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Citi Joins Tradebook FX as CCP Tradebook FX (TBFX), Bloomberg’s FX ECN, has reached an agreement with Citi for the bank to serve as a central clearing counterparty (CCP) on the platform. “We feel that the combination of Citi’s expertise in FX, and FXPB in particular, and market leading role in foreign exchange globally, coupled with the wide network of Bloomberg clients will be very synergistic,” says Tom Murphy, head of FX, futures and equity options sales at Bloomberg Tradebook. Citi will be the second CCP on TBFX
Nightberg to Provide Market Strategy Service to GTX Clients GTX and Nightberg, an independent macro strategy firm founded by former hedge fund strategists, are partnering to distribute Nightberg’s full suite of investment research to GTX's institutional clients. The product will be provided on a complimentary basis to clients of GTX’s registered swap dealer, which offers agency execution services for swaps, options, forwards, non-deliverable forwards and other products in G10 and emerging market currencies. “We are excited to work with GTX to provide flexible access to our investment research,” says Mario Manna, co-founder of Nightberg. “Both Nightberg and GTX are active in the global macro hedge fund and broader asset manager space and we see an excellent opportunity to work together to provide value to clients.”
Exclusive: Currenex Launches X2 Platform for Institutional Clients Currenex has launched a new trading platform, X2, designed in response to the changing liquidity profile of the FX market and the evolving requirements of institutional FX traders. One important feature of the new platform is that it is based on HTML5 technology, in contrast to the Java-based multibank front ends that populate the market today. Speaking exclusively to Profit & Loss Rick Schonberg, global head of product for trading and clearing and the North American head of trading solutions at Currenex, says that although Java “serves its purpose today and will for many years”, there are advantages to having an HTML5-based front end.
GTX to Launch London and Tokyo Matching Engines GTX plans to launch new a matching engine for its flagship ECN in London October 15, 2016, with a Tokyo-based matching engine to follow within 90 days. The new matching engines, along with GTX’s existing matching engine in New Jersey, will be accessible by clients connected to any of the three locations. The clients can then choose whether to interact only with local liquidity or to access the global order book. “This move has been driven by client demand, we had a lot of clients – particularly the more latency-sensitive clients – reach out and say that it would be more efficient for them to access liquidity locally.
Redline Releases Feed Handler for EBS Live Ultra Redline Trading Solutions has announced the availability of a new InRush feed handler for the new high performance EBS Live Ultra market data feed. “What’s significant about this announcement is that we now have a key FX market venue delivering this high performance market data feed and this means that firms can use a solution like Redline to exploit that gain in performance,” comments Mark Skalabrin, CEO of Redline. He says that he views this as part of a broader trend that is occurring in the FX market whereby banks, hedge funds and proprietary trading firms are increasingly looking for ways to increase their performance and reduce their latency.
FastMatch Targets Clicker Traders with TradAir Partnership FastMatch and TradAir have announced a new partnership looking to target professional bank and institutional ‘clicker’ traders. FastMatch, currently services banks, institutional clients, and professional trading firms, with average daily volumes (ADV) of around $13 billion, executed via APIs. But now the ECN is targeting traders that still execute by clicking on screens and typically leverage a broad range of trading styles and workflows. In order to reach the ‘clicker’ segment of the market, FastMatch decided that it needed a technology partner, with a secure, end-to-end trading platform, that was fully integrated with FastMatch’s ECN order book.
Thomson Reuters, Clifford Chance, Team Up on Documentation Thomson Reuters and Clifford Chance have joined forces to help financial institutions tackle in what they term a timely, efficient and more cost-effective manner, their most pressing regulatory obligations relating to margin rules for uncleared OTC derivatives. The firms claim they are using an “innovative approach to contract negotiation and documentation” and that the partnership offers a “flexible, rapidly scalable, technology-enabled solution that will empower these financial institutions to meet their current multi-jurisdictional regulatory obligations and as they continue to evolve in the future”.
Icap and Wind Add Treasury, Spot, Data to Service Chinese financial data provider Wind Information, has extended its joint service with Icap Information Services to provide market data that includes real-time US Treasury pricing and global FX spot rates. Following the partnership signed in early 2015 between the two parties to provide offshore Chinese renminbi (CNH) and end-of-day US Treasury data in China, the new offering now includes real-time benchmark data for US Treasury yield curves. Together with the data already available, Wind Info's client base can now gain access to timely, accurate data via the Wind terminal to enable more accurate price discovery and pre-trade analysis.
Saxo to Offer New Order Type Saxo Bank will launch a new order driven execution model for FX products and CFDs on commodities and indices in November. The key difference in the new order type is that it will add Saxo’s own liquidity to the ...
AIMA Unveils New Chair, Board The Alternative Investment Management Association (AIMA) has announced a new chairman and the formation of a new AIMA Council, the Association’s global board of directors. Taking over as AIMA Chair is Simon Lorne, vice chairman and chief legal officer, Millennium Management. He replaces the former SEC commissioner Kathleen Casey, who served as chair of AIMA from September 2012. AIMA has also announced four new additions to the council – Robyn Grew, chief administrative officer and general counsel, Man Group; Han Ming Ho, partner, Sidley Austin; Ryan Taylor, partner and global head of compliance, Brevan Howard Asset Management; and Michael Weinberg, senior managing director, chief investment strategist, Protégé Partners.