Day: 24 November 2014

CLS Volumes Hit 2014 Record Daily High

CLS has reported an average input daily value of $5.29 trillion, up year-on-year but down 10.9% from September’s record total of $5.94 trillion. But input volumes submitted to CLS reached an average daily record-high for the year after increasing 3.2% month-on-month to 1,465,105, combining the settlement and aggregation services. The latter continued to grow steadily, […]

BGC Continues GFI Chase

BGC Partners has extended its tender offer to acquire GFI Group. The brokerage firm has extended its tender offer to buy GFI shares until 5pm EST on 9 December, 2014. The previous offer was due to expire on 19 November. At the original expiry date 23.2 million shares had been tendered pursuant to BGC's offer […]

Has the SNB Been Intervening?

General weakness in the euro has brought the Swiss National Bank’s artificial 1.2000 floor in EUR/CHF fully into focus, with market sources reporting the central bank stands ready to purchase an unlimited quantity of euros to defend the floor. Although it is unclear whether the SNB has already been intervening to slow the cross’ descent, dealers […]

Risk Continues to Shift from Banks to Buy Side

Empirical evidence that risk is moving out of the banks and towards the buy side is growing, according to market experts. “One trend that we’re seeing at the moment is that people are talking about risk moving from banks to the buy side and as banks are being encouraged to take less risk that risk […]

BNP Paribas Moves FX Under New Global Markets Division

BNP Paribas has moved its FX business from its fixed income division to a newly created global markets unit, Profit & Loss has learnt. The move is part of the bank’s restructuring of its corporate and institutional banking (CIB) division, which was previously known as corporate and investment banking. The new CIB is centred on […]

EBS Launches Third Platform, EBS Select

Icap’s electronic FX business EBS is planning to launch a third liquidity pool in early 2015 called EBS Select, in addition to EBS Market and EBS Direct, driven by the apparent growth in demand to trade anonymously. The new platform is intended to offer an anonymous, segmented, bilateral liquidity pool that the firm says will […]

Exchanges Make Strategic Moves in NDF Trading

Exchange operators are working hard to strategically position themselves in response to the changing regulatory conditions of the non-deliverable forward (NDF) market, with Deutsche Börse acquiring a minority stake in R5FX and Nasdaq apparently preparing to launch listed non-deliverable FX contracts. Deutsche Börse, which operates Eurex and Eurex Clearing, has acquired the stake in R5 […]

New FX Consultancy Launches

Simon Jones, formerly global head of FX e-trading at Citi, has launched a new FX consultancy, PierrepointFX. The new firm has been established in London to focus on FX execution solutions, both from an advice and product standpoint. As part of this service, it will build and deploy algorithmic strategies, as well as provide exchange […]