Month: April 2009

Weavering Administrators Freeze CEO’s Assets

The former head of Weavering Capital (UK), the London-based hedge fund firm that collapsed in March when it was unable to fund redemptions, has received an order from the firm’s administrators freezing his assets. Administrator MCR is holding Magnus Peterson accountable for the failure of Weavering UK over the management of the firm’s flagship fund, […]

FX Investors Capitalise on Rise in Sterling

Barclays Stockbrokers has reported a rise in the number of foreign exchange investors using its FX platform as they capitalise on sterling’s gains against the euro and the US dollar. Trading volumes have increased week on week on the Barclays Stockbrokers FX platform, the company says, and the average trade size has risen approximately 23%, […]

SuperDerivatives Revamps IRD Trading Platform

SuperDerivatives has launched the latest version of its interest rates derivatives trading system to support a growing demand for tools to distribute and manage the contracts. Volatility in the interest rates market, driven by policy-setters and central banks adapting their base rates to the changing economic landscape, has combined with high levels of illiquidity in […]

RTS Starts Trading in Platinum and Palladium Futures

Moscow’s Russian Trading System (RTS) stock exchange launched trading in platinum and palladium futures contracts on Forts, its futures and options market, on April 15, adding to existing contracts on gold and silver. The contracts are initially for three and six months and are settled in cash based on the morning fixing on the London […]

JP Morgan Reports Record Revenue as Citi Makes a Profit

JP Morgan has announced record revenues for the first quarter, driven by its investment banking division, in particular its fixed income markets business. The investment banking division recorded a $1.6 billion profit for the first quarter, compared with a $2.4 billion loss the year before and $8.3 billion in revenues, an increase of $5.3 billion […]

FXCM to Acquire Avalon FX Pro Trading Platform

FXCM Holdings has entered into a non-binding agreement to acquire the software assets of Traders Development, a wholly owned subsidiary of Avalon Capital Holdings Corp., to further expand its distribution of trading software to financial companies globally. FXCM says it intends to use Traders Development’s flagship product, Avalon FX Pro Trading Platform, for white label […]

FOA Chairman in Run to Raise Money for Futures for Kids

Steve Sparke, chairman of the Futures and Options Association (FOA), is set to take part in a four mile road race in New York on May 10 to raise money for the Futures for Kids charity. Futures for kids raises funds on behalf of the futures and options industry for charities which work to provide […]

CFTC Charges Hawaii Men in $1.5 Million FX Ponzi Scheme

The US Commodity Futures Trading Commission (CFTC) has charged Stuart Jones, Payton Lowe, and WeCorp, Inc., all of Hilo and Honolulu, Hawaii, with operating a $1.5 million foreign exchange Ponzi scheme. The men have been charged with soliciting the funds from more than 20 people to trade foreign currency contracts, but instead used the money […]

On the Move

PFGBEST, Custom House, CME Group… PFGBEST Promotes Veteran PFGBEST has promoted Bruce Pollack to vice president of its foreign exchange division. He joined the FCM in September 2007 as global forex director. “Forex is the fastest-growing of our market sectors,” says PFGBEST president and COO Russ Wasendorf, Jr. “[Pollack] has been a force in creating […]

Tech Corner

Edmond de Rothschild Asset Management has selected SimCorp Dimension as its platform for domestic and international asset management activities. Initially, the firm will use the platform to support its front office, middle office and fund administration activities primarily in Paris, but also in the rest of Europe and Asia. The solution focuses primarily on portfolio […]