Day: 14 March 2011

Nomura Adds China Basket to NomuraLive

Nomura has launched C10Live, a tradeable basket of 10 currencies closely linked to the Chinese yuan, on its FX platform NomuraLive. The bank says that since 2005 when the USD/CNY peg was removed FX traders have struggled to balance the probability of future yuan appreciation with the negative carry of holding and rolling long yuan […]

Tullett Tie-Up Talk Stalls: Media Reports

Interdealer brokers Tullett Prebon and Compagnie Financiere Tradition held talks about a combination in recent months that have since stalled over price, according to media reports over the weekend. According to a Bloomberg report citing two people with knowledge of the matter, Tullett didn’t want to agree to pay a premium to Tradition’s market value […]

CLS FX Settlement Volume Up in February

CLS Bank settled an average daily volume of 772,678 foreign exchange instructions in February, an increase of 3% on January’s figures and up 1% from the same month last year. Average daily values settled in February were $4.41 trillion, slightly down from January’s $4.43 trillion, but the figure still represents an increase of 13% year-on-year. […]

CME Appoints Everaert for OTC Solutions

CME Group has named former GFI Group executive Michel Everaert as managing director of over-the counter solutions, a newly created position responsible for overseeing OTC pre- and post-trade products. Everaert is based in London and reports to Laurent Paulhac, managing director of OTC products and services. He joins CME with nearly 20 years of experience […]

Jakobsen Rejoins Saxo Bank

Steen Jakobsen has rejoined Saxo Bank as chief economist. After a two-year absence from the firm, during which time he was chief investment officer for Limus Capital Partners, Jakobsen returns to the company he served for almost nine years of his 20-year proprietary trading and alternative investment career. Jakobsen will report to Saxo’s senior management […]

LCH.Clearnet Launches Swapclear FCM Service

LCH.Clearnet last Tuesday launched its Swapclear Futures Commission Merchant (FCM) service for US interest rate swap clients. Morgan Stanley says it cleared some of the first trades for its US clients on the day of launch. Clients are able to access the service through any of the 12 FCMs already connected to it. Last Wednesday, […]

CIBC Hires Three for FX and Rates

CIBC has hired three veterans for its capital markets trading group in Toronto and Hong Kong to focus on foreign exchange and interest rates trading. Mark Downing has joined the bank as managing director in the interest rate derivatives trading team in Toronto, reporting to Brian D’Costa, managing director of global rates, co-head of fixed […]

GFI Launches RatesMatch for Interest Rate Swaps

GFI Group has launched RatesMatch, a new electronic trading system designed for hybrid execution of cleared interest rate swaps. RatesMatch is provided by Christopher Street Capital, a division of GFI Brokers. In line with GFI’s hybrid model, RatesMatch gives clients a choice of trading fully electronically on the platform or working through their voice broker […]

Another Fund Sues BNY Mellon

If Bank of New York Mellon and State Street thought they had seen the last US state pension fund emerge to sue them over foreign exchange execution levels, they were proved wrong last week when a Pennsylvania fund launched a class action on the issue. The South-Eastern Pennsylvania Transportation Authority (Septa) is claiming that BNY […]

Saxo Bank Opens Hong Kong Office

Saxo Bank’s Asia Pacific subsidiary, Saxo Capital Markets, has opened a Hong Kong office, its fourth in the region, to focus on a growing demand for foreign exchange trading from retail investors. Saxo Capital Markets already has offices in Singapore, Sydney and Tokyo. “The post-global financial crisis sees a paradigm change in retail investment behaviour […]

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