Month: January 2013

NFA Announces New Board and Nominating Committee

The National Futures Association (NFA) last week announced the newly elected members the NFA board of directors and the 2013 nominating committee. The board of directors now includes Jeffrey Malec, chief executive officer and founding partner of Attain Capital Management, as an Introducing Broker (IB) representative; James Koutoulas, CEO of Typhon Capital Management, and John […]

Stenham Hires Two

Stenham Asset Management has hired Akshay Krishnan and Rishi Patel to its team. Krishnan has joined the firm as senior research analyst, with responsibility for Global Macro strategies across the range of Stenham funds. His primary responsibility will be to work proactively on the Stenham range of Global Macro funds of hedge funds, which includes […]

FX Activity Down in 2012 – CLS

CLS Group last week reported that it settled a value of $4.7 trillion per day through 2012, a 1.7% decline from $4.78 trillion per day in 2011. The utility saw increased activity in December compared to the same month a year before, CLS processed 885,203 instructions in December, for a notional value of $4.61 trillion. […]

Icap Under Libor Scrutiny

A subsidiary of the world’s largest interdealer broker, Icap, is being investigated by the UK’s Financial Services Authority (FSA), as part of the Libor rate-fixing scandal that began to sweep through the market last summer. According to the Financial Times, a memo dated March 2012 shows that Icap is under investigation to ascertain whether a […]

Hotspot Completes ADV Reports

Knight Capital’s Hotspot FX platform, which remains the subject of much speculation over its fate following the parent company’s merger with Getco, has reported a 14.2% decline in year-on-year volumes. Average daily volume (ADV) on Hotspot FX was $25.4 billion in 2012, compared to $29.6 billion in 2011. There was some positive news for the […]

Standard Bank Selects Caplin Trader for Online Trading

Standard Bank’s corporate and investment banking division has partnered with Caplin to provide the framework for its new single-dealer platform. The Web trading and technology infrastructure provider will support Standard Bank as it creates its multi-asset online trading venue utilising Caplin Trader 3, Caplin’s new HTML5 Web trading offering. The service allows banks to develop […]

GFI’s Fenics Signs 360T Software Deal

Fenics Software, a subsidiary of interdealer broker GFI Group, has partnered with independent trading venue, 360 Treasury Systems (360T), to embed the Fenics FX options pricing engine into 360T’s Tex multi-dealer trading platform. The agreement will see prices generated by Fenics ePricer offered within the Tex platform, which can then send requests-for-quote to the 360T […]

CME Adds OTC FX to Core

CME Group’s interactive margin calculator, CME Core, is now supporting OTC foreign exchange calculations. The expanded product support allows cleared OTC customers and clearing companies to view internal margins and exact positions, as well as calculate portfolio margining savings. CME says it has also upgraded its scalability enhancements, following requests from users of CME Core. […]

And Another Thing…

I created a chuckle or two participating at a recent forum by noting that while many on the buy side appreciate the impact of high frequency traders on the FX market, nobody wanted to have them as counterparties – not even other HFTs. After the event I thought more and more about the relationship between […]

EU to Push on with FTT

The reality of a Financial Transaction Tax (FTT) in Europe moved closer this week after 11 EU countries overcame the objections of some partners to support proposals for the tax on share, bond and derivative trades. Germany and France, along with Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia, voted for the tax, […]