Day: 3 December 2018

Do We Really Need Decentralised Systems?

For all the hype and excitement around distributed ledger technology (DLT), speakers at the Forex Network Chicago conference debated the real value of decentralised systems such as blockchain.

“If you’re trying to build a business you need to make it cheaper, quicker, with better customer services and hopefully allow people to have more access. Let’s be honest, blockchain fails on nearly all of those things,” asserted Adrian Patten, co-Founder and chairman of Cobalt.

Patten added that the existing system for agreeing contracts has some elements that are beneficial, such as mediation, that decentralisation doesn’t necessarily allow for. By contrast, he described some of the things that he’s witnessed in the decentralised crypto trading space as “bloody scary”, adding: “A lot of these exchanges are being run on laptops and they’re lucky if they have Excel”.

ABN AMRO Offers Clearing for Eurex FX Futures

ABN AMRO Clearing today has started clearing Eurex FX futures and options for its clients.

The group now provides immediate support for the “classic FX” derivative contracts with attributes including monthly and quarterly expiries, as well as the rolling spot futures product that is now live.

“Our clients have made our decision to support the Eurex FX exchange traded derivatives offering very easy,” says Michael van Dijk, global product manager, FX, at ABN AMRO Clearing. “We consistently post over 20% market shares of transactions cleared on most relevant derivatives exchanges globally.”

Cürex Hands Schmidpeter a Promotion

The Cürex Group has promoted Franz Schmidpeter to senior managing director and head of global business development.

Since joining Cürex in 2014, Schmidpeter has led the development of Cürex’s pre- and post-trade data analytics platform and managed significant client relationships.

Commenting on the promotion, Jamie Singleton, Cürex chairman and CEO, says: “Franz has been instrumental in developing Cürex’s web-based analytics tools that provide our customers with pre-trade market intelligence and real-time, post-trade analytics to improve their trading outcomes and prove best execution compliance. At the same time, Franz has developed and manages many of our most important client relationships. This recognition and promotion is richly deserved.”

Early FX Reports Show Steady Volumes

The data from the first set of FX platforms to report volumes suggests that any changes in trading activity were fairly minimal in November.

Fastmatch reported an ADV of $20.3 billion for November, up slightly from the $19.2 billion that it reported in October and the $17.8 billion that it recorded in November 2017. After seeing volumes on its FX Tape increase by 12.1% in October, Fastmatch was able to sustain this volume in November with an average of $95.3 billion being reported to it each day.

The ADV on Cboe Hotspot was $34.6 billion in November, down 5.4% from the $36.6 billion recorded in October, but marginally up year-on-year from the $33.9 billion that it recorded in November 2017.