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New Platform Promises to Solve “Major Problems” in Cryptocurrency Markets Hong Kong-based OpenANX, a new real-world application of decentralised exchanges built on the Ethereum blockchain, says it has developed key technical aspects that will tackle two major problems in the cryptocurrency space – the barrier to entry for new cryptocurrency users, and risks associated with many transactions. The new platform says it will allow new market entrants to easily enter the space and to understand their exposure to risk on any potential deal, a feature that’s lacking in current exchanges.
Curex Rolls Out Microsecond Timestamps Cürex Group is introducing microsecond timestamp confirmations for its clients’ trading activity. In a release issued today, the firm says that the rollout underscores the firm’s mission to support the best execution standards required under Mifid II, which will take effect in January 2018. In addition to these timestamp confirmations, the post-trade analytics allow its customers to “walk the book” backward and forward by the microsecond to study the market before execution and after to try and gain deeper insight into their trading impact.
Sucden Implements SmartTrade’s FX Platform Sucden Financial has implemented SmartTrade Technologies’ fully hosted FX solution, LiquidityFX. LiquidityFX will provide Sucden with connectivity to multiple liquidity providers, aggregation, order routing, pricing and distribution, as well as a fully integrated order management system. SmartTrade is also providing Sucden with its LiquidityFX credit margin module, which is designed to allow end clients to trade larger amounts and leverage their cash margin while enabling Sucden to monitor and manage their risk coverage in real time. “SmartTrade were well placed to provide us with the necessary tools to help us accomplish our expansion plans.” comments Wayne Roworth, co-head of e-FX at Sucden.
Redline Supports Thomson Reuters Feed Redline Trading Solutions has announced a new InRush feed handler for the binary multicast feed now being rolled out on the Thomson Reuters FX Matching platform. “Over the last few years, electronic trading in foreign exchange has moved into the sweet spot of Redline’s ultra-low latency trading solutions,” says Mark Skalabrin, CEO of Redline. “Our liquidity aggregation becomes even more effective at assuring best execution in FX trading as liquidity providers like Thomson Reuters and EBS introduce faster market data technologies,” he adds. Redline’s foreign exchange trading solution now supports over 40 distinct FX feeds. This breadth has been expanded with recently released interfaces for FX liquidity providers that include Cürex FX (ECN), Integral’s Open Currency Exchange (OCX), and Moscow Exchange (Moex).
Hold On: The Bitcoin, Ethereum Rollercoaster Goes Full Throttle It seemed, not for the first time, like the cryptocurrency bubble had burst yesterday, when the price of Bitcoin tumbled 22% and Ether – Ethereum's native cryptocurrency – similarly dropped 23%. As Profit & Loss previously reported, these cryptocurrencies – the largest two available by market capitalisation – have been trending up rapidly in 2017, reaching record highs at the start of June. Yet Bitcoin went from a valuation high of $2,823 on Wednesday to a low of $2,189 on Thursday, according to data from Coindesk. Likewise, the data showed that the price of Ether dropped from $395 to $303 over the same period of time.
TransFICC Gets Singapore FinLab Boost TransFICC, which was established last year to provide connectivity solutions for the fixed income and derivatives markets, has been selected to join Singapore’s FinLab accelerator programme. The programme – a joint venture between United Overseas Bank (UOB) and SGInnovate – is designed to help selected fintech start ups validate their business assumptions and product-market fit, improve their business and revenue models, and at the same time get access into investor and resource networks that will be crucial to their future growth and expansion.
Thomson Reuters Joins Forces with Symphony Thomson Reuters (TR) and Symphony Communication Services have announced a partnership that will enable market participants to share information from Eikon such as charts, news and data via Symphony’s messaging and collaboration platform. The integration is slated to be available later this year. Users who have both Thomson Reuters Eikon and Symphony will be able to share Eikon content directly through the Symphony messaging and collaboration platform. If the recipient also has Eikon, then they are able to share live data, news and charts to support dynamic, real-time collaboration. The integration will leverage both Eikon and Symphony open APIs.
Northern Trust Launches FX Algo Suite Northern Trust has launched a suite of FX client execution algorithms, aimed at allowing clients to manage their FX exposure with an enhanced level of control and transparency. Dan Torrey, global head of FX e-commerce sales at Northern Trust, says that previous trends amongst Northern Trust clients currently utilising its algo suite suggest that many of them will focus on using TWAP algos to minimise market risk/impact on larger orders, while attempting to benefit from the greater transparency that is offered by the bank’s post-trade execution reporting.
NEX Utilises Duco Cube for MiFID II Solution NEX Regulatory Reporting and Duco, a provider of self-service data normalisation and reconciliation services, have announced that Nex Regulatory Reporting is to use Duco’s technology to provide MiFID II reconciliation to its clients. Reconciliation is a mandatory activity under MiFID II. The joint offering will use Duco’s reconciliation platform, Duco Cube, as a “black box” through its API. As a result, Nex Regulatory Reporting clients will receive a seamless reporting, validation and reconciliation experience for MiFID II through the new integrated user interface.
IFC Makes Investment in LMRKTS International Finance Corporation (IFC), a member of the World Bank Group, has made an equity investment in compression service provider, LMRKTS (Lmrkts). IFC joins lead investor Motive Partners, a private investment firm focusing on technology-enabled companies within the financial services industry, in this investment round. Founded in 2012, Lmrkts provides a compression service designed to enable commercial and investment banks to reduce exposure to each other thereby minimising counterparty risk and leverage costs. The company balances participants' counterparty limits and their risk management objectives with a structured methodology that aims to deliver mutually beneficial results. After years of testing, Lmrkts launched in late 2016, and has compressed over US$2 trillion of notional equivalent in foreign exchange derivatives.