A series of high-profile lawsuits in which asset owners and money managers have sued custodian banks over alleged overcharging is increasing the spotlight on FX execution quality. But better use of transaction cost analysis (TCA) can help buy-side firms ensure they are getting a good deal without recourse to legal action.
Consulting firm Mercer has launched a foreign exchange monitoring service for investors to keep an eye on their custodian’s fees, following a spate of lawsuits brought against the world’s largest banks for alleged fraudulent overcharging on these transactions by pension funds and other large investors.
Thomson Reuters is to debut an integrated suite of information and trading services for FX trading which leverages the London-based hosting capabilities of the firm's Elektron cross-asset trading platform.
Bulge-bracket broker Morgan Stanley has launched a new algorithmic trading product, Morgan Stanley Fix, to address institutional investor demand for more accurate execution benchmarking of their FX trades.
Saxo Capital Markets, a trading platform provider and wholly-owned subsidiary of Denmark's Saxo Bank, has opened an office in Hong Kong in response to growing opportunities offered by increasing institutional flows to the region as well as demand for white-label solutions from financial institutions.
The Johannesburg Stock Exchange has launched any-day expiry foreign exchange contracts on its derivatives market, allowing institutions to hedge their currency risk more accurately.
Trading technology provider Portware has teamed up with post-trade solutions firm Traiana to ease back-office processes for users of its Portware FX trading platform.
Progress Software, a provider of financial software, has made a wider range of single-bank foreign exchange (FX) portals available to dealers via its Progress Apama Capital Markets Framework connectivity network.