Month: April 2009

Around The World

What’s in a name, Zimbabwe officially pulls the plug, and a swift about-turn… What’s in a name? Last week an email dropped into Squawkbox’s inbox announcing that a firm called Madison Dean Inc was offering forex managed account trading services. Something about the name caught our attention and a brief check into our archives clarified […]

And Finally

Am I the only person that gets the feeling the retail FX industry is about to undergo even further change? The increased capital requirements dictated by the National Futures Association for its forex dealer members have had the desired effect of weeding out some of the weaker firms, but the NFA does not seem content […]

Unicredit Loses Senior FX Man

Unicredit has been rocked by the departure of one of the men brought in to drive the integration of the myriad FX businesses owned by the European bank. Ben Welsh has left his position as managing director and head of rates and FX. A spokesperson says TJ Lim, global co-head of Markets will take over […]

ACM Says it is Victim of Former Client

Swiss FX online trading firm Advanced Currency Markets (ACM), whose offices in Geneva were visited by police officers investigating complaints from a former client in Mexico, has denied any wrong doing. In a statement issued last week the company says it has been the victim ofa former client “bent on malicious intent.” On 2 April, […]

HSBC Global AM Launches Currency Fund

HSBC Global Asset Management has launched a global currency fund for institutional investors, which aims to exploit currency market inefficiencies and imbalances. The HSBC GIF Global Currency Fund invests in a global basket of currencies and targets returns in excess of Libor. Daily liquidity is offered via a Luxembourg-based US dollar denominated Ucits III fund, […]

Volatility Spurs Currency Trading at DGCX

Dubai Gold & Commodities Exchange (DGCX) said its volume in March was the highest ever achievedsince inception and was driven by increased volume in currency futures. Trading in the euro-dollar contract grew 37% and sterling-dollar 136%, the exchange says. The DGCX Indian rupee-dollar, gold and WTI futures also recorded higher activity during March compared to […]

Citic Pacific Reshuffles Management Following Police Probe

Hong Kong-listed conglomerate Citic Pacific, which reported $1.9 billion losses from wrong bets on foreign exchange last year, has announced a top management reshuffle, including the resignation of the company’s founding chairman Larry Yung Chi Kin following a police raid on its headquarters. Henry Fan, the managing director who founded the Citic Pacific group with […]

Currency Traders Ran Alleged $17 Million Scam

The US Commodity Futures Trading Commission has charged three Florida men with operating a fraudulent commodity scheme involving about 100 investors and some $17 million that they claimed was being invested in foreign currency futures and options. Donovan Davis, Blayne Davis and Damien Bromfield allegedly told prospective investors that their funds would be pooled in […]

StreamBase Launches CEP FX Framework

StreamBase Systems has released the latest version of its Complex Event Processing software platform, which includes the addition of a Foreign Exchange Aggregation Framework that provides connectivity to major FX venues. The FX Aggregation Framework offers a “white-box” approach to building FX trading systems by combining complete customisation of the FX trading system with pre-built […]

Cognotec Goes Live with RealStream Liquidity Manager

Cognotec has officially launched RealStream Liquidity Manager, a liquidity management platform that allows foreign exchange participants to access greater depths of liquidity and better manage their risk. RealStream Liquidity Manager uses open FIX standard based adaptors to connect to multiple pools of liquidity. Cognotec says these connectivity tools have been optimised to deliver ultra low […]