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Survey: Derivatives Trading to Grow Despite Rising Costs In a new survey conducted by the International Swaps and Derivatives Association (ISDA), a majority of respondents said that they expect derivatives volumes to stay flat or increase in the future, despite also predicting that the cost of trading these products will increase. Asked about their expectations for overall derivatives activity, 83% of those surveyed said that they thought volumes will increase or remain the same over the next three to five years. The same proportion felt end-user activity will rise or remain unchanged over the same period. When asked to rate their optimism about the future of derivatives on a scale of one to 10, with 10 being the most optimistic, 65% opted for between seven and 10.
A Closer Look At: The Launch of a New Algo Mark Goodman, head of electronic execution, E&C, at UBS, talks about the latest addition to the bank’s algo suite. Profit & Loss: UBS recently launched a new algo, called ORCA-Direct. Can you tell us a bit more about the design and logic behind it? Mark Goodman: ORCA-Direct came about when we were trying to improve the technology available to our FX voice traders as they execute risk in the market. As a general rule, the more liquidity they can access the better, so we made sure that we’re connected to the core ECNs and now have six on our platform
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State Street Appoints Global Exchange Sales Head State Street has announced the appointment of Richard Irons as head of sales for Global Exchange in Europe, the Middle East and Africa (EMEA). Based in London, he will report to David Pagliaro, head of Global Exchange, EMEA and will be responsible for developing and executing the sales strategy for Global Exchange’s product capabilities and solutions in EMEA, leading the regional sales team. Irons has more than 30 years of sales and relationship management experience in financial services and technology; most recently at Fenergo, where he was head of account management and customer support.
Bank of England Implements Sonia Reforms The Bank of England says it has implemented its reforms to the Sonia Interest rate benchmark. The bank says its aim in reforming Sonia – the Sterling Overnight Index Average – is to strengthen a benchmark which is considered critical for the sterling financial markets. Previously, the benchmark was based on a market for brokered deposits, which the Old Lady says, has limited transaction volumes. The new benchmark now captures a broader scope of overnight unsecured deposits, by including bilaterally negotiated transactions alongside brokered transactions.
FlexTrade Unveils FlexNow FlexTrade has announced the release of FlexNow, a solution the firm describes as an out-of-the-box, broker neutral execution management system (EMS) to address the needs of hedge funds and mini-primes who require a streamlined, multi-asset trading system. The firm says the new EMS is designed to handle trading for equities, futures and options and is MiFID II compliant. It provides connectivity to market data providers; integrates with any order management system (OMS) via FIX and API; and comes with its own built-in transaction cost analysis functionality.
Durrant Joins GTX Henry Durrant has joined Gain Capital’s GTX – he started last week in London and is reporting to Steve Riley, head of liquidity at the firm.
FSB Publishes Conduct Risk Mitigation Toolkit The Financial Stability Board has published Strengthening Governance Frameworks to Mitigate Misconduct Risk, which provides a toolkit that firms and supervisors can use to tackle the causes and consequences of misconduct. The toolkit completes an element of the FSB’s 2015 Workplan on Measures to Reduce Misconduct Risk to promote incentives for good behaviour through standards and codes of behaviour, such as the FX Global Code, and reforms to benchmark-setting practices. It also offers a toolkit of measures to address misconduct in wholesale markets and the FSB’s guidance on the use of compensation tools to promote good conduct.
Insch Kintore Launched as Jersey Domiciled Fund Jersey-based Insch Capital Management has launched its Insch Kintore strategy as a Jersey Private Fund. Since inception, the form says the strategy has earned a total net return (net of 1.5% management and 15% performance fees) of +49.21%, gaining 12.52% in 2015, 33.39% in 2016 and 21.16% in 2017. Rolling 12 month returns (26 observations) have averaged +20.44%, the firm adds. The strategy is entirely quantitative in nature and agnostic in terms of market direction and trades gold (as a currency) versus G7 currencies.
Vela Feed Now on BT Radianz Cloud BT has announced that SuperFeed, a fully-managed market data feed designed and operated by trading and market access technology provider Vela, can be accessed via the BT Radianz Cloud. SuperFeed offers customers a single source for data feeds spanning 100 global venues including and is hosted by Vela and delivered as a managed service via the Radianz Cloud, meaning customers do not require investment in their own back-office infrastructure. SuperFeed is fully compatible with Vela's existing enterprise software which enables customers to design bespoke systems to meet their unique business requirements.