Month: July 2011

And Another Thing…

SurfacExchange goes live and why the Prinicipal Traders’ Group is not big news SurfacExchange Launches SurfacExchange, a fully electronic over-the-counter currency options exchange, is launching within the next week with Citi acting as central counterparty. The anonymous matching engine promises to rival speeds available in the OTC spot market, while the business model mimics that […]

Tullett Prebon to Acquire Covenção

Tullett Prebon has been granted approval from Dilma Rousseff, the President of Brazil, to acquire interdealer broker Convenção S/A Corretora de Valores e Câmbio (Convenção). The deal, expected to be completed in August, will expand Tullett’s product coverage in both on and offshore markets.  Steph Duckworth, chief operating officer at Tullett Prebon, says the acquisition […]

BNP Paribas Appoints Regional Heads of FX Strategy

BNP Paribas has hired Steven Saywell as head of FX strategy, Europe, and Ray Attrill as head of FX strategy, North America following three departures earlier this year. Saywell, based in London, and Attrill, based in New York, report to Eric Auld, global head of FX trading. Saywell was previously at Citi in London, where […]

Getco Acquires Automat

Market making firm Getco is extending its push into foreign exchange and futures trading after taking 100% ownership of Automat, a London-based proprietary trading firm that focuses on the currency and derivatives markets. Terms of the deal were not disclosed. Getco co-founder, Stephen Schuler says, “Automat is well-respected both for its talented team of professionals, […]

Qantas Super Appoints Russell for FX Services

The AUD 6 billion Qantas Superannuation Plan has appointed Russell Implementation Services (RIS), a part of Russell Investments, to provide agency foreign exchange services. The service could deliver cost savings to the fund’s members of more than $1 million a year, Russell says. Under the arrangements, the Qantas super fund will outsource its FX trades for […]

Icap Electronic Broking Volumes up in Q1

Interdealer broker Icap last week said that total average daily volumes for the quarter to the end of June on the EBS and BrokerTec platforms reached $878 billion, an increase of 10% year on year. This was despite average daily volumes on EBS decreasing 3% year on year to $166 billion for the quarter. In […]

Banco de Crédito del Peru Deploys Calypso System

Banco de Crédito del Peru (BCP) has taken Calypso Technology’s front to back office platform to support its foreign exchange, interest rate derivatives, FX derivatives, commodities derivatives and fixed income businesses. Calypso’s cross-asset system has been deployed to help BCP in its plans to expand into new markets and centralise its infrastructure, the bank says. […]

4Cast Partners With Commerzbank

4Cast said last week that its real time foreign exchange analysis service has been included in Commerzbank’s Click&Trade FX dealing platform. The Click&Trade FX platform offers automated and request-for-quote trading in spot, forward and swap transactions, with all currency pairs available in pre-defined amounts for one-click trading. 4Cast’s feed has been fully integrated into the […]

Offshore Chinese Yuan Products Available on FXall

FXall has announced that deliverable offshore Chinese yuan (CNH) prices are available on its FX trading platform through the QuickTrade request for quote capability. The new offering is a collaborative effort with the platform’s liquidity providers, including Bank of America Merrill Lynch, HSBC and Royal Bank of Canada who over the past year have started […]

Citi Outlines Top Five Issues for OTC Derivative Investors

Citi has released a white paper that outlines the top five issues that OTC derivative investors must plan for in the wake of Dodd-Frank reforms in the US.  ‘Ready or Not?  Here It Comes: OTC Derivatives in the Post-Dodd-Frank Landscape – Implications for Investment Managers’ describes the challenges facing investment managers across operations and technology […]