Day: December 4, 2018

Competition Continues to Heat Up Amongst Liquidity Providers

As more non-bank liquidity providers become active in the FX space, firms need to find ways to differentiate themselves to their counterparties, says Giovanni Pillitteri, portfolio manager at HC Technologies.

“I do think that there will be certain consolidation in some counterparties,” he said in response to a question about increased competition amongst liquidity providers. “If your edge is only based on speed, that’s going to be commoditised, so you need to have the full spectrum of solutions and offer that full spectrum of solutions to counterparties to be able to compete in this environment.”

Pillitteri also emphasised the importance of having a broader, cross-asset approach to trading in order to be a successful FX liquidity provider.

Haagensen to Exit smartTrade

Soren Haagensen is leaving smartTrade Technologies, where he has served as director of sales for the Americas since joining earlier this year. Sources say he will be moving to a retail FX firm in the new year.

Based in New York, Haagensen joined the firm from Integral, where he worked as managing director, bank FX, Americas, for the previous two years.

The bulk of his career was spent at Societe Generale, where he spent 20 years, last managing its e-commerce product in the Americas from 2007 until his departure in 2015. Before that, he acted as the bank’s business manager for its New York FX business.

CME, EBS Volumes Flat in November

CME Group, which now owns EBS, reported almost no change in trading volumes for November on both the spot FX and derivatives sides of its business.

The average daily volume (ADV) of Spot FX traded on EBS was $81.6 billion in November, down 1% month-on-month and 8% year-on-year.

This is consistent with the other spot FX platforms that have already reported last month’s volumes, most of which saw only marginal changes in trading volumes compared to October.

For the 12-month period ending November 30, the ADV on EBS for spot FX was $89.6 billion, up 6% compared to the same period one year previous.