Day: 1 April 2020

Fed’s Rosengren: Unemployment to Rise “Dramatically”

The Federal Reserve is working to limit economic fallout from the pandemic and promote recovery, but unemployment is surging, and fiscal policy is “crucial,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said Wednesday. “The Federal Reserve is working to limit the financial and economic distress – to take actions that help avoid […]

BestX Unveils Fill Position Metrics

BestX has rolled out its Q1 technology release, included in which is a new fill position metric for FX traders, a product that the firm believes adds another valuable dimension to analysing the performance of algos. To compute the metric, BestX takes tick data during the execution window and then compares that to the prices […]

BGC Hires Reidy; Hirschhorn Exits

Changes at the top of the technology stack at BGC Partners have seen the departure of Eric Hirschhorn, CIO, and the hire of Paul Reidy, formerly COO at CboeFX Global Markets, as senior managing director, head of brokerage technology, sources familiar with the matter say, adding that the former co-head Steve Sadoff has assumed sole […]

Data Flash: US March Manufacturing ISM Ticks Down

Decline Follows Disappointing Regional Data, Markit Revised Lower Manufacturing sector activity contracted modestly in March according to the Institute of Supply Management, slightly better than the regional data leading up to it, but likely the first in a string of monthly declines. The headline PMI index fell to 49.1 from 50.1 in February, ahead of […]

FX Platforms Hit New Peaks in March

As expected, FX platforms saw a leap higher in average daily volume (ADV) during the market’s version of March Madness, with the first five to report data hitting new highs as well as establishing new individual day records. Deutsche Borse’s 360T reports spot FX ADV of $36.9 billion, a 36.2% increase from February, which was […]

Hodge Joins Sucden

Sucden Financial has appointed Thomas Hodge to build and run its new average pricing function within its LME business. As head of LME average price trading, Hodge will complement and extend Sucden Financial’s existing ability to facilitate LME hedging requests, providing a dedicated averaging service to allow an exact match between client risk and the […]

JPM Launches FX Pricing Engine in Singapore

JP Morgan has become the latest FX player to establish an e-FX trading and pricing engine in Singapore as it seeks to speed up execution for clients in the region. It joins a host of trading firms and platforms to set up a presence in the city state as part of a plan announced by […]

BIS Launches Bulletin Series: Kicks Off with FX Swaps Basis Study

The Bank for International Settlements (BIS) has launched a new series of publications that it says are short, topical notes written by staff economists providing timely insights on current events in banking, markets and the wider economy. The first, issued today, looks at dollar funding costs through the prism of the FX swaps market, specifically the […]

Trump Sees “Horrible” Next Few Weeks

White House Watch: US President Donald Trump Tuesday night warned the nation that the virus has become a “dark, epic and incredibly horrible” challenge that threatens to kill Americans by the hundreds of thousands. Trump, saying he wants to be a “cheerleader for our country”, nevertheless drew on the most stark and galvanising language of […]