Battle Hots-up for SSIs

LogicScope has formed an alliance with CB.net, a global reference data provider, to offer financial institutions a database of standard settlement instructions (SSIs) under the name SSI Financial. CB.net says it has a database of over 70,000 SSIs for 8,300 bank identifier codes that are updated daily by both banks themselves and from data supplied […]
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Lambert Joins Standard Life

Bill Lambert has become head of middle office at Standard Life Investments, a new role created following the decision to outsource the company’s investment administration to Citigroup. He will be responsible for managing relationships with investment and client fund groups, the company says, and will work closely with William Littleboy, operations director. Lambert has spent […]
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Spectrum Global Fund Adds Two

Spectrum Global Fund Administration has made two hires and a promotion to help it deal with what it calls a rapidly expanding customer base. The company began as a technology consulting firm but expanded last year to become an administrator of hedge funds, funds of funds and family offices. Gary Taylor becomes part of the […]
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MFA Backs CFTC Review

The Managed Funds Association (MFA) has said that it firmly supports the development of competitive markets and an expeditious but thorough review by the Commodity Futures Trading Commission (CFTC) of Eurex subsidiary US Futures Exchange’s (USFE) application to become a contract market. “As the principle representative of end-users of futures exchanges, MFA believes there is […]
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Reuters Offers Forwards to India

Reuters has launched Dealing 3000 Forwards Matching in India, following the launch of Reuters Spot Matching and the introduction of the Indian rupee to its electronic trading services. Twenty-eight banks in India are already signed up for the service, the company says. Reuters has also introduced its cross matching service, which will enable banks in […]
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Merc Slashes Prices

The Chicago Mercantile Exchange (CME) has substantially dropped its prices in Europe as part of a strategy to develop its presence outside the US. The new structure sees total transaction fees, including Globex charges and clearing fees, reduced to 44 cents per side, a 69% reduction on Eurodollar futures and options contracts and a 73% […]
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RAI and Abbey to Offer Joint Funds

Refco Alternative Investments (RAI), the alternative asset management division of Refco Group, has formed a strategic alliance with Abbey Capital, an alternative investment portfolio manager specialising in managed futures and FX managers, based in Dublin. RAI and Abbey Capital will jointly develop a series of multi-manager managed futures funds specifically designed for institutional investors. Abbey […]
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Ferraro Departs BNP NY

Martin Ferraro, head of FX institutional sales at BNP Paribas in New York, has left the bank, a spokesperson confirms. He had been with BNP for nearly a decade in a variety of roles, reporting finally to Nigel Babbage, global head of currency options and regional head of FX activities in New York. The bank […]
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Derivatives Usage Continues to Boom

The latest semi-annual report from the Bank for International Settlements (BIS) on the global OTC derivatives market shows another surge in the level of notional amounts outstanding. At end-June 2003, the overall level of outstanding contracts stood at $169,678 billion, a rise of 19.7% on the level of end-December 2002. This means that overall outstandings […]
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ESP Fuels Currenex Move into Positive Cash Flow

Multibank portal Currenex has gone cash flow positive, three-and-a-half years after launch. It follows rival portal FXall, which announced the same achievement two months ahead of schedule in July, 26 months after its launch (see Profit & Loss, September 2003). Confirming the news, Currenex CEO Clifford Lewis says that the major driver has been the […]
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