Month: February 2009

FX Trading Fund under Investigation

A foreign exchange fund manager has been released on bail after being held by London police on suspicion of money laundering and other financial offences. The City of London Police’s economic crime department arrested Terry Freeman, director of GFX Capital Markets at his home in Buckhurst Hill, Essex last Monday. The trader was questioned under […]

FXCM Opens Nordic “No Dealing” Desk

FXCM has opened a “no dealing” desk in the Nordic region. The agency execution desk, which is provided by FXCM’s UK entity, offers clients execution across a range of foreign exchange products without dealer intervention and with prices from some of the world’s largest banks. The FXCM Nordic Desk is also developing a contracts for […]

Saxo Releases TradeMaker

Saxo Bank has released TradeMaker, a trading idea generator for its FX clients, in response to market volatility and a growing client demand for high quality trading ideas and ease of execution. TradeMaker publishes real-time ideas on 10 major foreign exchange crosses. When an idea is selected, TradeMaker automatically populates the order ticket on the […]

New Indian Exchange to Offer Currency Futures

The early success of currency futures exchanges in India has persuaded a consortium of public banks, brokerage house Jaypee Capital Market Services and international trading company MMTC to start their own. The United Stock Exchange of India (USEI) is set to launch contracts in currency derivatives within the next ten weeks after receiving principal approval […]

Former Saxo Chief Joins FXArchitects

Kevin Ashby, the former chairman and CEO of Saxo Bank’s Asia Pacific subsidiary, has joined foreign exchange consultancy FXArchitects in London as deputy chairman. Ashby brings to FXA over 30 years of experience in the IT and financial markets services. Prior to joining Saxo Capital Markets in 2006 he served as chief executive of Patsystems […]

Icap Full Year Profit Expected to Exceed Record

In an interim management statement, interdealer broker Icap has stated that volumes in electronic broking have fallen recently, but says that its market position in both foreign exchange and fixed income remains strong and has the potential to grow as banks focus more on “flow” businesses. The company expects profit to beat last year’s record […]

Interdealer Brokers May Join LCH.Clearnet Bid: FT

Tullett Prebon, GFI Group and Tradition have approached a consortium considering an offer for LCH.Clearnet, Europe’s largest independent clearing house, about joining the bid, according to the Financial Times citing three people familiar with the matter. Icap, the biggest interdealer broker, is already part of the consortium with about 10 investment banks. LCH.Clearnet is currently […]

BarCap Launches New Inflation Index Product…

Barclays Capital last week launched the AUD Inspire Index, the first in the firm’s Inspire Index framework which aims to provide liquid inflation exposure in relatively illiquid inflation markets. The bank says it created the Index framework due to demand from Australia, where the relative illiquidity of its inflation market can make it challenging for […]

…And Hedge Fund Replicators

Following the completion of its takeover of the US assets of Lehman Brothers, Barclays Capital has rolled out hedge fund replication products developed by Lehman’s quantitative portfolio strategy team. The Long Barclays Alternatives Replication (LBAR) Index and the Shortable Barclays Alternatives Replication (SBAR) Index track the global hedge fund industry, including funds that are no […]

BNY Mellon Launches Liquidity Management Tool

The Bank of New York Mellon has launched MarginDirect, a liquidity tool that helps hedge funds manage money market investments, margin positions and reduce counterparty risk in an uncertain credit environment. MarginDirect provides safekeeping for posted margin balances away from a hedge fund’s over-the-counter derivative trading counterparties, thereby reducing the hedge fund’s risk exposure. Margin […]