HSBC has launched new offshore-yuan cross rates against the euro, sterling, Hong Kong dollar, Singapore dollar, Canadian dollar and Mexican peso. The bank says it is now providing continuous 24-hour streaming of exchange rates through its single-dealer platform and via the market’s main electronic platforms, including those run by Thomson Reuters and EBS.
Icecapital, a Finland-based asset management firm, has selected SuperDerivatives’ real-time cross-asset front office system, SDX, to support its local structured products investment offerings. SDX includes tools for price discovery, pre- and post-trade deal management, analytics and provides coverage for a range of structured products.
First Derivatives is partnering with BT, Amartus, Intune Networks and Nokia Siemens Networks to explore the concept of bandwidth trading. Bandwidth is purchased under forward contracts and traded in over-the-counter transactions presently, but the software and consultancy services provider is combining forces with the technology firms to research the potential of creating a commercially viable bandwidth exchange marketplace which could create new revenue streams. The concept would be sponsored by BT.
Emerging markets investment bank, Renaissance Capital, has joined the SunGard global network (SGN) trading community. The partnership will allow the bank to provide brokerage services for the Russian markets to asset managers and brokers linked by SunGard’s network. Community members will be able to route trade order flow to Russia’s Micex-RTS Exchange Group and the London Stock Exchange’s international order book.
Derivatives clearinghouses owned by CME Group and Intercontinental Exchange have been designated systemically important by the Financial Stability Oversight Council as part of an initial set of financial market utilities that require increased oversight by regulators. The designations, which are subject to appeal, may be completed “as early as this summer,” according to the US Treasury Department.