Day: 9 March 2020

FCA Launches Review into Wholesale Market Data Services

The UK’s Financial Conduct Authority (FCA) has begun a review into the use and value of data and advanced analytics in wholesale financial markets, both now and in the future. The review comes in the form of a Call for Input (CFI) and will look at three specific areas – trading data, benchmarks and market […]

Markets Collapse, Volatility Spikes, as Oil Adds to Virus Concerns

FX volatility jumped again overnight in Asia with volumes also leaping higher as dealers report activity across the region surpassing recent highs. The latest bout of activity was triggered by a 30% collapse in the oil price as Saudi Arabia responded to Russia’s decision on Friday to increase oil output rather than agree with OPEC […]

An Open Secret Confirmed: Citi Reveals FX Connectivity Cuts

Citi’s foreign exchange business has confirmed it has imposed changes to its vendor platform requirements, resulting in the 12 of 53 connections to the bank being terminated, although sources familiar with the matter tell Profit & Loss that further changes and cuts are likely in the months ahead. As part of the new requirements, Citi […]

Sumitomo Electric Joins CLS Settlement

Sumitomo Electric Industries (SEI) has become the first Japanese manufacturing company to access CLS Settlement as a third-party participant. The company is settling its FX transactions via its third-party service provider, Sumitomo Mitsui Banking Corporation (SMBC), supported by Bloomberg’s FX Confirmation Matching Service (CMS) post-trade processing technology. CLS says that SEI’s participation “marks a significant […]

CLS Veteran Leaves

Robert Franolic has left CLS after 19 years at the firm. Most recently Franolic was data officer for CLS, having stepped up from head of data and analytics. Prior to that he was managing director and head of CLS’ Quantitative Analytics Group, he has also had roles as head of information analysis and modelling and […]