Cürex Group has unveiled plans to introduce additional time stamp functionality to its pre-trade analytics platform.
The new capability will allow Cürex’s customers to prove their compliance with the upcoming MiFID II’s mandated pre-trade market check through a time stamp provision, which provides recorded proof that the market check took place before an FX trade was executed.
The time stamp will be included both on each client’s FX trade confirmation and in end-of-day trading reports that Cürex provides to its customers.
RBC Capital Markets has added BestX to the transaction cost analysis (TCA) tools available to its global e-FX clients.
Through an agreement with the independent provider of TCA, the bank says it will be able to provide its buy-side clients with independent TCA alongside its existing TCA offering. The independent TCA analysis will be available to clients executing algorithmic FX transactions and will be provided on a post-trade basis, enabling clients to independently verify the quality of the FX execution received.
Tradair has rolled out enhancements to its full amount execution service, the firm claims the new logic provides “improved fill-ratios and greater execution control”.
Clients are now able to define order size above which execution is against best price from a single full amount LP, define order size below which execution is against best prices from sweepable LPs, and automatically execute at best price from sweepable LPs or a single full amount LP. The latest roll out continues a spate of ‘full amount’ releases.
Global network provider BSO has optimised the speed across its London to Tokyo route.
In a release issued today BSO claims that by consistently enhancing its circuit BSO can help clients can quickly adjust to the continuing electronification of FX markets less than five months out from MiFID II.
“In the fast-paced world of FX, time is literally money. This is why having the lowest possible latency across our leading London-Tokyo route is a must for the international trading community. Every millisecond counts, and with MiFID II just around the corner, the voice to computer-based trading shift is gathering increasing momentum,” says Fraser Bell, chief revenue officer at BSO.
FlexTrade has announced the integration of Dataminr’s global macro news feed into the FlexTrader EMS.
Within the trader's Dataminr account, customised watchlists can be created ensuring that only the most relevant and directly impactful breaking news is delivered. For example, the firm says, within a financial markets search, traders can choose to select alerts based on sub-categories including foreign exchange and fixed income. Watchlists may be created based on assorted criteria, which can include company name, topics (finance, global awareness, general news etc.) and/or industry sectors (banking and finance, insurance, media etc.) to name a few, according to the firm.
Connectivity provider Avelacom is using Metamako, the specialist provider of FPGA-enabled, high-performance networking devices, to accelerate its network processing power and keep latency to an absolute minimum.
The firm says the solution meets the needs of HFT firms and all firms in capital markets for whom latency is critical, allowing them to benefit from the latest technology innovations in data processing.
Avelacom is now live with Metamako’s C-Series network devices (using the MetaMux app, running an Intel Arria FPGA), providing its clients in Aurora Data Centre in Illinois with “substantially reduced latency and true real-time trading capabilities to access CME Group markets”.
ECN provider Fortex and Commercial Network Services (CNS), an online service provider that hosts low latency algorithmic trading systems, have announced the release of an optical fibre cross connect between the companies' facilities in the NY4 Equinix datacenter in New York.
Clients of Fortex can now gain access to the new service and obtain a faster connection to the Fortex infrastructure in the NY4 datacentre. The firm says the VPS (Virtual Private Server) service will be particularly useful to traders who are hosted with Fortex's broker clients and who are looking for the fastest possible connection to the trade server hosted in NY4.
Integral has rolled out specific solutions for MiFID II compliance. The firms says it will deliver its entire platform with services necessary to meet MiFID II requirements including assistance with pre-trade and post-trade transparency, surveillance, TCA, reporting, and record keeping. With many firms now facing a Systematic Internaliser (SI) regime, Integral says they must do “significant” work to implement new obligations around their dealing practices and prove transparent and compliant trading. The firm says it will support SI customers and alleviate much of the regulatory burden of pre and post-trade transparency, transaction reporting, best execution, and record keeping.
Cobalt, the FX post-trade processing network based on distributed ledger technology, has joined the BT Radianz Cloud.
This means that organisations can now access Cobalt’s private peer-to-peer and blockchain services via their Radianz Cloud connections. The Radianz Cloud links a community of thousands of brokers, institutions, exchanges and clearing and settlement houses. Through a single secure network connection, members can access thousands of applications and services from more than 400 providers critical to the everyday running of the global financial sector.
Cobalt deploys distributed ledger technology to try and remove cost and complexity from post-trade processing. It leverages blockchain-derived concepts of encryption, digital signatures and consensus to deliver a single, immutable record for each trade, replacing traditional systems, which often involve duplicated processes. By creating a shared view of trade data, Cobalt aims to free up back and middle office resources from multiple layers of reconciliation, speeding up processing.
BNP Paribas has become the latest bank to formally partner with execution analysis specialists BestX, with the initial focus of the partnership being on the provision of post-trade transaction cost analysis (TCA) on algorithmic FX transactions, which will enable clients to gauge the quality of their execution versus a number of benchmarks.
If the client requests it, details of their algorithmic transactions will be automatically shared with BestX which will in turn will perform its own TCA on the transaction, BNP explains.