Day: 25 June 2018

Associations Publish Global Benchmark Report

The International Swaps and Derivatives Association (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have published a new report that assesses the issues involved with benchmark reform, and makes recommendations on steps firms can take to prepare for the transition from interbank offered rates (IBORs) to alternative risk-free rates (RFRs).
The report, which was based on a survey of 150 banks, end users, infrastructures and law firms in 24 countries, shows a gap between high levels of awareness of benchmark reform and concrete steps being taken to transition from the IBORs to alternative RFRs.

Paul Chappell – In Memoriam

Paul Chappell, founder and CIO of currency manager C-View and director of education at ACI – the Financial Markets Association, passed away at the weekend after a short illness.
In a statement, Sue Attwood, president of ACI UK, says, “ACI UK is devastated at the loss of their colleague, supporter and friend Paul Chappell. Paul was a stalwart of the foreign exchange market – both as a veteran market practitioner with a long and illustrious career and as a committed proponent of industry best practice. We will all miss him very much. We extend our most sincere condolences to his wife Anne and his family at this time.”

IS Prime Adds to Agency Execution Offering

IS Prime, part of ISAM Capital Markets, is launching an NDF and forward execution facility within its agency desk.
The firm says its agency execution service leverages its relationships with top tier banks whilst also utilising the technology resources of ISAM’s hedge fund business. It provides mid-tier and smaller banks, hedge funds and voice traders with an anonymous, customised liquidity solution with liquidity from the major market making banks, non-bank LPs and selected ECNs.
“The addition of NDFs and forwards in our agency execution business shows a steadfast commitment to doing all we can to meet our institutional clients’ growing demands,” says Raj Sitlani, managing partner, IS Prime.

In the FICC of It

In this week’s In the FICC of It podcast managing editor Colin Lambert and editor Galen Stops continue the tradition (yes, we know it’s three weeks in) of slamming a white paper from one of the world’s authorities.
To find out the winner of this week’s “obvious conclusion” prize, as well as hear their thoughts on Mark Johnson winning bail and Deutsche Bank’s fine for FX malpractice, download the podcast now.
Along the way you will also hear about a panel that was “moany”, they give a sneak peek of an exclusive story and, most importantly, they go truly off piste by giving their World Cup predictions!

Exclusive: OTCXN Acquires Ogg Trading

OTC Exchange Network (OTCXN), which uses proprietary blockchain technology in a bid to eliminate trading counterparty and settlement risk on their trading network, has acquired Ogg Trading, a provider of FX trading technology.

Through this deal, which closed on June 18, 2018, OTCXN will acquire all Ogg Trading’s technology including the dark pool that it previously ran in partnership with Bloomberg. The dark pool is a complete matching engine technology stack. The plan is to add market data publishing to this platform in order to create a regular central limit order book (CLOB) with a lit pool of liquidity. Ogg Trading also has a liquidity aggregator and smart order router (SOR) system that can be deployed to run a quote driven market place.

And Finally…

This week the Global FX Committee meets in South Africa for its regular semi-annual meeting and it does so at a time when there are still lingering doubts in a small number of quarters over some of principles in the FX Global Code, and more broader doubts over adoption in certain market segments – not least the buy side.
If ever the FX industry needed an example of why the Code is important, however, it can be found in the latest regulatory finding against a bank.

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