Forex News: South Africa, FSA fine, NYSE Euronext, FX Inter-dealers


South-Africa-tech-180x110South Africa Gets Boost with Orb FIX Messaging Network

Rapid Addition, a provider of trading technology, has partnered with Tauri Software Systems, will launch an alternative network for routing financial trading information in South Africa and around the world using the FIX industry protocol. Neels Britz, Chief Operating Officer,Tauri Software Systems commented: “South Africa’s financial sector is focused on improving the quality of the service that it can provide and reducing the overall costs associated with trading.

The Johannesburg Stock Exchange (JSE) has been reducing its trading charges in response to global economic conditions. CheetahFIX intends to further reduce the costs of trading in South Africa by electronically connecting counterparties through the Orb FIX Messaging Network.”

Tauri Software Systems has teamed up with Rapid Addition, combining local expertise with established FIX message routing products, to provide the high quality and fully compliant Orb FIX Messaging Network. Having eliminated transaction charges, institutions and brokers will benefit from lower costs and a larger electronic network.

FSA Issues £9.5 million Fine to World’s Largest Fund Manager

The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money.

The FSA’s client money rules are designed to protect client money in the event of a firm’s insolvency. A firm must have a trust letter from any bank holding its client money to ensure that, in the event of the firm’s insolvency, client money is clearly identifiable and is ring-fenced from the firm’s own assets so that it can be promptly returned. BlackRock’s share price is currently trading at $176.72 1.11(0.62%) on the NYSE.

NYSE-180x110(1)NYSE Volumes Drop in August

NYSE Euronext announced trading volumes for its global derivatives and cash equities exchanges for August 2012. Trading volumes in August 2012 declined year-over-year and month-over-month due to a decrease in volatility compared to August 2011 and the seasonally slower summer period.

In August 2011, trading volumes benefited from extreme market volatility in the U.S. and Europe.

Largest FX Inter- Dealers to Use Traiana Harmony for OTC FX Clearing Connectivity

Traiana, leading provider of post-trade solutions, announces today that EBS and Thomson Reuters have selected Traiana Harmony for connectivity to over-the counter (OTC) client clearing firms and central counterparties (CCPs). Through using Harmony CCP Connect, clients trading on their platforms will have a ready connection to submit their trades to clearing houses and clearing brokers without additional cost or infrastructure investments, automating the clearing of OTC FX Derivatives and delivering compliance with OTC clearing regulations.

Harmony CCP Connect provides a comprehensive solution for OTC FX clearing, including connectivity, workflow automation, trade matching and affirmation. With a single connection to Harmony, it provides access to all CCPs, thus lowering costs and complexity for market participants.