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  • TraderTools has secured an additional $7.5 million of funding. Edison Venture Fund put in $7 million, with the remainder raised from the company’s management. Edison is a specialist at providing capital to companies in their expansion stage; it has experience of FX through an investment in online FX specialist Gain Capital. TraderTools says the funding will be used to expand sales, marketing and development of its Liquidity Management Platform.
  • With the current scrutiny on budgets, it is inevitable that IT spending will come under some pressure. According to a recent report from consultancy Celent Communications: “Global information technology spending by financial services institutions will reach $358 billion in 2008.” While this is still a 4.5% increase over 2007, it is, says the firm, “substantially lower than the 6.4% growth achieved in 2007. The financial crisis and economic uncertainty have financial institutions tightening their belts.”
  • For anybody who doesn’t know it already, the Euromoney FX poll went live yesterday afternoon – this is the period when many on the buy side suddenly discover they are the best mates of the sell side. Even before the poll was open, I started to receive feedback on some early jockeying for position.
  • Risk management, like trading, should not be overly complex. However, if an institution has to monitor numerous positions, then it obviously becomes more difficult.
  • The CME is expanding its international incentive programs, which also cover FX products. The programs will include a simplified fee structure and run until December 31, 2010.
  • The CFTC’s decision to hike the net-adjusted capital requirements for its forex dealer members is causing a significant reshaping of the US retail market.
  • Congratulations to the affable Dan Condon, who spent most of 2008 toiling away as a vice-president sales at FXMarketSpace. Condon has just joined Standard Charted as eChannels product manager based in Singapore.
  • The Bank for International Settlements has elected Guillermo Ortiz, governor of the Bank of Mexico, as its chairman. Ortiz will serve for three years from March 1. He succeeds Jean-Pierre Roth.
  • Sources say Jens Andersen has left his role at Morgan Stanley in New York, where he was head of Americas trading for FXEM. He is believed to be going to Caxton.
  • Be the first to see the results.
  • The Keynesian remedies are all very well, probably essential, but what about Schumpeter and his “creative destruction”? That is quite the opposite of the Greenscam remedies past and present.
  • --Cristina Pittelli