Day: 2 February 2018

Digging a Little Deeper

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Galen Stops digs a little deeper into the results of the recent JP Morgan e-trading survey and finds some surprising statistics.

For those of you who missed it, there were some noteworthy nuggets of data contained within JP Morgan’s recent e-trends survey. But digging a little deeper beyond the headline figures reveals some even more interesting trends emerging in the FX market.

The first thing to point out is that the survey raises some curious questions about algo usage amongst clients. On the surface, it presents good news for algo providers – although only 8% of respondents said that they currently use algos for execution, 24% said that they plan to increase their usage of them in 2018.

May Announces Launch of R5-SHCH Connect

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Theresa May today announced the launch of R5-SHCH Connect, a new service which links banks in China with London’s FX market.

May announced that the service was live whilst in Shanghai, as part of her first visit to China as Prime Minister. R5 was invited to join the delegation of British businesses on the Prime Minister’s visit, which includes HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen.

The R5-SHCH Connect is designed to enable domestic banks in China to access the London FX market. The new service is a partnership between London’s R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue.

Nex, CME Report January Trading Boost

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The average daily volume (ADV) for spot FX trading on Nex Markets was $104.9 billion in January, while CME Group handled around $109 billion including FX options.
The NEX data represents a 13% increase from the $93.2 billion ADV it recorded in January 2017, and a massive 60% month-on-month increase.
The volumes being reported by Nex and CME are consistent with a broader trend across the multi-bank platforms that report their volumes, with Hotspot, GTX, FXSpotStream and FastMatch all reporting a spike in trading volumes last month. Indeed, the first of these three platforms all reported record ADV highs in January.

SGX Sees Record Volume in USD/CNH Futures

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Singapore Exchange (SGX) set a new volume and open interest records for its USD/CNH futures contract in January.

A total of 297,011 USD/CNH futures contracts with a notional value of  $29 billion traded on SGX’s platform last month. This represents an increase of 175% y-o-y and comes after the exchange reported full-year growth in trading on the contract of 270% in 2017 compared to the previous year.

Meanwhile, the daily open interest for this product reached a new high of 31,278 contracts, with a notional value of $ 3.21 billion, on 26 January.

Deutsche Fined $70m for Benchmark Manipulation

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The Commodity Futures Trading Commission (CFTC) has fined Deutsche Bank Securities (DBSI) $70 million for attempted manipulation of the USD ISDAFIX benchmark.

The CFTC Order finds that over a five-year period, beginning in at least January 2007 and continuing through May 2012, DBSI made false reports and through the acts of multiple traders attempted to manipulate the US dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

James McDonald, CFTC director of enforcement, comments: “This action reflects the CFTC’s continued and vigilant commitment to protect those who rely on the integrity of critical financial benchmarks. There is no room in our markets for manipulation – we will continue to work hard to stamp it out, wherever we find it.”

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