Day: July 11, 2018

US Regulators Shift Attitudes Regarding Cryptocurrencies

Speaking at Profit & Loss Forex Network New York, Mike Gill, chief of staff to US Commodity Futures Trading Commission (CFTC) chairman, Christopher Giancarlo, and the CFTC’s COO, provided a fascinating look at how attitudes towards cryptocurrencies have changed in Washington recently.

Gill revealed that the CFTC received significant criticism within the walls of government last year for its approach to cryptocurrencies, such as bitcoin, which the agency allowed two exchange groups to list futures on at the end of last year.

The reason for this criticism, he said, was concerns about money laundering and illicit activity linked to bitcoin and other cryptocurrencies.

Market Synergy Offers Connectivity to Bitfinex

Swiss-based Market Synergy, a new business formed as part of the FXecosystem group, says it is now offering connectivity to cryptocurrency exchange Bitfinex.
In addition to providing outsourced connectivity and hosting services to Bitfinex, Market Synergy says it can also manage co-location services for Bitfinex’s institutional clients and offer a FIX feed and ISP link to the digital asset gateway which Bitfinex recently launched in collaboration with Connamara.
The firm says as the demand for cryptocurrency trading gathers momentum, it spotted a gap in the market for an institutional calibre cryptocurrency connectivity offering.

LCH Goes Live with Deliverable FX Options Clearing

LCH has launched deliverable FX options clearing. The move incorporates the first physical settlement service for cleared FX products, which LCH has developed in collaboration with CLS.

FX options clearing will exist as part of LCH’s ForexClear service, which currently clears around $70 billion in average daily volume.

Paddy Boyle, global head of ForexClear at LCH, says: “Clearing FX options is an exciting milestone for LCH and the FX market. The launch of this service extends the benefits of clearing to more products and participants in the FX market, enabling them to benefit from the risk management, margin, capital and operational efficiencies of clearing. We’re delighted to partner with CLS to deliver this innovative new service.”