Month: October 2017

NEX Optimisation to Boost Spending as Parent Expects Financial Hit

NEX Group has provided a trading update for investors, in which it has flagged increased spending at its Optimisation division under which umbrella the firm’s post-trade businesses operate, including TriOptima and Traiana.
The announcement, which is being read in some quarters as a profit warning, says Nex has chosen to increase its investment in the Optimisation business in the first six months to “ensure the business is best positioned to take advantage of the significant opportunities that it has identified”.

Platforms Volumes Show Sizable September Boost

The first four platform providers to publish FX average daily volume (ADV) for September have all reported significant month-on-month (MoM) and year-on-year (YoY) increases.

FXSpotStream’s ADV for September was $23.9 billion, which represents its highest ever monthly ADV since the service was founded nearly six years ago. It is also a 24.6% MoM increase and a 54.9% YoY increase in ADV.

The record setting volume in September caps a newsworthy month for FXSpotStream, as it revealed exclusively to Profit & Loss that it has added State Street as its 13th liquidity provider, has hired a new CTO and is planning to launch a new analytics suite.

And Finally…

Yet again as I find myself wondering about the timing of an official sanction. The Federal Reserve Board has fined HSBC for “unsafe and unsound” practices in its FX business, but in doing so has made an explicit link between the sanction and the ongoing trial of Mark Johnson in a US court. The Fed has “previous” for doing this of course, but last time the case in question was offshore and pending – this time it’s happening down the road.