Day: 10 July 2018

TP Icap Ousts CEO

Chief executive John Phizackerley has left his post at TP Icap with immediate effect, the company has announced.
In a statement, TP Icap chair Rupert Robson says, “The evolving landscape is driving up costs across our industry. The acquisition of Icap has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”

SGX Launches “Futurised” OTC FX Product

Singapore Exchange (SGX), is launching a new product, SGX FlexC FX Futures, with the aim of “futurising” certain OTC FX product offerings.

Targeted for launch on August 27, SGX FlexC FX Futures – developed in consultation with market participants – enable bilateral trades that are privately negotiated with tailored expiration dates to be registered and cleared like a standard SGX FX futures contract. This feature will be available for INR/USD, KRW/USD, TWD/USD, USD/CNH and USD/SGD contracts.

Michael Syn, head of derivatives at SGX, says: “Access to counterparty credit, especially for tenors longer than spot, is increasingly scarce and expensive in the OTC FX markets.

B2C2 and oneZero Announce Partnership

B2C2, a cryptocurrency market maker, and oneZero Financial Systems, a software and infrastructure provider for institutional and retail brokers, have announced a partnership that will enable oneZero’s clients to gain access to B2C2 as part of the oneZero ecosystem.

The firms say that the integration of their trading systems will allow them to address significant demand among institutional clients for exposure to the major cryptocurrencies – including bitcoin, ether, litecoin, bitcoin cash and XRP – against major fiat currencies.

Max Boonen, founder of B2C2, says: “We are pleased to partner with oneZero, a leading technology and infrastructure provider for major financial institutions. Our FIX integration will enable oneZero’s clients to access cryptocurrency liquidity in a plug-and-play fashion. We look forward to meeting their demand for electronic OTC liquidity.”

Thomson Reuters Bucks the FX Volume Trend

Data released by Thomson Reuters shows that average daily volume (ADV) in spot FX across its venues rose by just under 2% in June from the previous month. This is in contrast to the other platforms to report volume data, with the exception of FXSpotStream, which also saw a month-on-month increase.
At $109 billion per day, Thomson Reuters’ spot volume in June was the second highest reported since February 2016 – it also represents, as was the case with the other platforms, a hefty year-on-year increase, in this case 10.1%.