Day: 15 November 2017

LMAX Exchange Partners with Academia

LMAX Exchange has unveiled a partnership with an academic at the University of Oxford to develop a methodology for consistent evaluation of trading costs across liquidity pools that can be used by the FX industry.
Dr. Álvaro Cartea of the University of Oxford’s Mathematical Institute is a leading researcher and published finance expert specialising in high-frequency and algorithmic trading, market quality and financial regulation. Together, LMAX and Dr. Cartea aim to drive forward the industry’s understanding of FX TCA and produce mathematically robust findings of practical value to benefit all FX market participants, the firm says in a statement.

NEX Commits to FX Global Code

NEX Group (Nex) says it has signed a Statement of Commitment to adopt the principles of the FX Global Code across its EBS FX trading platforms and NEX Optimisation services.
The firm announced the signing of the Statement of Commitment and introduced a new Nex public register at the Global Foreign Exchange Committee meeting held at the Nex offices in London this week.
The purpose of the register is to raise awareness of those that have signed their Statement of Commitment to the Code.

GFXC Frowns on Trading in the Last Look Window…with Exceptions

The Global Foreign Exchange Committee (GFXC) met this week to consider the results of its consultation over the wording in Principle 17 of the FX Global Code of Conduct, specifically relating to the use of last look, and says it has concluded that Principle 17 “should indicate that market participants should not undertake trading activity that utilises the information from the client’s trade request during the last look window”.
At the same time, however, the GFXC has recognised the concerns by some involved in the feedback process that such an action would negatively impact the quote and cover, or riskless principal model

CLS Enters the Market Data Fray

Galen Stops takes a look at the new data service launched by CLS Group.

In September, CLS announced the launch of its new data service, CLSData. Speaking to Profit & Loss at the time of
the launch, the firm’s CEO, David Puth, explained that CLS was “now entering the data market space in a very
comprehensive way”.

Since its launch in 2002, CLS has recorded every single transaction submitted to it, and considering that an average daily volume (ADV) of over $1 trillion is processed by CLS each day, this represents a massive and rather unique data set.

DFS Fines Credit Suisse $135 Million Over FX “Unlawful Conduct”

Credit Suisse has agreed to pay a $135 million fine as part of a consent order with the New York State Department of Financial Services (DFS) for violations of New York banking law, including improper efforts with other global banks, front-running client orders, and additional unlawful conduct that disadvantaged customers.
The violations stem from an investigation by DFS that determined that from at least 2008 to 2015, the bank “consistently engaged in unlawful, unsafe and unsound conduct by failing to implement effective controls over its foreign exchange business”.

Hobert Joins BTIG

David Hobert has joined BTIG’s FX team in New York, to focus on developing new business. He has been named as a managing director and will report to Alan Circle and Martin Ferraro, managing directors and co-heads of foreign exchange trading at BTIG.
Prior to BTIG, he spent several years in a senior business development role at Autonomy Capital. Previously, Hobert held management and sales roles in New York and London including head of emerging market sales at UBS and RBC, and head of local market sales at Lehman Brothers.

Thomson Reuters Enhances MiFID Capabilities

Thomson Reuters has enhanced its reference-data capabilities, available on its integrated data and analytics delivery platform, DataScope.
The firms says the platform will deliver key regulatory content and will link crucial information, such as reference data, corporate actions, entity data, end-of-day data and intraday data in an insightful and actionable way for customers to meet MiFID II requirements. In order to be compliant with MiFID II requirements investment professionals will be required to have suitable risk models that safeguard against risk exposure.