Hotspot FX recorded average daily notional FX dollar value traded in March of $58.9 billion, down 0.6% from $59.2 billion in February and up 6.6% from $55.2 billion in March 2011. The volume is double-counted as opposed to the single count convention of other platforms.
Standard Chartered has partnered with Warba Bank in Kuwait to facilitate its Asian transactions. Warba Bank signed StanChart’s Chinese renminbi clearing services agreement in order to provide its clients with access to the internationalisation of the RMB. The partnership follows increased trade activity between Middle Eastern and North African firms with China, with China now replacing the US as the top exporter to the MENA region.
Asset manager BlackRock has selected Panopticon, a visual data analysis software provider, to support its suite of information software. BlackRock has purchased an enterprise license to cover the use of the Developer SDK for Java and .NET, software programmes. The purchase will allow BlackRock to deploy Panopticon Treemap, Heatmap and other interactive data visualisation tools to support its internal operations and in client-facing applications.
Order-entry software provider, Trading Technologies International, has partnered with MathWorks, the developer of the Matlab algorithm development programme, to integrate TT’s X_Trader API to the programme. The integration will allow Matlab users to leverage TT’s market connectivity and X_Trader order entry platform to access exchange price feeds and to submit order and monitor positions.
Saxo Bank has launched a foreign exchange correlations tool on its TradingFloor.com trading community, the third interactive application added to the network in the last six months. The FX correlations module graphically visualises data relationships between prices, between prices and exposures and between exposures in the major currency pairs. The latest tool follows the additions of the forex open positions module and a customisable financial calendar.
South Korea plans to allow brokerages to perform a wider range of foreign exchange transactions while sharing more currency data among state-run watchdogs, according to a statement from the Ministry of Strategy and Finance. Brokerages will be able to convert currencies for investment banking purposes. Previously they were only allowed to do FX transactions for investors wanting to buy securities, the ministry said in the statement.
According to a report in the Korea Herald, dozens of changes to foreign exchange regulations will come into effect on April 30, “striking a balance between deregulation and enhanced market monitoring.”