Month: August 2012

BrokerTec and MTS Partner to Offer Euro Repo Index Series

Icap’s electronic fixed income trading platform, BrokerTec, and European fixed income trading venue, MTS, have partnered to launch a daily repo index series for the sovereign bond markets in the main eurozone countries. The series will include an index for each of the sovereign bond markets of Germany, France, Italy, Spain, Austria, Netherlands, Belgium and […]

Fitzpatrick Joins Tradition

Scott Fitzpatrick has joined Tradition as executive director for strategy and business development in New York. He reports to Mike Liebowitz, group chief operating officer, also based in New York. Daniel Marcus, managing director for strategy and business development at Tradition, says, “Scott has joined to work in strategy and business development for Tradition globally. […]

Hong Kong Exchanges and Clearing to Launch RMB Futures

Hong Kong Exchanges and Clearing Limited (HKEx) will introduce renminbi currency futures on 17 September, as a part of a three year plan to expand its range of offerings. The US dollar/renminbi (USD/CNH) futures contract will be the world’s first deliverable RMB currency futures, it says. The contract will require delivery of US dollars by […]

Thomson Reuters Completes FXall Acquisition

Thomson Reuters has completed its acquisition of multi-bank electronic FX trading platform FXall. Through its subsidiary, CB Transaction Corp., Thomson Reuters finalised the acquisition last Monday through a cash tender offer and by exercising a top-up option to acquire additional shares directly from FXall followed by a short-form merger of CB with and into FXall. […]

Nomura Appoints Global Head of Foreign Exchange

Nomura has appointed Jai Rajpal as senior managing director and global head of foreign exchange, assuming the role vacated by Richard Gladwin, who resigned from Nomura in August last year. Based in London, Rajpal reports to Steve Ashley, global head of fixed income. He joined Nomura in 2008 as joint head of fixed income, Asia […]

And Finally…

Roll back just a few years and a major platform goes down – and I witnessed this myself on one or two occasions – all hell is let loose as people scramble to recalibrate their pricing and risk engines. Roll forward to 2012, and either nobody notices or cares. Last week, as I am sure […]

IDBs Tap MarkitServ for FX Affirmation, Reporting and Clearing Services

Four of the largest foreign exchange interdealer brokers have selected MarkitServ to provide them with voice trade affirmation, regulatory reporting and clearing services for FX transactions.   BGC Partners, GFI Group, Tradition and Tullett Prebon, which are understood to have been users of Thomson Reuters’ Trade Notification Service, have agreed heads of terms with MarkitServ to […]

And Another Thing…

You would think people have better things to do with their time but, brilliantly, they haven’t. So, thanks to the heavy response, here are the first results to the question I kind of posed last week – what is the worst currency to trade? It is probably testament to how the industry has changed that […]

CME Group to Open Europe Derivatives Exchange

CME Group, the world’s largest futures exchange operator by volume, plans to launch a European derivatives exchange next year that will begin trading foreign exchange futures products, offering a competitive alternative to other exchanges in the region. The Chicago-based operator is in the process of applying to the UK’s Financial Services Authority for a licence […]

And Finally…

Is internalisation bad for the market? I raise this because two or three correspondents (for whom I have tremendous respect) over the past two or three months have all suggested that it is. In the broader context the discussion was very much about what are the dangers to the FX industry, especially in an era […]