Custody

FXall Introduces FXall Settlement Center

FXall, the online portal for global foreign exchange trading, today announced that it is further enhancing its platform through the introduction of FXall Settlement Center. For the first time, foreign exchange customers stand to benefit from a solution that automates

Citibank Secures First Forex License in China

The Chinese central bank, the People's Bank of China (PBOC), has granted Citibank approval to engage in foreign currency dealings with Chinese citizens. It is the first license to be granted since the PBOC announced in December last year that

BNY Buys Investment Research Firm

SimCorp joins Omgeo STP Partner Program Omgeo, the DTCC Thomson virtual matching utility, has signed up Simco as one of the "partner" vendors it hopes will help it tie more fund managers, broker dealers and custodians into its solution than

Allied Irish Takeover Fears

Allied Irish Bank, commended in the Global Custodian agent bank survey in each of the last three years, is now the subject of takeover speculation. Floored by lapses in internal controls which allowed a single currency trader to rack up

ING Buys Stake in Mexican Bank

ING yesterday acquired a 17.5 per cent stake in the Mexican financial services group, Grupo Financiero Bital. The stake will cost $200 million. Bital, which is a leading retail banks in Mexico, will help ING distribute banking and insurance products

State Street Gets Enron Fiduciary Role

State Street Corporation confirmed today that it has been asked by the U.S. Department of Labor to serve as the Special Independent Fiduciary for Enron Corporation's 401(k), ESOP and cash balance plans. As Special Independent Fiduciary for Enron's plans, State

Standard Chartered Loses PT Bank to Farallon Capital

Standard Chartered, one of the two leading custodian banks in Asia, has failed in its bid for a controlling stake in the Indonesian bank PT Bank Central Asia. Instead, the 51 per cent stake sold by the Indonesian government has

HSBC GIS Fuels Transaction Cost Measurement Craze

HSBC has added its weight to the horde of banks and consultants looking to measure the transaction costs incurred by institutional investors. By combing through 700,000 UK equity transactions seen by its Global Investor Services (GIS) custody arm, HSBC has

Blackrock Chooses BNY ESI Technology

The Bank of New York announced that BlackRock, Inc. has implemented BNY ESI & Co., Inc.'s TEAMTrader trade management system. BNY ESI is the agency brokerage subsidiary of The Bank of New York. One of the largest publicly traded investment