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Nex SEF Gets CFTC Approval Nex Group has received regulatory approval from the Commodity Futures Trading Commission (CFTC) for a new Swap Execution Facility, Nex SEF (Nex SEF). EBS is the technology provider to Nex SEF, but the trades are executed on the latter of these two platforms. The new SEF is expected to have onboarded customers and be live for trading in the second quarter of financial year 2017-2018. Nex says that its new SEF will serve as a platform that can be used to launch additional products in the future.
Thomson Reuters’ Volumes up in March Thomson Reuters is the last platform to report average daily volume (ADV) data for March and like its peers it has produced good numbers. The firm says that ADV in spot FX was $94 billion, up 11.9% from February. It was not all good news, however, for ADV actually fell 9.6% year-on-year – making it the only reporting venue to see a decline from March 2016. Total ADV of foreign exchange trading across Thomson Reuters platforms in March totalled $361 billion, which is up 6.8% month-on-month and only slightly down from March 2016’s $362 billion.
More Good News from Platforms CME Group, EBS and FXSpotStream have all reported positive data for March, following similar reports from FastMatch, Gain GTX and Hotspot earlier in the week. CME says it averaged 978,000 contracts in March, up 6.3% from February’s data and up 7.3% year-on-year. Profit & Loss estimates that CME’s notional volume was in the region of $85 billion per day. Nex Group says that average daily FX volume on EBS was $86.7 billion, 7.4% higher than February and 3.6% higher than March 2016. Finally, FXSpotStream says it handled $18.8 billion per day in March, a fraction higher than the $18.7 billion in February and 6.8% higher than March 2016.
Platforms report Strong Data for March Three FX platforms have reported strong FX volume data for March, including two new records.
Nex Completes e-Mid Acquisition BrokerTec, Nex Group’s electronic fixed income trading platform, has announced it has recieved Bank of Italy approval to complete the transaction to acquire a majority stake in e-Mid, the first Italian electronic central limit order book (CLOB) platform for interbank deposits and Overnight Indexed Swaps (OIS). Nex says the transaction offers BrokerTec Europe a strong footprint in the important Italian debt and money markets. As a subsidiary of BrokerTec Europe, e-Mid will offer its Italian government bond repo and interbank deposit businesses to BrokerTec’s client base while BrokerTec will integrate the e-Mid technology, provided by List, into its technology architecture.
Stater Global Markets Announces Technology Partnerships, New Products Stater Global Markets, a prime-of-prime brokerage launched in October 2016, has announced its core technology partners as well as the introduction of CFDs in indices and commodities. Currenex, Integral and Flextrade have been selected as front-end platforms. Gold-i has been chosen as the bridge provider for Stater's MT4 White Label solution. FXecosystem, who recently set up a point of presence in HK1 in Hong Kong and SG1 in Singapore, will provide connectivity. Stater Global Markets will use regulatory reporting services from NEX Abide.
MAS Warns on Binary Options The Monetary Authority of Singapore (MAS) has issued a warning to investors on the trading of binary options with unregulated platforms. The authority says it comes in the wake of “an increase in the number of complaints from investors who have suffered financial losses from such investments”.
Thomson Reuters Volumes Fall in February Thomson Reuters has rounded out the reporting period for FX platforms, recording average daily volume (ADV) of $84 billion in spot and $254 billion in forwards, swaps, NDFs and options.
Mixed ADV News from Platforms The second group of platforms to report results confirm that February was a quieter month than January, as well as compared to February 2016.
FX Volumes Drift Lower in February The first three platforms to report FX volume data for February indicate a slightly quieter month than January. Bats’ HotspotFX saw average daily volume (ADV) of $27 billion in February, a 12.6% decline from January and 17.2% down on the same month in 2016. The picture was slightly more positive at the other two platforms to report, however, with FastMatch FX handling $16.6 billion per day in February, and Gain’s GTX $11.1 billion, both down on the month but up year-on-year.