Month: May 2014

And Another Thing…

I think regular readers are well aware that one of my pet hates is any statement that includes the line, “we are a client-centric organisation” or “we are led by our customers”. Yes, we all need customers, otherwise most major banks wouldn’t be making more than $2 billion per year in FX revenues (some obviously […]

Citi Launches Futures and Options Smart Execution Tools

Citi has launched a suite of futures and options trading functions, a transaction cost analysis tool and order monitoring features on its Citi Futures and Options Execution (CFOX) platform. The bank says integration of the tools, called Smart Execution, will aid direct client-supervision of algorithmic orders side-by-side with those entered via the CFOX GUI, the […]

Ritossa Appointed Chairman of Exotix Partners

Veteran investment banker Ivan Ritossa has joined emerging, frontier and illiquid markets specialist merchant bank, Exotix Partners, as chairman of the board of directors and has bought a 10% stake in the company. Ritossa was previously with Barclays Capital, which he joined in 2002 from Lehman Brothers to run its foreign exchange business. He is […]

Eurex Resets Countdown to FX Derivatives Launch

Eurex is planning to launch its first range of exchange-traded currency derivatives on 7 July, after resolving issues connecting to CLS which thwarted its attempt to introduce the contracts last year. The move introduces a new asset class to the Deutsche Börse-owned venue and will be the second major FX launch on a European exchange […]

State Street Targets Buy Side with New Benchmark

State Street Global Markets has announced the launch of TruCross/FXSM, a spot FX benchmark available exclusively to the institutional buy side. The new benchmark is designed to facilitate the matching of institutional trades to create efficiencies in electronic FX benchmark trading by reducing information leakage and volatility around benchmark pricing times. “TruCross/FX is a timely […]

Citadel Expands into FX Market Making

Citadel Execution Services (CES), a division of Citadel Securities, has expanded its market making business into the spot FX market. The firm will partner with consultancy firm Shift Forex to try and help penetrate the FX market. CES says that this market making service is designed to meet the growing demand from FX participants for […]

And Finally…

So another fix is in the spotlight, this time the Gold Fix, with a Barclays trader dismissed for poor practice. That the “offence” seemed to take place just days after the Libor affair came to a head does not reflect well on the trader’s intelligence or humility, but that’s just the way it is. My […]

Around the World

BofA Merrill and TRW Participate in Shanghai FTZ USD Pilot Programme Bank of America Merrill Lynch Global Transaction Services (GTS) is participating in the Shanghai Free Trade Zone (FTZ) USD cash management pilot programme, with US-based TRW Automotive (TRW) mandating the bank for a treasury management solution.                                                                                              BAML and TRW entered into a Foreign […]

Tech Corner

Trading systems integrator Gold-i has launched a range of flexible options for retail brokers who require varying levels of IT support. The company estimates that 40% of its business will be made up of managed services by the end of next year. The new Gold-i options available are available in four levels of support, from […]

On the Move

Holman Departs BAML’s FX PB Business Richard Holman is understood to have left the Bank of America Merrill Lynch’s (BAML) London-based FX prime brokerage team. He joined the bank in April 2007 from JP Morgan, where he served in the middle office for rates exotics and hybrids trading for a year. Citi Relocates Strategists Citigroup […]