Month: June 2014

Tech Corner

INTL FCStone has licensed TwoFour’s FX Back Office for its FX prime brokerage group. TwoFour will provide a variety of solutions, including trade processing and management, settlement, and reporting capabilities. It will also provide the ability to actively manage and compute margin requirements, credit, margin fee threshold, gross margining and market risk associated with any […]

On the Move

Davenport to Head EM FX at Nomura  Paul Davenport is moving to Nomura to take over as head of emerging markets FX trading, replacing Bernard Singer, who is leaving Nomura to take up a similar role at Citi in September (Squawkbox, 16 June). London-based, he is understood to have left JP Morgan as head of […]

Greenpeace Loses €3.8 Million in Currency Speculation

Greenpeace International has let one of its employees go after it lost €3.8 million of donations last year through speculation on currency markets. The Amsterdam-based employee in the campaign group’s international finance unit entered into contracts that speculated on a weak euro in the second half of 2013. As a result of the euro strengthening […]

DGCX Expansion Plans Include EM FX Futures

The Dubai Gold and Commodities Exchange (DGCX) will be launching new currency derivatives in addition to a spot gold contract between now and the end of the year. According to Gary Anderson, CEO of DGCX , the venue is preparing to add to its existing suite of FX futures with emerging market currency contracts. Among […]

Oanda Unveils New Web API for Platform

Oanda has launched open access to its proprietary FXTrade platform code through the firm’s API, in a bid to allow the use of customised apps, algorithms and trading strategies on the venue. The FX trading service provider says that the language agnostic interface allows partners and individual traders the ability to wrap applications around the […]

FXCM to Release Retail FX Volume Indicator

FXCM says it will launch a real-time real-volume indicator exclusively on its flagship Trading Station platform in the coming weeks. The indicator is currently being tested, but FXCM says that it will provide real volume being traded on its retail platforms for the top 14 currency pairs. Along with volume, the indicator will also provide […]

Value of FX Trades Below $5 Trillion for Second Consecutive Month

The average daily value of trades in the foreign exchange market edged up slightly in May from a month earlier, but stayed below the $5 trillion mark for a second consecutive month, data from FX settlement system provider CLS shows. The average daily value submitted to CLS was $4.82 trillion, up 0.6% from $4.79 trillion […]

Giancarlo Sworn in as CFTC Commissioner

Christopher Giancarlo has been officially sworn to serve as a Commissioner of the US Commodity Futures Trading Commission (CFTC). On 3 June the US Senate voted to confirm Giancarlo as a Commissioner. Now that he is sworn in, he assumes the duties of the role immediately. Giancarlo joins the CFTC from the GFI Group where […]

ICE Libor Data Charges Up Significantly from BBA Rates

ICE Benchmark Administration (IBA) will be introducing new licensing arrangements for the use of Libor rates from 1 July, resulting in a significant increase in data fees as compared to the charges levied by the previous administrator, the British Bankers' Association (BBA). Existing contracts with the BBA have been assigned to the IBA and notice […]

Supreme Court Sides With CLS Over Patenting Laws

The Supreme Court has unanimously sided with CLS Bank against Alice Corporation, confirming that the abstract idea of intermediated settlement is not patent-eligible under Section 101 of the Patent Act.  This decision caps extended litigation in which all three levels of the federal court system – the district court, the court of appeals and now […]