Month: April 2010

BARX Triumphs in Digital FX Awards

Following a standing room only audience for Forex Network London last week, for which more than 270 people registered, Profit & Loss unveiled the 2010 Digital FX Awards at a dinner and ceremony – and it was an evening to remember for Barclays Capital. The bank left the evening with five awards – the most […]

Barclays Capital Launches FX Trading in Australia

Barclays Capital has launched interest rate and foreign exchange trading and distribution in Australia as part of a global expansion plan, it said last week. The London-headquartered bank has already relocated several traders from its Singapore and Tokyo bases to run the new Sydney-based trading business. As part of the expansion, Barclays Capital has hired […]

Macquarie Acquires Minority Stake in Sun Hung Kai FX

Macquarie Group is acquiring a minority stake in a Hong Kong-based foreign exchange trading unit of local brokerage firm Sun Hung Kai Financial (SHKF).? Under the terms of the agreement, the Sun Hung Kai Forex Limited business will be operated as an alliance and will focus on capturing long-term growth opportunities in the foreign exchange […]

Huntington National Bank Takes Wallstreet ESN

The Huntington National Bank has signed for Wall Street Systems’ Electronic Settlement Network, an outsourced on-demand trade processing service for the foreign exchange markets.? The Wallstreet ESN is based on WSS’s existing technology used by large bank customers. Its services span the entire post-trade lifecycle allowing smaller banks to purchase as a package processes that […]

Record Deploys Calypso for FX Back Office

Record, a UK listed currency manager, is deploying Calypso Technology’s platform to support its foreign exchange and FX derivatives business for the mid and back office transaction life cycle. The platform will manage multiple funds with different risk/return profiles for Record’s different clients as well as pooled arrangements where the risk and cash management span […]

Research Identifies Areas for Improved Transparency in OTC Derivatives

Findings of a global study on the over-the-counter derivatives industry, sponsored by SunGard and completed by industry research and advisory firm TowerGroup, identify three areas in which technology can help improve transparency and efficiency in OTC derivatives: risk management, counterparty exposure and compliance. Immediate areas of focus are on valuations, collateral management and clearing. The […]

Man Pleads Guilty in $190 Million Ponzi Scheme

A Minneapolis-based money manager has pleaded guilty to orchestrating a Ponzi scheme that defrauded at least a thousand victims out of $190 million. Appearing before US District Court Judge James Rosenbaum, Trevor Cook pleaded guilty last Tuesday (13 April) to one count of mail fraud and one count of tax evasion. As part of a […]

DGCX to Launch Three More Currency Futures

The Dubai Gold and Commodities Exchange (DGCX) says it will launch three new currency future contracts in June to meet growing demand. The exchange will launch Swiss franc/US dollar, Australian dollar/US dollar and Canadian dollar/US dollar futures, bringing to seven its currency product portfolio. “DGCX will be the only futures exchange outside of the US […]

CME Sues Canadian FX Broker Over Trademark Infringement

CME Group is suing a Canadian foreign exchange broker, alleging unauthorised use of a trademark and a domain name that’s too similar to one the Chicago exchange owns, according to media reports. CME has filed its lawsuit in the US District Court for the Northern District of Illinois against Global Foreign Exchange Corp. of Edmonton, […]

On the Move

The latest moves at JPM, HSBC, CIBC, Citi and Wolverine… Tobaccowala Joins JP Morgan Armin Tobaccowala has joined JP Morgan in New York as head of e-FX sales for the Americas. He reports to James Taylor, global head of FX e-commerce distribution, based in London. Tobaccowala was previously head of e-FX sales for North America […]