Month: January 2010

Cognotec to Receive Investment as Early as Next Week to Resolve Loan Default, Sources Say

In response to news reports about FX technology provider Cognotec going into receivership earlier this week, sources close to KPMG tell Profit & Loss that while the company is in technical default of a loan, the company expects to complete investment to meet the loan payment next week. The loan was originally taken out by […]

FX Volumes Bounce Back

Daily foreign exchange turnover in the UK, North America, Singapore and Australia rose in October from April 2009, in line with a recovery in the financial markets. The Bank of England’s Foreign Exchange Joint Standing Committee reported today (25 January) that average daily turnover in the UK FX market was $1,549 billion in October, 14% […]

CFTC Leverage Proposal Faces Fierce Opposition

The US Commodity Futures Trading Commission’s (CFTC) proposal to limit leverage for foreign exchange firms to 10 to 1 has prompted a flood of criticism from service providers and their clients. The CFTC announced on 13 January that it would seek public comment on proposed regulations for the retail forex market that would put in […]

BOAML Australia Snares RBS FX Staff

Bank of America Merrill Lynch’s Australian operation has hired a group of almost a dozen fixed income and foreign exchange traders and sales officials from rival Royal Bank of Scotland. The move is part of an effort to boost the bank’s presence in interest rates and currency trading in Australia. Included in the list of […]

Morgan Stanley Joins Spot Matching as Prime Broker

Morgan Stanley has gone live as a prime broker on Thomson Reuters’ anonymous electronic matching application, Spot Matching, offering its clients the ability to view and trade on prices from more than 1,100 banks across 54 currency pairs. In addition to accessing large pools of liquidity, Morgan Stanley prime broker clients can connect to over […]

Gain Launches FX ECN

Gain Capital has launched Gain GTX, a foreign exchange electronic communications network (ECN) aimed at the professional marketplace of financial institutions, hedge funds, commodity trading advisors, high frequency traders and broker/dealers. The platform is in beta testing with customers and will be rolled out to a wider audience over the next few weeks, the company […]

Mizuho Bank Deploys GFI Fenics Professional

GFI Group is due to announce on Monday that Mizuho Bank of Japan has deployed the Fenics Professional FX system. The bank has been a client of GFI Fenics since 2002. “Fenics Professional has a large market share as a pricing tool of the FX options market and is a must for inter-bank trading,” says […]

Logicscope Connects to ICE for Post-Trade STP

Logicscope, a provider of post-trade straight-through processing technology between trading venues and their customers, has added IntercontinentalExchange (ICE) to its community of execution venues. By connecting to Logicscope’s post-trade platform, TradeSTP, clients can receive real-time post trade notifications delivered to any middle and back office environment for any asset traded on the ICE electronic trading […]

ISE Launches Brazilian Real Currency Options

New York-based International Securities Exchange (ISE) has launched currency options on the Brazilian real, providing investors with exposure to one of the fastest growing emerging market currencies. Timber Hill, subsidiary of Interactive Brokers Group, is the primary market maker for the new product, which began trading on 19 January. “Brazil is one of the most […]

Brazilian Exchange Hires Lyall for London Operation

The Brazilian Securities, Commodities and Futures Exchange (BM&FBovespa) has appointed Cathryn Lyall as director of BM&FBovespa (UK) with responsibility for the set up and expansion of the recently launched business in London. Lyall is responsible for all product and sales related activities in Europe, Middle East and Africa. Included in her remit is the establishment […]