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TP Icap Ousts CEO Chief executive John Phizackerley has left his post at TP Icap with immediate effect, the company has announced. In a statement, TP Icap chair Rupert Robson says, “The evolving landscape is driving up costs across our industry. The acquisition of Icap has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”
Thomson Reuters Bucks the FX Volume Trend Data released by Thomson Reuters shows that average daily volume (ADV) in spot FX across its venues rose by just under 2% in June from the previous month. This is in contrast to the other platforms to report volume data, with the exception of FXSpotStream, which also saw a month-on-month increase. At $109 billion per day, Thomson Reuters’ spot volume in June was the second highest reported since February 2016 – it also represents, as was the case with the other platforms, a hefty year-on-year increase, in this case 10.1%.
NEX, CME Volumes Drop from May In keeping with data released yesterday by other platforms, CME Group and NEX Markets saw a month-on-month decline in average daily volume in June. NEX says it handled $95.8 million per day in spot FX volume, down 5.4% from May’s $101.3 billion. Year-on-year, NEX is showing good growth, however, up 15% from June 2017. CME Group says it handled 1,000,000 FX futures and options contracts per day in June, which Profit & Loss estimates to be around $99 million in notional value. This is 9.1% lower than May and unchanged year-on-year.
June Slows for FX Platforms, But FXSpotStream Posts Record ADV Data from the first set of trading venues to report their monthly volumes shows that FXSpotStream had its best ever month in terms of average daily volume (ADV), while trading on other OTC FX platforms reporting volumes slowed down slightly in June. FXSpotStream achieved an ADV record of $30.4 billion in June, a 5.33% increase from the previous record of $28.8 billion set in February 2018. This represents an 8.22% increase from May’s ADV of $28 billion, and a massive 49.52% increase year-on-year.
IS Prime Adds to Agency Execution Offering IS Prime, part of ISAM Capital Markets, is launching an NDF and forward execution facility within its agency desk. The firm says its agency execution service leverages its relationships with top tier banks whilst also utilising the technology resources of ISAM’s hedge fund business. It provides mid-tier and smaller banks, hedge funds and voice traders with an anonymous, customised liquidity solution with liquidity from the major market making banks, non-bank LPs and selected ECNs. “The addition of NDFs and forwards in our agency execution business shows a steadfast commitment to doing all we can to meet our institutional clients’ growing demands,” says Raj Sitlani, managing partner, IS Prime.
Thomson Reuters and 360T Collaborate on FX Pricing 360T, Deutsche Börse Group's FX unit, and Thomson Reuters (TR) have agreed to collaborate in order to enable pricing of Thomson Reuters FXall customers through 360T's rate engine technology. Banks using the 360T pricing engine infrastructure, comprised of Market Maker Cockpit and Auto Dealing Suite, can now directly price their customers on the FXall multibank platform. Landesbank Hessen-Thüringen (Helaba) is the first German financial institution to go live with the new connectivity. Through the interface, Helaba can quote customers on both the 360T and FXall platforms utilising 360T's FX price engine technology.
Platforms Deliver May Uptick The three largest FX platforms to report average daily volume (ADV) have reinforced the message from the first group to report that May was a good month for the industry. All three of CME Group, NEX Markets and Thomson Reuters have reported sizeable increases in activity both month-on-month and year-on-year, with NEX rising 25% from April, CME up 34.1% and Thomson Reuters up 12.6%. All three platforms report ADV in excess of $100 billion for the third time this year, a feat last achieved in June 2015.
Early ADV Reports Suggest Strong Trading Activity in May May was a good month for OTC FX platforms, judging by the first set of venues to report trading volumes. GTX’s ECN and SEF set a new monthly ADV record of $16.8 billion, beating the previous record of $16.1 billion set in February this year and up from $13.3 billion last month. Elsewhere, GTX’s monthly volume of $385.5 billion surpassed the previous $322.7 billion, also set in February, and the venue bested its previous daily record volume five times in May, registering a new high of $26.8 billion on one of these days. These figures mean that both total monthly volumes and ADV on the GTX ECN and SEF were up 56% year-on-year in May.
Deutsche Börse Adds GTX to Stable Deutsche Börse has further built out its OTC FX business with the announcement that its 360T unit, which is responsible for foreign exchange at the firm, has agreed to acquire the GTX ECN business from Gain Capital for $100 million – the deal is expected to close in the second quarter of 2018. The exchange group says, to reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.
LMAX Digital Unveiled LMAX Exchange has launched what it says is the first physical cryptocurrency exchange dedicated to serving only institutional clients. LMAX Digital, which will support bitcoin, ether, litecoin, ripple and bitcoin cash, at the request of existing institutional clients who the firm says desired a credible, efficient and trusted platform on which to trade digital currencies with like-minded institutions. “We are furthering the legitimisation of the cryptocurrency market by offering institutions a platform on which to acquire, trade and hold cryptocurrencies securely with high quality, deep liquidity,” says David Mercer, CEO of LMAX Exchange.