Month: May 2014

LCH.Clearnet SA Receives EMIR Authorisation

LCH.Clearnet SA, LCH.Clearnet Group's French central counterparty, is now authorised under the European Market Infrastructure (EMIR). L'Autorité de Contrôle Prudentiel et de Résolution (ACPR), as LCH.Clearnet SA's national competent authority, granted the authorisation on 22 May and also approved the interoperability arrangement with the Italian central counterparty CC&G. The decision confirms that LCH.Clearnet SA's risk […]

Metamako Unveils 48-Port Switch

Australian-based Metamako, supplier of ultra-low latency devices to exchanges and the trading community, has released MetaConnect 48, the 48-port version of its switch. Metamako says its switches are unique in combining ultra-low-latency performance with high levels of functionality, usually only available on much slower devices. The design of the newly-available switch is an evolution of […]

EU RMB Centres Key to Internationalisation

More than half of the market participants surveyed by the Aite Group believe that the development of offshore centres in Europe will have a key impact on the global liquidity of the renminbi (RMB). However, a minority (13%) feels that Europe will fail to garner sufficient liquidity in the long term and Hong Kong or […]

Lucera Launches LumeFX

Lucera Financial Infrastructures has launched LumeFX, its new technology platform designed to provide firms trading FX with more efficient execution. LumeFX consolidates fragmented FX trading onto a single platform using a smart order router (SOR) to identify liquidity and optimise flow based on internal metrics and machine learning algorithms. It provides automatic performance-based flow allocation […]

CLS Volumes Reflect April Drop in FX Trading

CLS has reported the average daily FX value submitted to its settlement and aggregation services fell 10.5% in April to $4.79 trillion from $5.35 trillion in the previous month. It was also down year-on-year compared to the $5 trillion reported for April 2013. This marks the first time this year that the notional monthly value […]

EC Presses Euribor Manipulation Charges Against Three Banks

The European Commission has charged HSBC, JP Morgan and Crédit Agricole for allegedly participating in a cartel to manipulate the Euribor interest rate benchmark. Last year a number of leading institutions involved in the European probe admitted involvement and have already been served fines totalling over €1 billion, but the remaining trio of banks dropped […]

Spinaris Capital Partners with OptionsCity

Spinaris Capital says it will be using a combination of OptionsCity’s Metro and Freeway platforms, in a bid to expand its on-exchange FX and energy options trading. The London-based quantitative trading firm says it has integrated its internal trading models into Metro and automated these using Freeway. It will be utilising the system to trade […]

BoE Warns on CCP Margining Methodologies

The Bank of England has released a research paper warning about the potential pro-cyclicality of central counterparty initial margin methodologies. In the report the BoE expresses concern that pro-cyclicality threatens to cause a measure intended to reduce credit risk to create liquidity risk instead. The initial margin requirements for a portfolio of derivatives are typically […]

ESMA Launches Consultation on MiFID II and MiFIR

The European Securities and Markets Authority (ESMA) has opened the consultation process on the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This is the first step in translating the MiFID II/MiFIR requirements into rules and regulations to improve financial market transparency and strengthen investor protection. The final legislation is expected to […]

Pragma Pushes into Spot FX with New Platform Launch

Pragma, an independent specialist in algorithmic trading technology and analytical services, has announced its launch into the spot FX market with the release of its Pragma360 platform. Prama360 is a suite of trading tools including algorithms, full transaction cost analysis (TCA), research-based smart order routing, risk controls, and a next-generation EMS front end to provide […]