Day: 3 July 2018

BestX to Offer Crypto TCA

BestX is expanding its best execution analytics suite to include the main digital currencies of bitcoin, ether, litecoin, bitcoin cash and ripple.

In a release issued today, BestX says that as adoption of these cryptocurrencies increases across new markets, the firm will look to meet the demand from its clients and deliver analytics that provide them the same transparency as for the traditional ‘fiat’ currencies.

“We are proud to be the first independent TCA provider in the world to offer this service, enabling our clients to leverage the award-winning BestX analytics to provide transparency into otherwise quite opaque markets,” says BestX co-founder, Ollie Jerome. “We continue to future-proof our offering to meet client demand as digital currencies become increasingly legitimised by the professional investor community.”

Leinwand Joins StanChart

Jason Leinwand has joined Standard Chartered as head of sponsored solutions Americas. Based in New York, he joins from FirstLineFX, a firm that he founded in 2016 to provide FX strategy advice.

Before that, Leinwand spent more than eight years at MetLife, where he was head of FX trading and strategy.

In that role he was responsible for providing currency trading and hedging strategies for all lines of business and all countries that generate currency exposure, which included managing overlay risk in an emerging markets debt portfolio, developing and executing a multi-billion dollar tail hedge program and actively managing a $12 billion currency portfolio that provided significant working capital to treasury on an annual basis.

NEX, CME Volumes Drop from May

In keeping with data released yesterday by other platforms, CME Group and NEX Markets saw a month-on-month decline in average daily volume in June.
NEX says it handled $95.8 million per day in spot FX volume, down 5.4% from May’s $101.3 billion. Year-on-year, NEX is showing good growth, however, up 15% from June 2017.
CME Group says it handled 1,000,000 FX futures and options contracts per day in June, which Profit & Loss estimates to be around $99 million in notional value. This is 9.1% lower than May and unchanged year-on-year.