CME Group has bucked the trend amongst FX platforms reporting a month-on-month decline in activity with a 3% increase in FX ADV. Elsewhere, NEX Group, which is subject to a bid from CME, reports NEX Markets handled $92.7 billion in March, a 14.4% drop month-on-month, but a 7.2% rise from `March 2017. It was a slightly more positive picture at Thomson Reuters, which reports spot ADV of $105 billion, down 7% from February but up 11% year-on-year - the firm also says non-spot activity increased 1.7% from February.
Saxo Bank has launched a new version of its institutional trading platform, dubbed SaxoTraderPRO, which is aimed at active traders and institutional clients
The platform is multi-screen, offering a fully customisable workspace for both Windows and Mac with no monthly fees, the firm says. It will replace the current SaxoTrader platform, while SaxoTraderGO will continue to cater to a wider range of retail traders and investors.
Kim Fournais, founder and CEO, says: "We were a fintech before the term was created and the core of Saxo Bank has always been our trading technology and trading platforms. We strive to democratise trading and investment, essentially providing traders and investors with the same professional tools and market access as fund managers and large financial institutions.”
The first FX venues to report their trading volumes for last month struggled to match the highs of February, despite posting strong volumes.
FXSpotStream hit an all-time record for overall trading volumes, with $606 billion traded on its platform in March, up 5.1% from the record it set in February.
The average daily volume (ADV) of trading on its platform was $27.6 billion last month, a total only ever beaten by the ADV of $28.8 billion it recorded in February. Perhaps a better indication of the platform’s performance is that this represents a 46.7% year-on-year (YoY) increase in ADV.
Thomson Reuters has announced it is introducing more granular pricing for AUD/USD across its spot FX trading platforms. The change has been in beta testing with clients for some time and the change will officially be rolled out at the end of March.
Pricing for the pair will be in half pips to five decimal places, the new pricing regime will also be reflected in the firm’s market data offerings and added value calculations, as well as on its Eikon screens.
Two and a half years on from acquiring Molten Markets, EBS is beginning to claim some tangible traction amongst the asset management community.
When Molten Markets, founded in 2012 by State Street alumni, was acquired by then-EBS-BrokerTec in 2015, there was a clear logic to both sides of the deal. For EBS, the move was part of a broader strategy to diversify the brokerage’s existing client base, while for Molten Markets being part of a larger, more established company with superior financial resources made its platform a more attractive proposition for the asset managers that it was targeting.
However, while the logic was clear from the start, progress in getting asset managers live on the platform, now branded EBS Institutional (EBSI), has been slow.
Thomson Reuters, through its partnership with MarketPsych Data, has launched a new version (v3.0) of its MarketPsych Indices (TRMI), which includes its first sentiment data feed for Bitcoin.
It also includes and/or enhanced market sentiment data for several asset classes, new user capabilities, and additional coverage.
Over 400 news and social media sites, many specific to cryptocurrencies, were added to the feed. Each site is scanned and scored in real-time, aiming to capture market-moving sentiments and themes. TRMI v3.0 also includes expanded sentiment coverage of national fixed income securities and stock market indexes for the top 61 global economies and the Eurozone. Coverage was also further expanded in the currencies, countries, and agricultural commodities asset classes.
Fortex, a multi-asset trading platform, is launching a local ECN matching engine in the LD5 data centre in London.
The company says the LD5 matching engine will provide banks, brokers, active traders and institutional investors with high volume trading and access to unique, tailored liquidity. The firm adds that by featuring sub-millisecond local order routing, the new ECN will give its clients superior end-to-end performance while lowering overall transaction costs.
To speed local and worldwide trading, the company says its LD5 matching engine has a direct connection by dedicated high-speed fiber lines to Fortex's existing infrastructure in financial hubs around the world. Developed in-house, the infrastructure requires no additional technology deployments from its clients to access.
NEX Markets maintained the momentum from a strong January performance by reporting average daily spot volume of $108.3 billion in February.
At 3.2% up on the month and 34.2% up year-on-year, the performance largely reflects that of other platforms that reported data this month. It is also NEX Market’s strongest performance since March 2015 when it benefited from the continued fallout of the Swiss National Bank’s decision to remove its floor in EUR/CHF.
Thomson Reuters, meanwhile, reports spot ADV of $113 billion, up 4.7% from January but again an impressive 34.5% up year-on-year.
Following news last week that CboeFX and GTX had hit new records for FX average daily volume (ADV), FXSpotStream has now also reported a new peak in activity.
In February the platform says it handled $28.8 billion, a 9.5% increase on January, which was itself a new record high, and 53.7% up on February 2017.
CME Group, meanwhile reports a very slight decrease in FX activity from January, but a strong year-on-year rise, handling 1,087,000 contracts per day in its FX futures and options business, down less than 1% from January’s 1,093,000.
The first three platforms have reported average daily turnover (ADV) data for February, with CboeFX (formerly HotspotFX) and Gain’s GTX hitting new peaks and Euronext’s FastmatchFX seeing its second busiest month. ADV at CboeFX was $44.20 billion in February, exceeding January’s then record month by 3.75% and up a huge 63.7% from February 2017. Gain’s GTX saw ADV of $16.1 billion, up 15.8% month-on-month, 45% year-on-year and again a new record for the platform. FastmatchFX reports ADV of $21.1 billion, a 1.4% increase from January and 27.1% higher year-on-year.