Stater Global Markets, a prime-of-prime brokerage launched in October 2016, has announced its core technology partners as well as the introduction of CFDs in indices and commodities.
Currenex, Integral and Flextrade have been selected as front-end platforms. Gold-i has been chosen as the bridge provider for Stater's MT4 White Label solution.
FXecosystem, who recently set up a point of presence in HK1 in Hong Kong and SG1 in Singapore, will provide connectivity. Stater Global Markets will use regulatory reporting services from NEX Abide.
The Monetary Authority of Singapore (MAS) has issued a warning to investors on the trading of binary options with unregulated platforms.
The authority says it comes in the wake of “an increase in the number of complaints from investors who have suffered financial losses from such investments”.
Thomson Reuters has rounded out the reporting period for FX platforms, recording average daily volume (ADV) of $84 billion in spot and $254 billion in forwards, swaps, NDFs and options.
The second group of platforms to report results confirm that February was a quieter month than January, as well as compared to February 2016.
The first three platforms to report FX volume data for February indicate a slightly quieter month than January.
Bats’ HotspotFX saw average daily volume (ADV) of $27 billion in February, a 12.6% decline from January and 17.2% down on the same month in 2016.
The picture was slightly more positive at the other two platforms to report, however, with FastMatch FX handling $16.6 billion per day in February, and Gain’s GTX $11.1 billion, both down on the month but up year-on-year.
Nex Group says that the United States District Court in the Southern District of New York has dismissed two entities which formed part of the Icap Group (Icap plc and Icap Europe Limited) from a class action case brought by various investors who alleged manipulation of the Euro Interbank Offered Rate, Euribor.
The liability for for the two entities resided with Nex Group under the terms of the recently completed transaction with Tullett Prebon that saw Icap’s voice and information services business merged with that firm.
Nex Group has released its first quarterly results since the official formation of the group, and while it reports a good bounce in trading volumes around the US election in November, its CEO, Michael Spencer has flagged more “muted” volumes since.
Nex Group’s Q3 revenue was up 11% on the third quarter of 2015 and is 4% higher across the first three quarters of 2016 compared to the same period in 2015. Growth was evenly spread across the firm's Markets and trade lifecycle businesses.
Brokerage and prime services provider Invast Global has made two appointments to its team in Asia.
Andrew Pal and Cassandra Lister are joining the firm as specialist consultants in the firm’s Asian PB and liquidity offering.
Pal joins after two years at consultancy firm DerivAsia, which he joined after a 20-year career at UBS, most latterly as CEO of UBS Futures in Singapore.Lister joins Invast via her independent consulting firm, Euforia Consulting. Based in Hong Kong for the past decade, she has held senior executive and regional roles at JP Morgan, Societe Generale and Deutsche Bank.
BGC Partners has released fourth quarter and full year results for 2016, which show that revenues were down in both its fully electronic FX and financial services businesses compared to the previous year.
BGC posted Q4 2016 FX revenues of $70.8 million, down 5.8% from Q4 2015, and full year revenue of $303.3 million, down 6.6% from 2015.
The notional volume from its fully electronic FX trading unit was also down year-on-year, dropping 21.8% from $13.4 trillion in 2015 to $10.5 trillion last year.
Thomson Reuters says FX platforms handled $91 billion in January, a rebound from December, but significantly down on January 2016.
With average daily volume (ADV) 11% up on December’s data, Thomson Reuters has largely mirrored the broader industry performance as highlighted by platforms reporting earlier this month, however year-on-year the data is much more worrying for the firm as it has severely underperformed its peers. While other platforms saw year-on-year ADV either rise slightly or decline by between five and 10 percent, Thomson Reuters’ spot ADV is down 26% year-on-year.