Foreign Exchange (FX) settlement services vendor CLS has partnered with LCH.Clearnet to develop a service to facilitate the settlement of cleared FX products, officials say. The new service aims to help firms comply with goals set out by the G20 to promote clearing of standardized derivatives, and CLS says “it will be open to all… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
BNY Mellon Pays $714M to Settle FX-Related Woes
The Bank of New York Mellon Corp. (BNY Mellon) has agreed to pay a total of $714 million to resolve “substantially all of the foreign exchange (FX)-related actions currently pending against the company,” say BNY officials. The settlements with the U.S. Department of Justice (DOJ), the New York Attorney General (NYAG), the U.S. Department of… Read More >>
Crédit Agricole CIB Picks DealHub for FX Ops
London-based Option Computers Ltd., a provider of trading, trade processing and business intelligence solutions for financial markets, reports that DealHub, its flagship foreign exchange, post-trade connectivity platform, has been deployed at Crédit Agricole Corporate and Investment Bank (CIB). “DealHub’s modular platform combines the firm’s comprehensive market connectivity with flexible, rules-based trade routing and processing, to… Read More >>
Broadridge Jolts FX Wares via Acquisition
Broadridge Financial Solutions has acquired foreign exchange technology vendor TwoFour Systems and plans to integrate TwoFour’s FX solution with Broadridge’s reconciliations and matching technologies to form Broadridge FX and Liquidity Solutions (FXL). Analysts say the deal will inject new blood and technology into Broadridge, while company executives say the deal marks the first step on… Read More >>
MoneyCorp to Use Fenics FX Derivatives Pricing
Fenics Software Ltd., a vendor of foreign exchange options software, reports that TTT MoneyCorp, a UK-based foreign currency exchange broker, has licensed its Professional FX derivatives pricing and risk management system. “We have been able to build an innovative platform supported by FENICS technology,” Henry McKeon, chief information officer (CIO) at MoneyCorp, says in a… Read More >>
SIBOS 2014: Broadridge, Fiserv and Fundtech Unveil Upgrades
Broadridge Financial Solutions and Fiserv have updated their reconciliation offerings while Fundtech has improved its user interface for its Global PAYplus service – all of which will be on display at the SIBOS 2014 Boston conference, put on by financial messaging and services cooperative SWIFT. The event gets underway at the Boston Convention & Exhibition… Read More >>
