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CloudMargin Connects to DTCC Euroclear CloudMargin and DTCC-Euroclear’s GlobalCollateral unit have entered into an agreement to connect CloudMargin with the latter’s Margin Transit Utility.
Digital Currency Exchange Gets $100m Investment Digital currency exchange, Coinbase, has raised $100 million in Series D funding. The round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Founded in 1980, IVP has invested in more than 300 companies, 106 of which have gone public. Notable IVP investments include companies such as Dropbox, Netflix, Twitter, Slack and Snap. “Coinbase experienced unprecedented growth over the last year, and we have now exchanged over $25 billion of digital currency for our customers. We’ll be using this new funding to continue scaling even further,” says Brian Armstrong, co-founder and CEO of Coinbase, in a blog announcing the news.
NEX Unveils EMIR RTS Rewrite Solution NEX Regulatory Reporting has launched a new solution to support the EMIR Regulatory Technical Standards (RTS) Rewrite. Due to come into effect on 28 October 2017, ESMA’s EMIR RTS Rewrite aims to improve the transparency of the OTC derivatives market and reduce associated risks such as the mandatory clearing of some asset classes and the attribution of collateral against open positions, posted to secure these positions. Nex Regulatory Reporting has added the EMIR RTS Rewrite solution to its Global Reporting Hub.
XTX Markets Commits to Zero Hold Time on Last Look XTX Markets says it is now operating a ‘zero hold time’ (ZHT) model in its application of last look to its FX counterparty businesses. The firm says it is in response to market structure changes and is in accordance with the principles of the recently published Global FX Code. Effectively XTX is removing a latency buffer that is applied in the last look window. Under a latency buffer the trade request is held for a brief, prescribed time delay before the price check is performed.
Cobalt Closes Investment from Former Deutsche COO Cobalt, the FX post-trade processing network based on shared ledger technology, has closed an investment from Henry Ritchotte, the former COO of Deutsche Bank, who will become a member of Cobalt’s strategic advisory board. Ritchotte spent over two decades at Deutsche, where he was a member of the management board and Group Executive Committee acting as chief operating officer and chief digital officer. Since leaving the bank at the end of 2016, Ritchotte established RitMir Ventures, a principal investment firm focused on investing in products and services transforming finance through disruptive regulatory and technology driven business models.
TNS Adds Managed Service to Frankfurt Data Centre Transaction Network Services (TNS) has added a new managed hosting co-location and connectivity service in Frankfurt’s FR2 data centre.
It’s Happened: Bitcoin Has a Hard Fork The bitcoin blockchain has officially forked, meaning that a subset of bitcoin miners have started to operate a different software to create a new blockchain, but one that shares a transaction history with bitcoin. This means that where once there was just bitcoin, a single, decentralised digital currency, now there will also be “bitcoin cash”, which shares the same historical blockchain as the original bitcoin but will now diverge from it. This fork in the original bitcoin blockchain to create this new version of the digital currency is the result of a long-running dispute about how the blockchain should operate, which Profit & Loss has previously covered.
Hai Cloud Exchange Partners Thomson Reuters for FX Haier Financial Holdings’ subsidiary, Hai Cloud Exchange (HK), has announced a strategic collaboration with Thomson Reuters, under which the latter will provide Hai with a suite of FX trading and platform solutions, including the firm’s Elektron Real Time (ERT), Enterprise Platform (TREP), and FXall on Electronic Trading. Hai Cloud Exchange has initiated a 24 hour price streaming on Thomson Reuters platform FXall since 2016 and the firms say the new collaboration will provide an advanced, secure, and effective trading platform that enables Hai Cloud Exchange to provide clients with FX products faster and easier.
TR Updates Trading Desktops Ahead of Mifid II Thomson Reuters (TR) has updated its FXall and FX Trading desktops to ensure clients trading its Multilateral Trading Facility (MTF) will remain fully compliant with the upcoming MiFID II requirements. The enhancements will enable TR to add MTF-support for FX forwards, swaps, NDFs and options trading on FXall, as well as continue support for swaps trading on Matching. The company says this enables users to remain complaint with the new MiFID II execution requirements for FX derivatives that will take effect in January 2018. TR has now begun the transition process for customers to its enhanced MTF and is releasing new interfaces to both FXall and FX Trading that accommodate new data fields, as well as improve post-trade STP feeds to assist customers with reporting and record-keeping requirements.
Integral Enhances OCX Integral has announced new enhancements to its Open Currency Exchange (OCX). The new features include ultra-low latency hardware upgrades providing 80 micro-second roundtrip acknowledgement time, integration with its BankFX, MarginFX and InvestorFX offerings, and the addition of advanced algorithmic trading technologies integrated into the exchange. These enhancements are delivered through the new OCX trader application and FIX API that allows unified access to liquidity, passive order placement, and algorithmic trading in a single user interface. Integral says OCX is directly cross connected with more than 250 liquidity sources supplying more than 2,800 market making streams in NY4, LD4 and TY3. In addition, many of its BankFX and MarginFX customers make markets in local currencies through the OCX network.