that the benchmark foreign exchange spot rates for each of its three iPath Currency Exchange Traded Notes (ETNs) are now based on Bloomberg quotes posted at 16.00 GMT. The bank previously based its FX rates for the ETNs on the Federal Reserve Bank of New York’s report that appears on Reuters every […]

ICICI Bank Sets Up FX Trading Platform

India’s ICICI Bank has developed a foreign exchange trading platform for large corporate customers that will help them to cover their market risk. The system has the capability of booking trades from centralised or decentralised client locations and provides a real-time deal log with complete deal history and straight-through processing. “ICICI Bank E-Dealz through the […]

GlobeOp Launches CDS Novation Processing Service

GlobeOp Financial Services has launched automated novation processing for credit derivatives helping its customers to reduce speed and the number of errors involved in the post-trade process. Within GlobeOp’s GoOTC derivatives trade processing and management system, users receive real-time notification, standardised information and novation consent electronically via the Depository Trust and Clearing Corporation (DTCC)’s Deriv/Serv […]

Citic Group to Help Hong Kong Arm

China’s Citic Group will bail out its Hong Kong-based subsidiary Citic Pacific over currency losses that have now topped $2 billion. Citic Pacific shareholders passed a plan last Friday under which Citic Group will buy HK$11.6 billion ($1.5 billion) of convertible bonds to assist the company in the aftermath of its disastrous losses on the […]

On the Move

Online Forex Trading, BNP Paribas, Deutsche Bank… Lee New Chief Strategist at Online Forex Trading Online Forex Trading, a news and education site serving the foreign exchange community, has promoted Richard Lee to chief currency strategist. Lee was previously a contributing writer. In his new role he provides daily trading commentary and educational pieces as […]

Tech Corner

A round up of the latest technology news… TraderTools has launched AI-1, a new keyboard for FX trading. The company has designed the keyboard with extra-large, colour-coded keys for commands to buy, sell, bid and offer. Retail FX platform provider Pro Signal has launched a web-based version of its automated FX trading platform. ProSignal’s latest […]

And Finally…

The bar has been set very high by early respondents to my challenge last week to place financial markets institutions/individuals in films (see last week’s column). You will be surprised to hear that Bernard Madoff features in many of them. Keep them coming and a bottle of champagne will be on the way to what […]

Commerzbank Dresdner Unveil New FX Structure

Commerzbank has unveiled a new structure to be put in place for its foreign exchange and fixed income business following the completion of its merger with Dresdner Kleinwort. Ian Robertson, Dresdner Kleinwort’s London-based head of FX trading, will head FX trading at the enlarged entity while Richard Anthony, head of all electronic fixed income, currencies […]