Citi Launches B2B Cross-Border Payments Platform

Citi has launched a new cross-border, business-to-business payments platform that aims to “digitise” the transaction process and includes FX capabilities. The platform, called Citi Global Collect, is a collaboration between the bank’s treasury and trade solutions (TTS) and FX businesses, and is designed to make it easier for multinational clients to collect funds from overseas […]
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CLS October Volumes Show Slight Decline

The average daily volume (ADV) of FX trades submitted to CLS in October was $1.79 trillion, down from $1.84 trillion the previous month, but up 4.6% from the $1.71 trillion reported in October 2018. An ADV of $415 billion in spot FX trades were submitted to CLS last month, which actually represents a 2.2% increase […]
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Citi Launches Calculation Tool for UMR Requirements

Citi has launched a new tool to help buy side firms cope with the Uncleared Margin Rules (UMR) that are due to come into effect over the next two years. Financial institutions such as asset managers, pension funds and insurance companies are scheduled to come into scope of the regulations based on volume thresholds that […]
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Swiss-Licensed Crypto Bank Begins Operations

SEBA Bank, which was recently granted a banking license by the Swiss Financial Market Supervisory Authority (FINMA) and offers services around both conventional and digital assets, is now fully operational. After an onboarding phase with a designated customer group, SEBA has now officially started the onboarding of customers based in Switzerland. Its banking services are […]
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BIS Shuffles the Leadership Pack on Committees

Central bank Governors meeting at the Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, made a number of appointments to lead key central bank groups. Jerome Powell, chair of the Board of Governors of the Federal Reserve System, has been named chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations […]
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Wells Fargo Fined Over Controversial Burger King FX Trade

Already facing unfair dismissal actions and having paid one fine, Wells Fargo has been further sanctioned by the US Commodity Futures Trading Commission (CFTC) over its actions during the USD/CAD trade to hedge Tim Hortons’ purchase of Burger King. Having paid the US National Futures Association $2.5 million in August, Wells Fargo has now been […]
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And Another Thing…

Perhaps the most surprising aspect of the discussions I have been having post the news that Citi is closely studying the number of channels it supports in FX markets is not that several other major LPs have confided in me that they expect, or are currently conducting, a similar review but the number of LPs […]
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Nomura Makes Algos Available on BidFX

Nomura has made its five FX algorithmic strategies available on the BidFX platform. Clients can now access Nomura’s FX Algo Tsuwamono Series on BidFX. Each strategy offers flexibility on executions designed to meet client requirements and trading preferences. “Nomura’s FX algorithms provide substantial benefits to clients, with high levels of trading flexibility. We’re pleased that […]
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And Another Thing…

There has been quite a flutter around the Financial Times story this week about Citi cutting the number of FX platforms it supports; to me – and I’m sorry to blow my own trumpet here, having written about just such a move in a previous column – I was not at all surprised and think […]
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Citi Launches Cross Currency Sweeps for Liquidity Management

Citi has launched Cross-Currency Sweeps, a liquidity management solution that aggregates foreign currency balances into a currency and account of choice. By combining the capabilities of a cash concentration sweep with an automated currency conversion, clients are able to fund accounts and reduce FX risk exposure, across their global banking structure. The solution leverages Citi’s global cash concentration network along […]
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