Electronic trading
Power to the high-frequency traders
Speakers at the FX Week USA congress held in New York last Tuesday (July 13) were resoundingly supportive of the role high-frequency traders (HFT) have had in ensuring liquidity in the market.
Smaller firms take e-FX trading internal
NEW YORK - The face of electronic foreign exchange trading is becoming more diversified as second- and third-tier banks become active contributors of liquidity, concluded panellists participating in the FX Week USA conference in New York last Tuesday …
End-users support central clearing
NEW YORK - The push for central clearing is increasingly being driven by end-users seeking operational efficiencies, rather than regulators, according to Jason Vitale, global head of dbClear FX at Deutsche Bank in New York.
CFTC rules increase credit risk
NEW YORK - Proposed rules to limit leverage on margin FX trading accounts at retail forex brokers will have the unintended consequence of increasing counterparty risk, according to Josh Levy, managing director at Tactical Asset Management.
Post-trade innovation set to drive up volumes
NEW YORK - Post-trade functions will become more important in foreign exchange trading operations as the FX market evolves through greater use of high-frequency trading, according to speakers at the FX Week USA conference on July 13.
RBS adds in e-sales
STAMFORD, CT – Royal Bank of Scotland (RBS) is increasing coverage of electronic sales to financial institutions with a hire from Barclays Capital in the US.
Portware eyes streaming liquidity, TCA in FX upgrade
NEW YORK - Execution management system (EMS) vendor Portware has targeted liquidity management, extended algorithmic execution and transaction cost analysis (TCA) with version 5.0 of its Portware FX trading platform, released on July 13.
StreamBase Partners with MarketFactory
NEW YORK - StreamBase has partnered with algorithmic FX trading applications vendor MarketFactory to enable hedge funds, banks and proprietary trading firms to speed their ‘time to first trade’ in the spot foreign exchange market.
Godfrey resurfaces at Wells Fargo
SAN FRANCISCO - Steve Godfrey, formerly co-head of global rates, currencies and commodities electronic solutions at Bank of America Merrill Lynch (BAML), has joined Wells Fargo as head of its foreign exchange e-commerce division.
Morgan Stanley looks to extend Matrix
LONDON - Morgan Stanley is set to launch streaming Asian and Latin American non-deliverable forwards (NDFs) next month, on its cross-asset front end, Matrix, following its recent global launch.
BNPP eyes European FXPB business
BNP Paribas moved steadily to launch into the foreign exchange prime brokerage market with the acquisition of staff and infrastructure from defunct insurance company AIG last year. But with that business focused on the US, rivals argue the French dealer…
Banks boost Canada coverage
TORONTO - Credit Suisse and Morgan Stanley are targeting the largely untapped Canadian institutional market with sales hires in Toronto.
Hotspot continues volume growth
JERSEY CITY – Hotspot FX reported a record month in May, with average daily volumes reaching $48.7 billion – double count [??] – up from $19.4 billion in May last year.
FXall gains Prime client in Japan
TOKYO - Tokyo-based retail forex broker FX Prime Corporation began using FXall’s graphical user interface-based trading platform to access liquidity last week (June 10).
BNP Paribas boosts Asia electronic trading capability
TOKYO - BNP Paribas plans to launch electronic trading in won and Taiwan dollar non-deliverable forwards (NDFs) on its single-bank system, FX eTrader, this year, according to a senior official in Tokyo.
Standard Bank targets retail FX
JOHANNESBURG - Standard Bank is expanding its electronic product range with the launch of a retail forex trading platform white-labelled from New York-based retail trading company Gain Capital last Thursday (June 10).
Commerzbank in e-FX build
Commerzbank is deepening its footprint in the electronic foreign exchange market with key appointments in London.
Fixnetix connects to Hotspot; partners with MarketFactory
LONDON - Low-latency data and trading technology vendor Fixnetix has established co-located trading and market data connectivity to the Hotspot FX trading platform, a subsidiary of Knight Capital Group.
Misys and SmartStream in co-distribution deal
PARIS - Misys and SmartStream have entered a cross-distribution agreement to market each other's technology to clients.
Gaitame.com chooses Integral for liquidity aggregation
Tokyo-based retail trading company Gaitame.com has replaced its single-bank platform with a software-as-a-service liquidity aggregation system developed by Integral, to improve pricing and risk management.
Crisis a boon to spot brokers, volumes up 60%
LONDON - Electronic spot-broking systems EBS Spot and Thomson Reuters saw a 60-65% surge in average daily volumes in May, reflecting a return to traditional liquidity sources during times of crisis.
No margin for error
Are money market margins a new science or just an overhaul? By Carl Martin, group technology director at Eurobase Banking Solutions in London
CLS sets new record for daily settlement volumes
NEW YORK - CLS settled a record 1,758,902 sides today (June 1) surpassing the previous record of 1,758,902 sides set on February 16.