Day: 28 September 2016

Lucera Launches Pre-Trade Credit, TCA Tools

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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

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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

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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

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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

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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

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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.”

Citi Joins Tradebook FX as CCP

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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

And Another Thing…

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Nothing says “tick box society” to me more than the world’s obsession with data and being able to quantify, and therefore justify, everything. We have finally reached the point where we have stopped doing the right thing by people because it may leave a couple of boxes un-ticked. There is a lot of attention paid to righting the industry’s wrongs but too little attention is paid, in my view, to the psychological impact of reform. The FX industry has psychological scars that need healing.

FastMatch Targets Clicker Traders with TradAir Partnership

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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.

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