Day: 29 November 2016

Burns Departs Thomson Reuters

Jodi Burns is leaving her position as global head of regulation and post-trade, FX, at Thomson Reuters in New York.

A spokesperson for Thomson Reuters confirmed Burns’ departure, although did not indicate if a replacement has been appointed. Burns also represented Thomson Reuters as a board member of the Foreign Exchange Professionals Association (FXPA).

Burns joined Thomson Reuters as part of its acquisition of FXall, where she had been hired shortly before the deal was announced in July 2012. At FXall, Burns was senior director, head of market analysis and development.

XTX Markets Partners with Prime Services Broker

Invast Global, an Australian-based non-bank prime services brokerage, has announced a deal with XTX Markets that will allow its clients to access XTX’s liquidity via its multi-asset prime services facility, PurePrime.

Invast claims that the partnership illustrates the rapidly growing stature of non-bank participants in the financial markets as banks continue to feel the effects of increasing regulatory constraints.

The firm says that this tie-up with XTX follows growing global demand for the PurePrime facility, which offers FX and CFD liquidity via multiple trading GUIs or APIs, backed by what it says are three tier-one prime brokers.

Calypso to Develop Technology on R3 Platform

Calypso Technology has become the first firm to partner with R3 to develop capital markets applications on its Corda distributed ledger-based smart contract platform.

The two firms are currently developing a multi-party trade confirmation solution and testing it with multiple financial institutions.

R3’s Corda – which will be open-sourced globally on November 30 – is designed to be an open and inclusive smart contract platform that enables third party providers and partners to build and operate distributed ledger applications using common code and protocols to ensure interoperability.

Portware Announces Upgrades to its EMS

Portware upgraded its execution management system (EMS), Portware Enterprise.

Portware Enterprise is designed as a customisable EMS that acts as a central platform for the creation and execution of trading strategies for global equities, futures, options, fixed income and FX.

The firm says that the latest version, Portware Enterprise 6.4, focuses on assisting traders in managing regulatory and administrative burdens, while freeing up their time to concentrate on preserving alpha with “state-of-the-art”, AI-driven tools.

The EMS is designed to offer users data warehouse functionality, advanced venue analysis and an enhanced ability to record and analyse growing volumes of execution and Indication of Interest (IOI) data.

ThinkLiquidity Unveils Transaction Scoring System

US-based technology firm ThinkLiquidity has launched a transaction scoring system featured in its new Web application QuantView.
The patent pending system delivers performance metrics on trades conducted over electronic trading platforms. The firm says QuantView data can be used by trade desks and risk managers to quickly and accurately assess order flow and improve risk management.
“There’s no other product available that makes it so easy to see key trading metrics on both a micro and macro level,” claims ThinkLiquidity’s managing director Jeff Wilkins.

Room for Numerous Prime Services Models in FX

Louisa Kwok, head of prime of prime sales and products at ADS Securities London, explains to Profit & Loss deputy editor, Galen Stops, why there’s room for numerous different prime services models in the FX market.
With many of the traditional FX prime brokers (PBs) being increasingly selective about who they will offer their services to, this has created a gap in the market that many firms appear eager to fill. Subsequently, numerous prime services offerings are being touted to market participants under the banner of prime-of-prime.

ISDA and IHS Markit Collaborate on VM Protocol Tool

The International Swaps and Derivatives Association (ISDA) and IHS Markit have announced the launch of the ISDA 2016 Variation Margin Protocol on ISDA Amend.
The protocol automates the process for amending existing collateral documents or setting up new agreements in order to comply with new variation margin requirements going into effect on March 1 2017.
The ISDA Amend platform enables counterparties to electronically share specially designed questionnaires through a centralised online platform, removing the need for bilateral negotiations. Counterparties can make elections under the protocol, including which regulatory regimes apply and which method they will use to make the required changes to their documentation. The service also automates the reconciliation of questionnaires between counterparties.

ICE Appoints Singapore Chair

The Intercontinental Exchange (ICE) has announced the appointment of Lee Yi Shyan as chairman of ICE Futures Singapore (IFS) and ICE Clear Singapore (ICS) effective November 24 2016.
Lee is a Member of Parliament in Singapore and previously served in the Singapore government over a 10 year period as a senior minister of state in the Ministry of Trade and Industry, the Ministry of National Development and the Ministry of Manpower.
Prior to this, between 2001 and 2006, he served as the CEO of International Enterprise Board, an organisation promoting international trade with businesses in Singapore. Lee joined the boards of IFS and ICS on November 7.

FINRA Seeks Quicker Process on Disruptive Quoting

The US Financial Industry Review Authority (FINRA) has filed a notice with the Securities and Exchange Commission that will enable it to clamp down on what it considers “disruptive quoting and trading activity” much quicker than is currently possible.
In the filing FINRA notes that taking action against an alleged miscreant can take “several years” before it is concluded, but it points out that there are, “…certain clear cases of disruptive and manipulative behaviour or cases where the potential harm to investors is so large, that FINRA should have the authority to initiate an expedited proceeding to stop the behaviour from continuing”.