FX NOTEBOOK: Nasdaq OMX in Trading, Clearing Alliance
Traders Magazine Online News, January 16, 2013
Nasdaq OMX Nordic announced a partnership with Deutsche Bank and Imarex Financial Services provide integrated trading and clearing of currency transactions.
Plus, ICAP sells a stake in Traiana to seven customers; and, China picks up purchases.
NASDAQ OMX: Nasdaq OMX Nordic announced a partnership with Deutsche Bank and Imarex Financial Services provide integrated trading and clearing of currency transactions.
This will allow clients of Nasdaq OMX’s Norwegian clearing house to use Deutsche Bank’s trading platform. That will give them direct access to liquidity available from the bank ranked as the largest in the world.
Deutsche Bank captured 14.64% of overall market share in the Euromoney 2012 survey. Its electronic platform for trading in currencies is called Autobahn.
Imarex FS, based in Norway, will handle the process of bringing customers onboard.
The NOS clearing service involved in this alliance is to be integrated into Nasdaq OMX Stockholm’s FX clearing service during 2013.
ICAP: The world's leading interdealer broker has sold a 12% stake in Traiana, the post-trade processing firm. Inc. Investing in Traiana are seven large foreign exchange banks: Bank of America Merrill Lynch, Barclays, Citigroup, Deutsche Bank, J.P. Morgan, Nomura, and the Royal Bank of Scotland.
The stake is valued at $300 million.
The companies also could increase their stake, in the future, under the agreement.
Traiana established a new board of directors, which includes Traiana founder Gil Mandelzis, CEO Andy Coyne, and a representative from each of the investing banks.
EBS, ICAP's electronic FX platform, also appointed Viral Tolat as Chief Technology Officer, reporting to Mandelzis, EBS’s Chief Executive Officer.
CHINA: China’s central bank and financial institutions bought $21.7 billion worth of foreign currency in December, its largest amount in 11 months.
Yuan positions accumulated from foreign-exchange purchases increased to 25.9 trillion yuan last month from November, data published by the People’s Bank of China showed. That compares with net sales of 73.6 billion yuan in November and 100.3 billion yuan in December 2011, Bloomberg News reported.
The yuan failed to appreciate against the dollar in December for the first time in five months.
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