Day: 31 October 2018

Non-Bank Firms Continue to Go Mainstream

FX market structure changes are behind a change in approach on the part of several non-bank market makers, and the direction of travel is very much the mainstream.

“The market structure has changed and our model has definitely changed with it,” said Laine Litman, head of Virtu Financial’s customised and disclosed liquidity offerings in FX and fixed income, in kicking off the second panel on liquidity provision at Profit & Loss Forex Network Chicago. “What liquidity consumers needed two or three years ago has changed and with that, we have had to look at our models as well as at how we interact with markets.

CME Clears Final Hurdle for NEX Acquisition

CME Group has received clearance from the UK Competition and Markets Authority for its acquisition of NEX Group.

This means that all of the conditions relating to regulatory and antitrust approvals for the deal have now been satisfied or waived.

The boards of NEX and CME announced on March 29, 2018, that they had reached an agreement on the terms of a recommended share and cash acquisition of the entire issued and to-be-issued share capital of NEX. On May 18, 2018, NEX shareholders approved the terms of the acquisition.

Agha Joins Stater as Strategic Advisor

Ashraf Agha has been appointed by Stater Global Markets as a strategic advisor, focusing specifically on operations and compliance.

Agha has almost 30 years’ experience in the financial sector, with roles including head of treasury at Saxo Bank, COO for the FX business at Marex Spectron, and co-founder and executive director of CFH Clearing, where he was accountable for all operations. He is also currently a board member of the regtech firm, muinmos.

Ramy Soliman, CEO at Stater, says: “Appointing Ashraf as a strategic advisor underpins our strategy of leveraging significant institutional experience to fast-track our growth.

Advanced Markets Launches in the UK

Advanced Markets, a provider of FX liquidity and prime-of-prime services, has launched in the UK as an FCA regulated company.

The new entity, Advanced Markets (UK), includes new trading servers in Equinix’s LD4 and LD5 data centres, as well as a new London office headed by Nina Baksh.

“The launch of our comprehensive London operation is an important step in the company’s global strategy,” says Anthony Brocco, founder and CEO. “It enables us to better serve our institutional broker and fund manager clients in the UK and Europe, by providing a regional matching engine, which is fully cross-connected with our bank and non-bank liquidity providers.”