Tech and data
EBS and Thomson Reuters urged to rethink credit methodology
FX prime brokers say measurement of open positions on a gross rather than net basis exposes them to additional risk and reduces the effectiveness of controls such as the kill switch
FX market will be 70% electronic by year-end, says Aite Group
New research estimates 60% of FX is electronic today, rising to 70% by year-end but there will still be a place for voice trading
Commerzbank broadens e-FX package with DealHub
Commerzbank is the first publicly named bank to be using FX Distribution Hub, with FX Connect the first venue to go live on the service
Pragma to roll out FX algos in Q4
Trading technology vendor is preparing to diversify into foreign exchange with an algo execution product that it believes will add value over bank offerings
Barclays to add algo tools to Gator aggregator
Barclays will add new, less aggressive algos to Gator in the fourth quarter as it looks to make the product more accessible to real-money and corporate clients that prefer to trade with minimal market impact
Benchmark overhaul brings substantial improvement, says Lenny Feder
In the aftermath of the Libor scandal, Singapore’s financial industry has opted to overhaul its existing benchmarks to focus on transaction data
Weaker franc leads to speculation over future of SNB floor
Volatility has picked up in EUR/CHF this year, but traders believe the franc needs to weaken a lot more before the Swiss National Bank would consider easing its policy
Best FX white-label liquidity service: Saxo Bank
Saxo retains its lead in the white-labelling business, having seen particular traction with private banks over the past year
Best algorithmic trading technology provider: BNP Paribas
BNP Paribas successfully breaks into the increasingly competitive market for algorithmic execution in foreign exchange
Best transaction cost analysis technology: ITG
Investment Technology Group (ITG) takes the inaugural award for best FX TCA provider, having successfully leveraged its experience in the delivery of TCA in equities
Best trading technology vendor: Barracuda FX
Niche vendor Barracuda FX wins trading technology vendor of the year, having cornered the market for FX-focused order management technology
MarkitServ squares up to Traiana over pre-trade hub
Most participants believe the market will centre on one provider for pre-trade credit checking and clearing certainty - but both MarkitServ and Traiana hope to win the race
Year-end ‘congestion’ looms for European trade reporting
Buy-side must prepare to meet their FX reporting obligations in Europe, which will be more challenging than in the US, webinar participants warn
BNP Paribas releases corporate trading platform
Bank's digital strategy combines tailored solutions for specific client types with an 'app store' model
Banks beef up quant solutions for FX in response to buy-side demand
Morgan Stanley and Commerzbank are investing in quantitative offerings as a part of their FX strategy, but other banks are pulling back from the business
Reserve managers avoid Bric currencies despite increase in risk appetite
Central banks look to diversify reserves in search of higher yield, but still consider emerging market currencies too risky
Defining innovation in e-FX
As the 2013 e-FX Awards open for entry, the parameters of innovation in FX technology continue to evolve in line with changes in the market environment
Market divided over standardised approach to algo TCA
The difficulty of comparing transaction cost analysis results across algo products has led to calls for a standardised approach to TCA, but not all agree it is needed
CFTC rules on mid-market disclosure put banks under pressure
With just six weeks to go until the deadline for banks to disclose the mid-market price on certain FX trades, banks face considerable technology hurdles to comply
Nalm 2013: Debate rages over how to manage expanding reserves
Central banks enter into new asset classes and alternative currencies but Bank of Israel’s Andrew Abir rejects value of renminbi as a reserve currency
Central banks grapple with risks arising from FX reserves
Holdings of foreign exchange reserves at central banks has increased since the crisis, and market participants believe diversification into new currencies could now pick up
Barclays launches client aggregator in response to fragmentation
Gator smart order routing tool has been tested internally by Barclays spot traders for more than a year, and is now being rolled out to clients
The advantages of algo execution
As both Barclays and UBS prepare to launch new algo execution tools for foreign exchange in the coming weeks, the space is becoming increasingly crowded – but it appears to be driven by strong demand from the buy side. Miriam Siers reports
Mifid transparency rules must be properly calibrated, warns ECB board member
Central banks will have to deal with liquidity shocks in financial markets, so must ensure post-trade transparency rules are well calibrated, says Peter Praet