Month: November 2010

FD, TXC Announce Joint Venture

First Derivatives (FD), the software company that earlier this year acquired Cognotec, and Trading Cross Connects (TXC) have formed a joint services offering for the high frequency trading community. FD, a publicly traded company headquartered in Northern Ireland, provides software and consulting to the financial services industry, while TXC, which launched last year (see Squawkbox, […]

Credit Suisse Enhances FX Prime Brokerage Platform

Credit Suisse has enhanced its foreign exchange prime brokerage platform with global clearing and execution services for hedge funds, asset managers and other financial institutions. Key features of the enhanced platform include: automated trade capture and clearing functionality, new client reporting, a global service model solely dedicated to FX prime brokerage, a new exposure management […]

Icap Completes First Cross-Region CNH Trade on EBS

Icap has executed the first cross-region Chinese yuan (CNH) trade on its EBS platform, marking a further development in the internationalisation of the Chinese currency. “The Bank of China is proud to have transacted the first cross border CNH deal in London through EBS, as it looks to develop its range of Chinese related products,” […]

FXC Updates ‘Managing Op Risk in Foreign Exchange’ Best Practice Document

The New York-based Foreign Exchange Committee has released an updated version of its best-practice document Management of Operational Risk in Foreign Exchange, which encourages all significant players to use the settlement services provided by CLS Bank. New language has been included in the document to reflect the FXC’s commitment to the importance of utilising payment-versus-payment […]

HSBC Strengthens FX with Senior Appointments

HSBC has appointed Burt Sheaffer as head of foreign exchange and precious metal options, Americas. Based in New York, he will report to Vincent Craignou, global head of FX derivatives, and locally to Daniel Silber, head of global foreign exchange, Americas and deputy head of global markets, Americas. Sheaffer joins HSBC from Bank of America […]

Citi Adds Streaming NDFs to CitiFX Velocity

Citi has added streaming non-deliverable forwards (NDFs) prices to its institutional electronic trading platform CitiFX Velocity, helping clients tap into the revenue potential of emerging markets. In Asian currencies, the bank is streaming NDF prices for CNY, IDR, INR, KRW, KZT, MYR, PHP, and TWD in addition to the RUB. In Latin American currencies, prices […]

FXecosystem Gets Funding

Low latency infrastructure provider FXecosystem has completed a Series A funding round from both New York and London-based investors. Richfield Capital Partners, a New York-based telecom investment bank, and a European-based private equity consortium have provided the funding. “As is the case with every investment I have made, FXecoystem is uniquely meeting a specific customer […]

Reich Rejoins Eley at Pivot

Pivot, a collaboration software company headed by former Hotspot FX chief executive John Eley, has hired Hotspot FX co-founder Steve Reich as managing director of product management and business development. Reich rejoins Ely after previously serving as CEO of FX Bridge Technologies, a supplier of electronic currency options platforms for retail traders. He joined the […]

CLS Sets New Record for Daily Settlement Volumes

CLS Bank settled a new record volume of 1,936,790 sides on Friday (26 November) beating the previous record of 1,784,132 settled on12November 2010. Alan Bozian, CEO of CLS Group and president and CEO of CLS Bank International, says, “This record follows an increase in trading volumes since the beginning ofthe month and the US public […]

Clearing Increases Risk for Some OTC Derivatives: ISDA

The waiver of mandatory clearing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act for certain OTC derivatives transactions would reduce risk in the financial system, the International Swaps and Derivatives Association (ISDA) said last week. ISDA believes that the Commodity Futures Trading Commission and the Securities and Exchange Commission should grant such […]