Bank of New York Mellon Corp (NYSE:BK), Deutsche Bank AG (USA) (NYSE:DB), ICAP plc (LON:IAP) and British bank Santander UK plc join UBS and Clearmatics to advance the Utility Settlement Coin concept, and plan tests in a real-market environment. USC is a digital cash model aimed at facilitating payment and settlement for institutional financial markets.…
Read moreLooks like June's Brexit-driven volatility and record FX trading volumes didn't fully spill over into July. As we begin to review the July FX trading volumes at leading retail and institutional eFX platforms, FastMatch is reporting that volumes in its system fell 21% MoM from June (a record month for FastMatch) to average $12.9 billion ADV for the…
Read moreBank of New York Mellon Corp (NYSE:BK) has appointed Hani Kablawi as the new Head of Investment Services for Europe, the Middle East and Africa (EMEA). Formerly Head of Asset Servicing for EMEA, Kablawi will lead the business strategy for Investment Services in the region and will continue to be based in London. Kablawi will report to…
Read moreLooks like it will be a June to remember for eFX trading platforms. The latest institutional FX platform to report great June numbers is FastMatch, which saw volumes rise 44% MoM over May to average $16.3 billion for the month. FastMatch's previous best month was November 2014 at $12.2 billion. June volumes at FastMatch were…
Read moreAfter settling a series of lawsuits for $714 million regarding allegations that it overcharged pension funds and other clients for FX services, Bank of New York Mellon Corp (NYSE:BK) will pay an additional $30 million penalty after US regulator the Securities and Exchange Commission (SEC) found more than a decade of violations in its foreign exchange business. According…
Read moreGoing against the trend we have seen so far for May, institutional electronic FX platform FastMatch has reported an up month with FX trading volumes hitting $11.4 billion daily in May, up 5% from April. Other results we have seen so far from Hotspot FX and Gain Capital's GTX division indicate a slowdown in institutional…
Read moreInstitutional electronic FX platform FastMatch, jointly owned by retail forex broker FXCM Inc (NYSE:FXCM) and commercial banks Credit Suisse and BNY Mellon, saw trading volumes on its electronic currency platform leap by 25% during January 2016 to hit $11.8 billion ADV during the month. January 2016 marked an important milestone for FastMatch. It was the first month…
Read moreSeveral parties, including New York State and the US Federal authorities, alleged that BNY Mellon promised best execution on institutional FX transactions, but instead provided the worst interbank rate
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