Month: October 2014

Blackwell Global Deploys FlexTrade

Blackwell Global has deployed FlexTrade Systems’ MaxxTrader as its full straight-through processing and white label foreign exchange trading system to process spot currencies and precious metals for its retail clients. The Cyprus-regulated brokerage firm has also implemented FlexTCA as its analytics platform for real-time and historical transaction cost analysis. MaxxTrader is a front-end platform that […]

TriOptima Seeks Remedy to TR Mismatches

TriOptima claims its triResolve service can solve the unmatched trade repository data problem reporting institutions face in European trade repositories. Under European Market Infrastructure Regulation (EMIR) reporting rules, firms can either send their trade data directly to a repository or they can delegate another firm to send the data on their behalf. Trades sent to […]

DGCX CEO Steps Down Due to Ill Health

Gary Anderson, CEO of the Dubai Gold and Commodities Exchange (DGCX), has stepped down due to ill health. DGCX says in a statement that Gaurang Desai, chief operating officer, will act as an interim CEO. Anderson took led the helm of the exchange in 2012 and under his tenure the platform has established itself as […]

Indian Central Bank Warns Companies on Lack of FX Hedging

The Reserve Bank of India (RBI) might consider making FX hedging mandatory if banks can’t encourage corporates to properly mitigate their currency risk, sources told Reuters. RBI is questioning banks as to how they are convincing corporate clients to hedge their exposure. If indirect pressure fails, RBI is considering forcing companies to give detailed financial […]

Currenex Adds Seven Non-CLS Currency Pairs

Currenex has expanded its asset coverage by including a range of Asian and Eastern European crosses. The multi-dealer trading portal will provide traders with access to seven new currency pairs, including Chinese yuan (CNH), Czech koruna (CZK), Hungarian forint (HUF), Polish zloty (PLN), Russian ruble (RUB), Thai baht (THB) and Turkish lira (TRY). The new […]

China’s FX Regulator ‘Not Concerned’ About Capital Outflows

China’s State Administration of Foreign Exchange (SAFE) is “not concerned” over capital outflows, a senior official told a news conference in Beijing last week. In September, Chinese banks sold a net CNY48.2 billion in FX in transactions with their clients, representing a reversal from a net purchase of CNY20.4 billion in August. Additionally, recently released […]

IBA Calls for Feedback on Libor Reform

ICE Benchmark Administration (IBA) has published a summary of the changes it has made to the way the London Interbank Offered Rate (Libor) is calculated. It also proposes a number of new enhancements, which is now open to the industry for comment. IBA took over the administration from the British Bankers’ Association in February and […]

Credit Suisse CEO Sees No Material Issue UK Relating to Fix Probe

Brady Dougan, Credit Suisse CEO, claims the bank still does not see any material issues relating to its implication in the global FX investigations.  He reiterated the bank’s previously held position, stated last quarter, when responding to an analyst question during the bank’s Q3 results call last week. ”We do not see any material exposure […]

Canadian RMB Hub Could Boost Exports to China

A Canadian Chamber of Commerce report calculates that establishing a Chinese renminbi (RMB) hub – likely in Toronto or Vancouver – could boost Canadian exports to China by as much as CAD32 billion, plus potential discounts on imports totalling CAD2.8 billion. The report identifies four key advantages to the Canadian economy that could come from […]

Bitcoin Developments Continue Apace, With New Currencies and Venue

The advance of Bitcoin as a broadly accepted currency is gathering pace. In the past week, one Bitcoin exchange launched three new currency markets, while a new exchange was opened in Australia. In New York, proposed restrictions are being challenged in court. Coinfloor, a London-based Bitcoin exchange, has launched euro, Polish zloty and US dollar […]