Trading platforms
Market poised for further trading time reductions across ECNs
As Cboe FX halves trade response times, others are expected to follow – for better or worse
FX Markets Best Banks Awards 2021: CME Group and EBS secure wins in three categories
CME Group’s EBS business allowed all-areas access to liquidity at the time market participants craved it most: when the pandemic applied stress and uncertainty to markets and caused great swings in volatility
First wave of GFXC cover sheets expected December 17
Greater transparency could lead to tighter last look policies, says Bank of England FX head
Anonymous venues could do more on last look
Platforms could reduce max response times to encourage eradication of additional hold times
Currenex lawyers ask judge to dismiss class action lawsuit
Case alleging secret priority trading deals brought too late and not based on facts, defence argue
For FX liquidity buyers, fewer providers mean better execution
As consumers’ understanding of best execution evolves, “quality over quantity” becomes buy-side mantra
Platforms on edge as industry eyes progress of Currenex case
Lawsuit’s passage through US courts could determine whether copy-cat filings follow
Currenex case may herald focus on e-FX’s ‘Wild West’ days
FX sources say “uncomfortable secrets” could emerge as attention turns to platform relationships
Currenex class action faces hurdles, say legal experts
Case against Goldman, State Street, HC Tech and the ECN could raise questions around statutes of limitations and damages calculations
Algo sniffers make a tough business tougher
FX spot is already a hard game for many LPs, and the rise of skew sniping only makes things harder
Banks lure FX algo sharks into shallow waters
Sick of losing out to predatory HFTs, dealers are trying to create liquidity pools they can trust
Updates to FX Global Code include pre-hedging guidance
GFXC updates 11 of code’s 55 principles, including advice on controversial practice of pre-hedging
EBS Direct rebuild to bring faster speeds, new order types
New tech means trades will process 10-times faster and allow client-to-client matching
LSEG buyout finally unshackles Matching and FXall
After watching the market evolve around them, platforms can finally get on the front foot
FX code adherents may get better pricing, say LPs
If trading platforms show buy-siders’ code status, signatories could see lower prices
Invesco bets on new tech to refine its FX trading
Home-grown tool will improve order routing and execution strategies, asset manager believes
Internalisation in the spotlight? Don’t hold your breath
Industry relaxed about internal hedging despite BIS warning of potential threat to price discovery
FX options: the race to electronification has only just begun
Could years of entrenched voice trading in FX options be about to end as electronification gathers pace?
OTC FX options market gears up for faster electronification
Share of electronic trading remains low but host of factors promise to change that for good
Growing internalisation could threaten price discovery, say LPs
Dealers might have to deliberately hedge on venues to bolster data, says Credit Suisse’s Estrada
Digital Vega, Spark deal hints at wider shake-up for platforms
Two trading tech firms seek point of difference as dealers cull vendor relationships in cost-cutting drive
Bilateral streams slash FX trading costs by 80%, dealers claim
Risk Live: FX dealers report 70% of spot traded in bilateral feeds, at least four times cheaper than RFQs and venues
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed