Month: September 2016

FXCM Sells Research Website for $40m

FXCM has agreed to sell DailyFX, its news and research website to IG Group for $40 million.

Subject to IG final approval and customary closing conditions, the transaction is expected to close by the end of October.

Upon completion, IG will receive the entire DailyFX business including all international and domestic web domains, source code and content.

The 34 employees currently working on DailyFX domains will also transfer to IG in the transaction. FXCM will continue to be an advertiser to US and Canadian residents on the DailyFX English version of the website.

LCH Adds Its First Australian PPS Bank

LCH has announced today that Commonwealth Bank of Australia (CBA) has become its first Australian Protected Payments System (PPS) bank.

Having an Australian PPS bank enables LCH to make and receive Australian dollar payments in the local time zone.

The PPS system is the method by which LCH calls and pays cash margin to its clearing members. As part of the membership criteria for LCH, members are required to maintain a PPS bank account. Overseen by the Bank of England, PPS has been in operation in London for over 20 years, and also operates in New York.

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 new order type will allow Saxo to more actively manage the liquidity available to clients and the firm says it is “empowering” its clients, enabling them to take control of their trading. “In addition to offering executable prices, the new order model will include further enhancements to clients’ ability to have greater control and transparency over their orders,” the firm says.

Lucera Launches Pre-Trade Credit, TCA Tools

Lucera has launched two new products to complement their LumeFX platform

The LumeFX credit service provides pre-trade credit monitoring that can be set up on a hierarchical basis to alert prime brokers, or clients of prime brokers that are also extending credit, when one of their clients is reaching their credit limit.

“We’re getting a lot of traction in the prime-of-prime market with this product, following a shift in the industry where traditional prime brokers are not extending as much credit as they used to.

EBS Live Ultra Officially Launched

EBS BrokerTec has officially launched EBS Live Ultra, which it says is its fastest FX data product to date. The product, which was first unveiled in February 2016, has two data interval rates; 100 milliseconds, the same as the current EBS Live service but with lower latency, and a 20 milliseconds service, five times faster than the EBS Live data product.
The move represents an attempt by EBS raise transparency levels for all market participants as well as to bolster liquidity provision on the EBS Market platform and support the maintenance of a continuous order book.

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.

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.

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.

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.”