Deutsche Borse has reported that its foreign exchange business, 360T, handled average daily volume of EUR 75.7 billion in September.
This represents a 10.3% increase on August’s data and the exchange group’s website says it is also a 17% year-on-year increase, although at face value this may not be the case. Since July 2018, 360T has incorporated the volumes from Gain GTX, which it bought earlier this year, however it’s historic data does not appear to include GTX data reported at the time.
In the last month of trading as Thomson Reuters, the firm’s FX platforms delivered a rise in activity in September.
The newly-rebranded Refinitiv enters business having seen the platforms handle average daily volume (ADV) of $425 billion in September across all FX products. This represents a 5.5% increase on August and a 3.4% year-on-year increase.
The increase was thanks to increased non-spot activity, while spot ADV was $98 billion, a 4.2% increase on August, it represents a 4.8% decline from September 2017. Other volume meanwhile was $327 billion, up 5.8% on both a month-on-month and year-on-year basis.
The Thomson Reuters’ results reflect developments elsewhere, with Deutsche Boerse’s 360T still to report data, only Fastmatch FX saw a month-on-month decline.
Profit & Loss understands that Tom Lovell has been named head of global broking for Asia-Pacific at TP-Icap, he will report to Barry Dennahy, CEO, TP-Icap for Asia-Pacific.
Based in Singapore, Lovell has for the last year been head of global broking, APAC, for Tullett Prebon, he has now been named to the role for the combined TP-Icap group.
Lovell moved to Singapore in mid-2017 after a five year spell as managing director for Tullett Prebon in Japan, prior to that he spent almost six years as divisional director for Icap in Sydney.
CME Group has reported the second busiest month for its FX contracts since September 2014. The exchange group reports that it handled 1.132 million contracts on a daily basis in September, a massive 28.2% increase on August. Profit & Loss estimates this to represent a notional value of $112 billion per day.
Year-on-year, activity is actually 15.4% lower at the Merc, with the previous September registering 1.23 million contracts.
Elsewhere, NEX Markets says it handled average daily volume of $86.1 billion, up 1.6% from August, but also down from the previous September, by 11.6%.
Marex Spectron has returned to the FX markets, with the launch of a new platform that includes desktop and mobile app for FX and precious metal spot trading and market monitoring.
Through the platform Marex Spectron plans to offer execution services for OTC and exchange traded products across spot, forwards and futures, NDF's, options, as well as FX price hedging. With DMA for spot and futures, and advanced API connectivity, Marex Spectron says that its clients will benefit from the aggregated liquidity of multiple banks and FX liquidity providers.
This new service has been designed for financial institutions, commercial users, hedge funds, CTA's and proprietary trading houses.
The previously announced deal for a consortium led by Blackstone to acquire 55% of the equity in Thomson Reuters’ Financial & Risk (F&R) business has now officially been completed.
The deal values the F&R business, which has now been rebranded as Refinitiv, at $20 billion.
Martin Brand, senior managing director at Blackstone, says: "We are pleased to close this landmark partnership transaction with Thomson Reuters. Blackstone is excited to invest in Refinitiv to pursue a business plan focused on accelerating growth through innovation, in partnership with Refinitiv's customers."
The first group of FX trading venues to report average daily volumes (ADV) for September paint a mixed picture with regards to the level of trading activity, much as they did at the end of August.
The ADV on CboeFX was $35.8 billion in September, a 2.5% increase compared to the previous month and an 8.1% increase compared to September 2017.
FastMatchFX recorded an ADV of $18.6 last month, down 4.6% from the $19.5 billion it recorded in August and down 10.1% from the $20.7 billion ADV it saw in September 2017. By contrast, the ADV on the FastMatch FX Tape was $84.4 billion last month, beating the previous record high that it set in August of $83.6 billion.
The US Commodity Futures Trading Commission (CFTC) has charged interdealer broker TFS-Icap with fraud and supervision failures.
In a Complaint filed in the US District Court for the Southern District of New York, the CFTC alleges that, from approximately 2008 through 2015, brokers at TFS-Icap offices in the US and the UK routinely attempted to deceive – and did deceive – their clients by engaging in the practices of communicating to them fake bids and offers and fake trades in the FX options market.
Thomson Reuters FX volumes rose slightly in August from July, while 360T’s – which now include Gain GTX turnover – fell slightly. Both were up year-on-year. Last week Thomson Reuters reported average daily turnover in all FX products of $403 billion, compared to $398 billion in July – this represents a 9.8% increase year-on-year.
Spot FX ADV at TR across its platforms was unchanged month-on-month at $94 billion, however it was up 14.6% higher than August 2017.
Deutsche Boerse’s 360T business line meanwhile, reports ADV of EUR 68.6 billion in all FX products, a 4.2% decline from July.
Thomson Reuters has introduced Trade Performance Analytics (TPA) for FXall users, a new analytics solution aimed at helping FX traders assess the quality of their trade execution, identify new opportunities to improve performance, and demonstrate best execution to their stakeholders.
In a release issued today, Thomson Reuters says that the launch of TPA was driven by the growing sophistication and adoption of analytics to drive decision making amongst FX market participants. The firm says that some of the benefits of TPA are that it will allow users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers and make better informed trade planning decisions.