Broadway Technology is extending its full software stack to support firms trading cryptoassets.
“We’re basically taking our entire software stack - which is already asset class agnostic - and making it available to both buy side and sell side firms that are trading cryptos. Fundamentally, what we’re trying to do is provide institutional market participants with much better software and access to what is a pretty volatile and challenging space for them to trade in,” explains Tyler Moeller, co-founder and CEO of Broadway.
This software stack can be used to power a firm’s entire risk management, trade management and e-commerce capabilities - meaning that it can be used for order routing, algo execution, quoting prices, hedging and risk and credit management.
Thomson Reuters (TR) announces the expansion of its sentiment data offerings to track the top 100 cryptocurrencies through its partnership with MarketPsych Data, a firm that focuses on quantitative behavioral science.
The new MarketPsych Indices (TRMI) package uses machine learning and natural language processing to measure a breadth of emotional and topical items across news and social media sites that may drive market participant behaviour in cryptocurrency markets. The firm claims the addition is notable because online communications and information flow are more significant drivers of cryptocurrency value than they are for traditional financial assets.
The financial services industry is spending about $1.7 billion per year on blockchain, according to a new report by Greenwich Associates.
The report, based on 200 interviews with market participants covering blockchain budgets, team sizes, use case exploration, key challenges and other issues, concludes that banks and other firms are moving beyond the proof-of-concept stage and starting to roll out commercial distributed ledger technology (DLT) products.
The study results show that blockchain budgets increased 67% last year, with one in 10 of the banks and other companies now reporting blockchain budgets in excess of $10 million.
Currenex is shifting the focus of its white label business to increasingly target regional and mid-tier banks, citing a number of broader industry-wide trends for this change.
Traditionally, Currenex has focused on selling its institutional grade technology infrastructure to brokerage firms, which then re-brand it in order to provide FX trading services to their own customers.
The most recent example of this is the institutional platform launched by the retail broker Oanda at the start of May, which will utilise a branded version of Currenex’s HTML trading front-end.
SmartStream Technologies has launched a new innovation team tasked with creating solutions using artificial intelligence (AI), machine learning (ML) and blockchain technologies, in the areas of reconciliations, cash management, and fees and expense management.
“Highly skilled members of the team include mathematicians, applied data scientists, computer scientists and PhDs, who will focus on the deployment of AI/ML and blockchain models with financial institutions. This includes evaluating optimal AI/ML modelling, data interpolation, running tests, implementations and analysing how AI processes best work within the current product environment by monitoring achievements and optimisation of processes, to enable better business outcomes,” the firm says in a release issued today.
CLS has made a strategic investment in R3 and is planning to explore how Corda, R3's enterprise blockchain platform, can be deployed to improve efficiencies for its members.
David Rutter, CEO of R3, comments: "CLS is critically important to the functioning of one of the most important markets in the world. It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster, easier, safer and more cost-effective for the end user. CLS's investment is testament to Corda's position as the enterprise blockchain platform of choice for the financial services industry. We look forward to working with them."
AirSwap, a decentralised global marketplace for Ethereum tokens (ERC20), launched its peer-to-peer platform on April 25th, and saw $1 million worth of trades made over the platform within the first 24 hours.
AirSwap is a blockchain-based search engine that comprises a bulletin board that uses software known as smart contracts to facilitate direct, peer-to-peer trading of tokens on the Ethereum blockchain.
In 2017, AirSwap developed and released its core technology followed by a $36 million token sale using the platform, led by co-founders Don Mosites and Michael Oved, an algo trader previously at Virtu Financial. Advisors to AirSwap include veteran investor Michael Novogratz, venture capitalist Bill Tai, and co-founder of Ethereum, Joe Lubin.
Commerzbank and German corporate Thyssenkrupp say that this week they traded an FX forward with the transaction being instantaneously replicated in a Blockchain successfully.
The use of Blockchain completely eliminates the need for a manual or semi-automated reconciliation between the client and the bank, thereby drastically reducing operational risks in FX transactions, the firms say.
The deal was in a one month EUR/PLN in EUR 500,000, and was initiated by Thyssenkrupp using FX Live Trader, Commerzbank’s FX trading platform. The deal confirmation was sent to Thyssenkrupp directly via Corda, a distributed ledger designed for finance by the R3 blockchain consortium.
Trading firm XTX Markets’’ Singapore entity is building a new FX pricing and trading engine which will go live in Equinix’s Singapore SG1 data centre in June 2018.
XTX says it believes that the SG1 build-out will enhance the e-FX trading experience for XTX’s counterparties in the region and in turn, help increase participation rates and volumes for e-FX activity conducted within Singapore to benefit the regional FX market ecosystem.
“Under the Financial Services industry transformation map (ITM) introduced in October 2017, MAS aims to enhance the e-FX trading infrastructure to improve market transparency and facilitate price discovery of FX trading in the Asian time zone,” says Alan Yeo, executive director, Monetary Authority of Singapore (MAS).
MarketFactory has released its new software product, Reflector, a pre-trade risk management service for banks, prime brokers and funds to help ensure trading limits are never broken.
The firm says that Reflector addresses the need for risk management software that eliminates installation for the client, works with any FIX API, and monitors and balances all limits and positions across all trading venues. Additionally, it checks all orders pre-trade with a latency impact under three microseconds 99.999% of the time and supports over 60 trading venues.
“Runaway algorithms or simply breaking a limit remain a major risk in an increasingly complex market,” says James Sinclair, executive chairman of MarketFactory. “We are very excited to see the positive impact that Reflector has for our customers. This includes both ensuring limits will be not be breached and allowing more efficient use of available credit.”