Month: February 2012

State Street to Launch OTC Derivatives Platform

State Street Corp. plans to launch an electronic trading platform, or swap execution facility, for over-the-counter swaps. The platform – SwapEx – will use the same trading technology for the SEF as State Street uses on its Currenex, FX Connect and GovEx electronic trading platforms for foreign exchange and bonds. SwapEx will offer trading in swaps, treasuries […]

Summit Buys Majority Stake in 360T

Private equity firm Summit Partners has signed a deal to invest in and acquire a majority stake in 360T Group, a multi-bank foreign exchange trading platform provider for corporations and institutions. Financial terms of the transaction were not disclosed. 360T says the investment will strengthen its growth and expansion into new markets and will involve […]

Commerzbank Adds SmartTrade Liquidity Management System to FX Platform

Commerzbank Corporates and Markets has integrated SmartTrade Technologies’ FX Liquidity Management System into its proprietary FX platforms, allowing it to aggregate liquidity from its global FX trading business to create a single liquidity pool for its clients and traders. SmartTrade’s Liquidity Management System comprises several components including the Liquidity Aggregator for creating a single pool; […]

Investigation into Manipulated Interbank Rates Widens

Canada’s Competition Bureau is investigating several banks over allegations that their traders attempted to manipulate interbank lending rates that are used globally for setting rates on about $350 trillion of financial products such as house and auto loans and corporate debt. In a court filing in Ottawa, the Competition Bureau said “a cooperating bank” – […]

Singapore Proposes Clearing but Not Trading Mandate

The Monetary Authority of Singapore last week released a consultation paper proposing to exempt foreign exchange forwards and swaps from mandatory clearing, in line with US regulation. In the paper, released on 13 February, MAS states that the main source of systemic risk arising from FX swaps and forwards is settlement risk and with CLS Bank there is […]

Tradeweb Launches Multi-Dealer FX Options Trading Platform

Tradeweb Markets has entered the burgeoning FX options marketplace with the launch of a multi-dealer-to-customer trading platform. The move was first reported in Squawkbox last year (6 July 2011). The platform marks the fourth derivatives marketplace to be launched by the company – majority owned by Thomson Reuters – since 2005. It also marks a […]

Former SocGen FX Traders Win Unfair Dismissal Claim

Two former foreign exchange traders at Societe Generale were cleared of allegations of unauthorised trading by an employment tribunal on Monday (13 February). Didier Meyer, previously global head of FX options trading, and Eric Leandri, global head of FX structuring, were dismissed by the French bank over claims they did not obtain the correct authorisation […]

Financial Industry Agrees Offshore RMB Guidelines

A working group comprising representatives from 24 financial institutions and led by global payments system provider Swift has developed a set of guidelines to improve straight-through processing of offshore renminbi transactions. The guidelines, released on 14 February, are related to the usage of ISO 15022 and message type (MT) messages for the efficient processing of […]

And Another Thing…

It has been fashionable in certain circles to predict the demise of the single bank platforms, mainly due to what is perceived to be the influence of Dodd-Frank and MiFID legislation. Regular readers will know what’s coming…I disagree. Aside from the fact that the main product on these platforms, spot, is exempt from these regulations, […]

And Finally…

It's difficult to say whether investors agreed with my sentiments in the midweek column that the multibank portal model was going to have a tough year and that the traditional RFQ/RFS model has peaked, but I can say that some of you took exception to it. I am speaking, of course, of the launch of […]