Day: 6 December 2016

Thomson Reuters FX Volumes Up in November, But Underperforms Industry

Thomson Reuters has reported a month-on-month decline in overall FX volumes but a rise on spot activity – albeit at a lower pace than other FX trading venue providers.
The firm says that spot FX activity was $101 billion per day, a 6.3% increase month-on-month and a 12.2% increase from November 2015.
By contrast, Thomson Reuters’ OTC rivals all witnessed significant month-on-month and year-on year growth with EBS BrokerTec rising 37% and 52% respectively; Hotspot 20.1% and 35.7%; FXSpotStream 30.4% and 69.1%; FastMatch 25.7% and 100%; and GTX 19% and 62% respectively.

EBS BrokerTec Hands Uberoi Sales Role

Natasha Uberoi joined EBS BrokerTec as US new business sales head.

Although a spokesperson for the platform declines to comment on the hire, Profit & Loss understands that Uberoi started in her new role, based in New York, this week.

Uberoi left Bats Global Markets in July, having been with the firm for just over a year. Prior to that she worked at Bank of America, where she was a vice president, FX sales. Before joining Bank of America in 2013

Bloomberg Launches Streaming NDFs

Bloomberg has launched executable streaming non-deliverable forwards (NDFs) on FXGO, its global foreign exchange trading platform.

Standard Chartered Bank (StanChart) will be the first liquidity provider to participate. Bloomberg says that the new offering will allow the bank to contribute executable pricing across a wide range of Asian and Latin American non-deliverable currencies to meet the needs of its corporate and institutional clients.

The solution integrates Bloomberg’s FX execution and straight-through processing (STP) tools with StanChart’s liquidity. It’s designed to offer end-to-end workflow for NDF trading to the bank’s clients that wish to execute via the Bloomberg Terminal.

FastMatch Opens Up Algo, TCA Tools to All Clients

FastMatch has made its proprietary algorithmic and transaction cost analysis (TCA) services available to all its subscribers.

The firm has been offering algorithmic trading to asset managers via its AgencyFX product for the past 18 months to satisfy increasing demand from this customer segment for algorithmic execution products.

Now it will be offering it to both buy and sell side users of the platform. Clients using FastMatch algorithms will receive automated TCA reports upon completion of their orders showing the algorithmic execution performance versus arrival price, FastMatch midpoint and other benchmarks.

Strategy Talk: Building a “One-Stop-Shop” for FX

Carlo Koelzer CEO of 360T and global head of FX at Deutsche Börse Group, talks to Galen Stops, deputy editor at Profit & Loss, about his plans for building a central limit order book and why central clearing is now a viable method for alleviating credit risk in FX.

Following its acquisition by Deutsche Börse Group last year, 360T informed its clients that it planned to add a central limit order book (CLOB) and futures trading functionality to its platform.

Italian Referendum Could Spell Trouble for the Euro

Yesterday’s referendum decision in Italy to reject changes to the Italian constitution, and the subsequent offer to resign on the part of Italian Prime Minister, Matteo Renzi, could spell trouble for the future of the euro, warn economic strategists.
Profit & Loss reported yesterday that the euro was under pressure following the referendum decision, but on Monday it recovered. Despite this, Jason Leinwand, co-founder and CEO of FirstLine FX, thinks that the currency is overvalued given the potential political threats in Europe.