Cürex Group has unveiled plans to introduce additional time stamp functionality to its pre-trade analytics platform.
The new capability will allow Cürex’s customers to prove their compliance with the upcoming MiFID II’s mandated pre-trade market check through a time stamp provision, which provides recorded proof that the market check took place before an FX trade was executed.
The time stamp will be included both on each client’s FX trade confirmation and in end-of-day trading reports that Cürex provides to its customers.
TraderTools has announced that Investec Bank has joined its Unique Liquidity Network (ULN).
Through hosted facilities in Equinix LD4 and Equinix NY4, the ULN now consists of over 60 unique liquidity providers, making prices in G10 and emerging and underserved market currencies, the firm says.
Using the ULN, Investec plans to provide its customers with improved pricing and execution, and to increase its reach within the electronic FX marketplace. Access by Investec customers will be via the TraderTools API, and through a variety of FX venues.
Kevin Gillespie has joined Cobalt in a sales and business development role. Based in London, Gillespie joins the firm from Hotspot, where he was a director of FX sales.
Gillespie had been with Hotspot since 2007, working continuously for the FX ECN through the ownership changes of Knight Capital Group to KCG to BATS and most recently to CBOE BATS.
Prior to that, he spent four years as the head of new business development at IFX Markets, where he was responsible for developing the firm’s online institutional FX business.
RBC Capital Markets has added BestX to the transaction cost analysis (TCA) tools available to its global e-FX clients.
Through an agreement with the independent provider of TCA, the bank says it will be able to provide its buy-side clients with independent TCA alongside its existing TCA offering. The independent TCA analysis will be available to clients executing algorithmic FX transactions and will be provided on a post-trade basis, enabling clients to independently verify the quality of the FX execution received.
CME Group says it will launch spot FX basis spreads called CME FX Link on its Globex electronic trading platform. The exchange group says this will create the first ever central limit order book between the OTC spot FX and CME Group FX futures markets.
It is expected to launch in Q1 2018 and, CME says, will provide OTC FX market participants with a more efficient way to access and use FX futures as part of their overall trading activity.
Managed futures traders gained 0.54% in August, according to the Barclay CTA Index compiled by BarclayHedge.
For the year, the index is still down 0.51%. “Geopolitical uncertainty had investors scurrying for the safety of sovereign bonds,” says Sol Waksman, founder and president of BarclayHedge.
“As Harvey advanced, Gulf Coast refineries sought safety. Refiners shut down and spot gasoline shortages propelled gasoline futures 28% higher in the closing days of the month.”
Five of the six sub-indices calculated by BarclayHedge recorded gains in August. Diversified (0.94%), systematic (+0.74%), discretionary (+0.28%), financial/metals (+0.17%) and currency (+0.02%) traders all gained. Agricultural traders were the only losing sector (-0.56%) of the month.
The US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has appointed Matthew Kulkin to serve as director of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO).
Kulkin comes to the CFTC from the law firm Steptoe & Johnson, where, as a partner, he advised financial market participants on legislative and regulatory issues.
“I am pleased to welcome Matt to the commission,” says Giancarlo. “He comes with a wealth of knowledge on Dodd-Frank Act regulation and our derivatives market that will serve us well.”
The UK’s FICC Markets Standard Board (FMSB) has issued its 2017 Annual Report setting out the progress it has made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities markets.
FMSB was established in 2015 following the recommendations of the Fair and Effective Markets Review (FEMR), which was conducted by the Bank of England, the UK Treasury and the UK’s Financial Conduct Authority.
FMSB says it has achieved “significant momentum and has received strong support from market participants and public authorities”.
There has been a renewed focus on Transaction Cost Analysis (TCA) in recent years as buy side firms are becoming more savvy about how their execute their FX transactions and regulations such as Mifid II impose new best execution requirements.
But do market participants really know how to conduct effective TCA or is it just becoming a box ticking exercise designed to placate compliance staff, regulators and investors?
Banks are always quick to vouch for the accuracy and utility of their TCA reports, but can they be trusted to provide clients with an honest assessment of their own performance as a liquidity provider?
Neehal Shah has joined BNP Paribas as global head of G10 FX trading with immediate effect. He will be based in London and report directly to Adrian Boehler, global co-head of FXLM and commodity derivatives.
Shah joins after 18 years at Deutsche Bank, where he held a number of senior positions including global head of currency options and complex risk trading, head of FX trading Americas and global head of FX investor sales. He was also global head of markets electronic sales, as well as a member of Deutsche's Markets Electronic Trading Management Committee.