Thomson Reuters’ FX volumes have followed the path established by other platforms who reported earlier this month by reporting a month-on-month decline in spot FX average daily volume (ADV).
The firm says its platforms handled ADV of $91 billion per day, down 11.7% from September which was in turn the firm’s busiest month so far this year. The platforms also registered a small decline year-on-year, of 4.3%, meaning only Thomson Reuters and NEX Markets of the seven reporting firms saw a decline on both a month-on-month and year-on-year basis.
FastMatch is opening a sales office in Greenwich, Connecticut.
In a release issued today the platform emphasises the importance of having staff located close to its major customers.
The release describes the opening of the Greenwich office, which adds to FastMatch’s offices in New York, London and Moscow, as "an important step in expanding its touch points with major customers".
"The FX market has seen a significant rise in the use of electronic trading tools by the buy side,” adds Dmitri Galinov, CEO of FastMatch. “We are excited to be closer to our hedge fund clients and help them with their transition to new trading methods in FX.”
Both NEX Group and CME Group have reported monthly volume data broadly in line with the first four platforms to report for October
Nex Markets says average daily spot volume (ADV) on its EBS platforms was $80.6 billion in October, a 17% drop from September, but a 5% rise year-on-year.
It was a similar picture at CME where its combined FX futures and options on futures was just over 887,500 contracts per day, which Profit & Loss calculates to be just under $88 billion per day, of which just under $80 billion was in futures.
CME’s ADV is 29.4% lower from September’s stellar performance, however again it was 15% higher year-on-year.
Saxo Bank has established a new quant unit and hired Jesper Andreasen and Hans-Jørgen Terp Flyger to set up and run it with the responsibility to drive and manage the development of new state-of-the-art risk tools.
The firm says the new tools will support its internal risk functions and will also allow Saxo to offer new and better tools for clients including forward-looking risk management tools.
Andreasen has served as head of the quant department at Danske Markets and Flyger as head of derivatives and risk IT at Danske Markets.
Inter-dealer broker TP-Icap has announced the appointment of Eric Sinclair as CEO, Information Services.
The first four platforms to report FX volumes for October indicate that while turnover failed to maintain the September highs, average daily volume (ADV) remains close to the year’s peak and in healthy territory.
CBoE’s HotspotFX reports ADV of $32 billion in October, while FXSpotStream reports ADV of $19.9 billion. Elsewhere, Euronext’s FastMatchFX says it handled ADV of $18 billion in October and finally in the first group of platforms to report Gain Capital's GTX reports ADV of $11.4 billion.
NEX Group (Nex) has launched a new cash and collateral movement workflow tool that enables clients to make cash movements and money market sweeps.
Created through the partnership between Nex Optimisation and Nex Markets, the new product, called Pivot, connects the Enso Core platform with Nex Treasury, a cash and FX liquidity management centre for the corporate and bank community. The new service aims to help buy side institutions act on cash insights identified within EnsoCore, a treasury, counterparty risk and portfolio financing workflow platform, to help clients make timely decisions to optimise their overall counterparty relationships, the firm says.
By using Pivot, Nex says that hedge funds will be able to execute cash payments directly through the portal for margin management, manage third party relationships, and invest excess cash in money market funds.
INTL FCStone’s Global Payments Division, a London-based subsidiary will now offer indicative foreign exchange rates, viewable in real-time for more than 140 currencies through its proprietary global payments network.
These indicative rates will be offered via the Global Payments Division’s Rate Feed product. The Rate Feed is designed to enable customers to instantaneously establish an accurate indication of the cost of a cross-border transaction, valuing the transaction or foreign currency holding in various currencies in real-time.
Although it remains a separate product, the Rate Feed is integrated into FXecute – INTL FCStone’s global payments platform – meaning that anyone using the latter can use information from the Rate Feed to inform transactions being executed on the platform.
Thomson Reuters (TR) is the latest FX platform to post strong September trading volumes, with figures released today showing that the average daily volume (ADV) of FX trading across all its platforms was $411 billion.
This represents a 12% month-on-month (MoM) and a 12.6% year-on-year (YoY) increase in volumes.
This total reflects trading volumes on Thomson Reuters Matching and FXall in all transaction types, including spot, forwards, swaps, options and non-deliverable forwards (NDFs).
The volumes data on TR’s website only stretches back to January 2013, but this represents the highest overall ADV across all of its platforms since then.
CME Group has recorded what Profit & Loss estimates to be its highest average daily volume in FX products since September 2014, while NEX Markets has also reported a strong month, in line with other OTC platforms to report earlier this week.
CME says its handled 1,256,000 FX contracts per day in its FX futures and options business, which Profit & Loss estimates to be just over $124 billion per day in notional value.
It was a good month also for NEX Markets as it handled $97.4 billion in spot FX.