Day: 10 September 2018

Gemini Launches USD Pegged Cryptocurrency

Gemini, the digital asset exchange and custodian founded by Tyler and Cameron Winklevoss, has launched a new cryptocurrency that is pegged to the US dollar.

The new cryptocurrency, called the Gemini dollar, is pegged 1:1 to the US dollar and is built on the Ethereum network according to the ERC20 standard for tokens.

Starting September 10, 2018 at 10am EST, it became possible to convert US dollars in a Gemini account into Gemini dollars and withdraw them to a specific Ethereum address. It is also possible to automatically convert Gemini dollars into US dollars by depositing them into a Gemini account.

Thomson Reuters Rolls Out Trade Analytics Product

Thomson Reuters has introduced Trade Performance Analytics (TPA) for FXall users, a new analytics solution aimed at helping FX traders assess the quality of their trade execution, identify new opportunities to improve performance, and demonstrate best execution to their stakeholders.

In a release issued today, Thomson Reuters says that the launch of TPA was driven by the growing sophistication and adoption of analytics to drive decision making amongst FX market participants. The firm says that some of the benefits of TPA are that it will allow users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers and make better informed trade planning decisions.

Exegy, TNS Team Up to Offer an FX Trading Platform

Exegy and Transaction Network Services (TNS) have announced a partnership in offering a global FX trading platform.

The firms will combine TNS’ market connectivity and hosting solutions and Exegy’s Trade Port FX, which delivers normalised FX market data and execution services to major FX venues, to offer a fully managed and integrated FX trading platform.

“Exegy is excited to be working with TNS to create a global, state-of-the-art FX trading platform,” says Exegy sales director in Europe and Asia, Carlos Lansdowne. “TNS’ global presence, renowned reputation for superior customer service, coupled with Exegy’s FX market data and order execution solutions will deliver better performance, lower total cost, and a disruptive new model in the FX industry.”

Deutsche Börse to Launch FX Market Data Offering

Deutsche Börse Market Data + Services and the exchange group’s FX trading venue 360T are launching a product offering covering FX spot market as well as FX swap market data. The swap market information is based on a contribution model of liquidity providers developed in cooperation with the Germany-based company Digitec. The Market Data + Services group will act as licensor of the new offering and the data is available via the data feed of Deutsche Börse as well as via 360T’s streaming FIX API as “Swap Data Feed” SDF.

Spring Time for Hedge Funds?

Hedge funds have been much maligned post-financial crisis due a perceived lack of performance. Is this criticism fair? And what is the prognosis for currency funds in particular? Galen Stops takes a look.

Earlier this year, Cliff Asness, founder, managing principal and CIO of AQR, published an excellent piece explaining why hedge fund returns should not be compared to 100% long equities returns, as they so often are when people use the S&P 500 as a benchmark.

In the article, Asness was unequivocal in his conclusion that hedge funds not keeping up with equities during a nine-year bull market was completely predictable and is certainly not a reason to worry about the performance of these firms.

And Finally…

  And so, dear readers, we commence the second 500 of these columns by returning to a theme that has dominated the past 100 – and which remains the biggest single issue facing the foreign exchange industry at this time. I refer of course, to the appeal against Mark Johnson’s conviction, which is now underway […]

In the FICC of it

This week’s In the FICC of it Colin Lambert and Galen Stops discuss the implications of an FX market where intermediaries are sometimes more profitable than the risk-taking firms that are using their services, and the former – for once – is unsure who to blame for this state of affairs.

Elsewhere, a new report claims that the FX Global Code is already leading to greater transparency and improved behaviour in the FX market, but Lambert isn’t buying this explanation, and Stops recounts comments from a recent interview with the FinTech firm, Cobalt, and asks: is the #blockchain fad over in FX?

The pair also explain that while, yes, hedge fund fees are in general still coming under downwards pressure, if you scratch beneath the surface there is evidence that investors are still willing to pay for alpha, they’ve just become savvier about analysing exactly what this constitutes.