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Rosenberg Exits EBS

in News, Brokers

Rosenberg Exits EBS

Glenn Rosenberg has left his position as product director at EBS as part of a wider restructuring at the group under NEX Markets. A spokesperson for the platform declines to comment, but Profit & Loss understands that Rosenberg left the firm, where he had been working in the New York office. Rosenberg has been and remains focused on innovation in FinTech, including business development and strategy and product development, according to sources. He was the FX product development lead and point of contact within EBS for business lines in the product team’s efforts to expand and grow the legacy platform into numerous new product lines.
Nex Group Reports Revenue Growth Following the disposal of Icap Global Broking to Tullett Prebon, the re-branded Nex Group has reported an increase in revenue for the financial year 2017, which ended on March 31. Nex says revenue from continuing operations was GBP 543 million in the year to March 2017, up from GBP 460 million for the year to March 2016, an 18% increase. Trading operating profit was GBP 145 million (GBP 139 million in FY 2015-16), while trading profit before tax was GBP 114 million (110 million) and profit before tax was GBP 120 million (27 million).
360T Launches ECN, Announces Record Volumes 360T has revealed that it officially launched its undisclosed marketplace, 360T ECN, in April. The firm claims that the new ECN will enable access to additional liquidity and trading styles, adding another complementary execution mechanism to its OTC FX trading offering. Carlo Koelzer, CEO of 360T Group, says: "With the introduction of 360T ECN, our clients can take full advantage of accessing the entire variety of liquidity. Considering new regulatory and capital requirements, our ECN is the right solution for the future FX ecosystem, including the facilitation of the credit mitigation.
Sucden Launches OTC FX Options Service Sucden Financial has launched an OTC FX options service. The new offering is designed to provide users with the ability to price their own option structures online and benchmark those prices against independent data for greater transparency. It will offer clients the choice of trading via an online trading platform or traditional voice methods. Talking to Profit & Loss about the launch, Pritesh Ruparel, Sucden’s head of FX options origination and structuring, identifies three main goals for the new service. The first is improving the cost and availability of data for clients, the second is providing access to good liquidity and the third is improving the overall user experience for Sucden clients trading FX options.
Thomson Reuters FX Volumes Down in April Thomson Reuters says that average daily volume (ADV) across its spot FX venues was $87 billion in April, this represents a 7.4% decline from March and 10.3% drop from April 2016. Total FX ADV across the firm’s platforms was $374 billion per day, a 3.6% increase from March and fractionally up on April 2016’s $373 billion. This means that on a 20-day month basis, all platforms saw a decline in activity in April from March, however year-on-year the result was more mixed with FastMatchFX, CBoe’s HotspotFX and Gain’s GTX all showing an increase from April 2016.
Hotspot Begins Offering Anonymous Deliverable FX Forwards Hotspot has revealed that the first anonymous outright deliverable forward FX transaction has been executed on its platform. Hotspot says that is the first platform to provide outright deliverable forwards on an anonymous central-limit order book, and that it is also the first platform to allow prime brokerage clients to post passive quotes. This is designed to allow for expanded trading activity from market participants, who will be able to trade without being forced to cross the bid-offer spread. Paul Millward, head of product strategy, and Paul Reidy head of technology, spearheaded the project, which culminated in a one-month EUR/USD trade, of $100,000 notional value.
Platforms Report Lower Volumes Three platforms to report FX trading volume for April are showing month-on-month declines. Nex Markets – the re-branded EBS – says average daily volume was $76.1 billion in April, down 12% from March and 7% year-on-year. Meanwhile CME Group saw FX volume decline 19.4% from March, the Merc handling 788,000 contracts per day in April. FXSpotStream reports ADV on a 20 day basis of $17.1 billion, however with Good Friday taken out this rises to $17.8 billion, broadly unchanged year-on-year and 5.3% lower month-on-month.
EBS BrokerTec Re-Brands as Nex Markets NEX Group (Nex) has announced that its EBS BrokerTec business has been renamed Nex Markets, effective immediately. Four business lines were created when Nex was launched on 30 December 2016: Nex Markets, Nex Optimisation, Nex Opportunities and Nex Exchange. EBS BrokerTec previously sat as a sub-brand within the Nex Markets business line. As a result of the rename, Nex will no longer use EBS BrokerTec and the entire business will be known as Nex Markets. The business will retain its current service names for its FX and fixed income platforms; EBS and BrokerTec.
Invast Global Adds Lucid Invast Global has announced a new partnership with Lucid Markets, meaning clients of the Invast Global multi-asset prime services facility, PurePrime, will have access to proprietary FX pricing from the market making firm. The partnership with Lucid expands PurePrime to over 20 unique FX and metals liquidity providers including names such as Citadel Securities, XTX Markets and Virtu Financial. “This line-up represents a new era of access for clients,” Invast Global says. “Never before have clients without direct Tier 1 prime brokerage relationships been able to access the liquidity provided by the non-bank market-making giants.”
AP CEO Exits TP Icap Market sources say that Hugh Gallagher, CEO of TP-Icap in Asia-Pacific and head of Icap’s Asian business, has resigned from the firm. Gallagher has been with Icap in various forms since starting with Astley & Pearce in Sydney in 1988. He was appointed CEO of Icap Australia in 2008 and in 2010 was named as Icap’s CEO for Asia Pacific. In October 2016 he was named to the current role and the sources say he is not currently seeking another role in the industry.