Trading solution provider QuantHouse has announced direct access to the BGC-owned Fenics US Treasuries platform through its FeedOS API and QuantLink network.
Fenics provides buy-side participants with access to cash treasuries via two electronic marketplaces: a central limit order book designed for low latency quantitative and systematic traders and a block book designed for large institutional investors.
The link up means that QuantHouse’s buy-side clients now have access to normalised real-time and historical data to trade the US cash treasuries market, something that was once the domain of the major dealers only.
KACE, a division of Fenics Software, has released an update of its kACE Pro platform that will enable clients to stream FX options prices to internal and external clients, single-dealer platforms, execution venues and third party platforms.Richard Brunt, managing director, comments: "This new release allows our clients to stream FX options prices to internal users, sales teams, wealth managers, or directly to their clients. Our agnostic approach to front-end users means that our clients can distribute their prices via a wide range of channels and venues using a single kACE pricing and dealing engine. We have already successfully deployed this new release with several existing and new clients in Europe and have a strong pipeline to continue this rollout globally in the first quarter of 2019."
LMAX Exchange has announced the addition of a global credit intermediation solution for spot FX trading.
The firm says the solution will benefit regional banks and mid-size financial institutions, who typically have limited bilateral credit relationships with larger global banks active in the institutional FX markets, by facilitating expedited access to LMAX Exchange’s central limit order book liquidity.
BNP Paribas and JP Morgan are working with LMAX as credit intermediaries to facilitate spot FX transactions with institutional counterparties in line with individual client requirements.
Capitolis has announced that Citi and HSBC are the first FX prime brokers to go live on its novation service.The two banks were live in December 2018 and contributed to bringing the service to market alongside Capitolis. The service, called Capitolis Novation, is a technology platform that automates manual workflows in both FX prime broking and bilateral trading, working collaboratively to provide capital efficiencies for the FX market. The service aims to help reduce overall balance sheet notional and risk exposures that banks currently employ to meet their regulatory capital requirements.
Avelacom, a provider of global connectivity and IT infrastructure for financial services, has opened its third point of presence (PoP) in Tokyo. The new PoP is at the AT TOKYO data centre.In the past year Avelacom says that it has seen double-digit growth in new business volumes originating in the APAC region, driven by clients seeking connectivity services between APAC venues and exchanges, as well as to those in Europe and the USA. The firm says that the decision to add the new PoP stems from market makers, prop-trading firms, and investment bank trading desks that have both local and global interests. "Our clients keep asking us to expand our presence in Tokyo, as they desire
Galen Stops takes a closer look at the distributed ledger technology solution that HSBC has deployed for settling FX transactions.One of the long-standing accusations levelled against distributed ledger technology (DLT) within financial services is that it is a solution looking for a problem, an accusation that appears to have gained some weight over the past few years given the vast disparity between the initial level of hype around this technology and the actual implemented use cases for it.Which is why it is significant that HSBC recently announced that it has settled more than three million FX transactions and made more than 150,000 payments worth $250 billion using DLT. If this announcement caught FX market participants by surprise, this is probably because this DLT solution, called HSBC FX Everywhere, has thus far only been used to orchestrate payments across HSBC’s internal balance sheets.
IHS Markit is partnering with Cobalt through its MarkitSERV business to deliver and sell post-trade processing services for FX, and is also making a strategic investment in the firm.“In working together, MarkitSERV and Cobalt will offer a shared post-trade infrastructure designed to replace legacy technology and manual processes, bringing increased efficiency and reduced operational risk to the FX market,” says IHS Markit in a release issued today.The integration between the firms is already complete, with trade data flowing from customers and trading venues via MarkitSERV into the Cobalt platform.
OTCXN, a blockchain-powered capital markets infrastructure company launched a new foreign exchange trading venue, LiquiMatch FX.This ECN is an institutional-only FX dark pool embedded in a lit pool, providing users with multiple trading options simultaneously. With no visible book or ticker, dark pool users will be able to trade without broadcasting their activity to the visible markets, meaning that users should be able to minimise their impact on the market and reduce slippage. When users wish to show their liquidity, they can do so by sending lit orders to the combined book.
B2C2, a cryptocurrency liquidity provider, has launched streaming pricing with point-and-click execution on its OTC platform.For the first time, B2C2’s clients will be able to view and execute trades on a real-time, two-way market via the firm’s secure web interface. The new functionality allows market participants to monitor live pricing in user defined quantities and execute with the click of a button, as they would on traditional FX trading platforms.Speaking to Profit & Loss about the launch, Philip Gillespie, CEO of B2C2 Japan, says: “We were one of the first firms to issue RFQ trading electronically and we already have a web portal where clients can go for trading and settlement. What we have done now is the next step forward, so that when a client goes onto the web-based GUI, not only do they have the RFQ and settlement request, but they can also see continuously streaming, two-way pricing.”
TriOptima has launched triCalculate IM Analytics, a new tool to provide insight into the options for initial margin (IM) calculation, helps with the identification and prioritisation of in-scope counterparties and aids trading decisions to reduce future IM costs, the group says.The service supports organisations that are in-scope for Phases 4 and 5 of the IM requirements, which come into effect in 2019/20. These two phases are anticipated to pull in thousands of regional banks and buy side participants with portfolios above €750bn, and €8bn in notional value, respectively. Those coming into scope are faced with a variety of operational challenges around the calculation and exchange of IM.“With less than a year to go until the next IM tranche, regulators will expect to see tried and tested IM calculation models supported by data well in advance of the September deadline.