I have always been someone who has, in FX trading at least, looked at certain firms’ desperation to shave another millisecond off round trip times with some despair and no little disdain. Obviously trading has got faster, that is inevitable in such a technologically-innovative era, but I have always looked at the speed issue single dimensionally – it was about people with a technology advantage exploiting it. I wonder, though, whether circumstances are pointing in the direction of a new effort to shave time off the trading process?
Day: 11 February 2019
LMAX Exchange has announced the addition of a global credit intermediation solution for spot FX trading.
The firm says the solution will benefit regional banks and mid-size financial institutions, who typically have limited bilateral credit relationships with larger global banks active in the institutional FX markets, by facilitating expedited access to LMAX Exchange’s central limit order book liquidity.
BNP Paribas and JP Morgan are working with LMAX as credit intermediaries to facilitate spot FX transactions with institutional counterparties in line with individual client requirements.
Refinitiv has been re-appointed by Bank Negara Malaysia as the calculating and distribution agent for the industry interest rate benchmark, Kuala Lumpur Interbank Offered Rate (Klibor).
As the official indicator of conditions in the interbank money market in Malaysia, Klibor offers market participants from both buy-side and sell-side a reliable reference for various investment and product uses, such as portfolio valuation and compliance reporting.
Introduced in 1987, the rate refers to the average interest rate at which term deposits are offered between selected banks in the Malaysian wholesale money market or interbank market. Klibor rates give market participants an indication of market rates for the trading day. In particular, they are used as reference for diverse financial products including interest rate swaps, options, futures and structured products both within and outside Malaysia.
KACE, a division of Fenics Software, has released an update of its kACE Pro platform that will enable clients to stream FX options prices to internal and external clients, single-dealer platforms, execution venues and third party platforms.Richard Brunt, managing director, comments: “This new release allows our clients to stream FX options prices to internal users, sales teams, wealth managers, or directly to their clients. Our agnostic approach to front-end users means that our clients can distribute their prices via a wide range of channels and venues using a single kACE pricing and dealing engine. We have already successfully deployed this new release with several existing and new clients in Europe and have a strong pipeline to continue this rollout globally in the first quarter of 2019.”