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QuantHouse Adds Fenics US Treasuries 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.
JP Morgan Makes Algo Central Available Via Bloomberg JP Morgan has made its execution services tool for FX algos, called Algo Central, available on the Bloomberg App Portal.Bloomberg Terminal subscribers globally can access the Bloomberg App Portal, so by making Algo Central available on the portal, JP Morgan is offering additional choice of where its clients can access its FX algo execution tools. Algo Central, previously only available via the JP Morgan Markets Execute platform, provides access to the firm’s pre-trade, real-time, and post-trade analytics and allows investors to manage multiple algo strategies simultaneously.Richard James, co-head of macro markets execution at JP Morgan, says:
Digital Vega Makes Two Senior Hires Digital Vega hired Simon Lewis as head of interdealer solutions and Romain Camus as head of exotic options.Prior to this role, Lewis spent 20 years at Tullett Prebon, building an exotic options desk from scratch and ultimately being appointed as global head of FX options until leaving the firm in 2016.Camus joins from VTB Group, where he was executive director, head of FX structuring. He previously worked at Goldman Sachs and Deutsche Bank as a structurer. "We are very pleased to welcome Simon and Romain to our growing team. They bring extensive domain knowledge, many years of experience working in our core markets, and valuable contacts that will help to fuel our development,"
RBA Report Casts the Net Wide in Seeking Flash Crash Answers A report in the Reserve Bank of Australia’s Statement on Monetary Policy looks at the flash event in FX markets on January 3 when the yen appreciated some 3% in a matter of seconds before falling back, but fails to discern a single factor behind the move. Citing the fragmentation of the FX markets across an increasing number of different platforms, the RBA says “it is difficult to draw firm conclusions on the cause of the flash event”, adding that three factors are likely to have contributed to what it terms the “brief deterioration in market conditions”.
FX Options Streaming Added to KACE Platform 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."
Refinitiv Reappointed as Malaysian Benchmark Agent Refinitiv has been re-appointed by Bank Negara Malaysia as the calculating and distribution agent for the industry interest rate benchmark, Kuala Lumpur Interbank Offered Rate (Klibor). As the official indicator of conditions in the interbank money market in Malaysia, Klibor offers market participants from both buy-side and sell-side a reliable reference for various investment and product uses, such as portfolio valuation and compliance reporting. Introduced in 1987, the rate refers to the average interest rate at which term deposits are offered between selected banks in the Malaysian wholesale money market or interbank market. Klibor rates give market participants an indication of market rates for the trading day. In particular, they are used as reference for diverse financial products including interest rate swaps, options, futures and structured products both within and outside Malaysia.
LMAX Exchange Adds Credit Intermediation Solution 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.
Dennis Exits SG Maxine Dennis has left her position as senior FX trader at Societe Generale/Newedge. She had been at the firm for more than five years, having joined from a short spell with Alpari (UK). Dennis has spent more than 30 years in FX trading, prior to Alpari she took a career break after spending four years at Citi in London on the FX spot desk trading EUR/USD, Cable and USD/JPY. Prior to Citi she was at UBS in London for nine years, most latterly as a director trading G10 currrencies. She joined UBS from a five year trading career at Fuji Bank.
Former UBS Trader Fined by US Court for Spoofing A US District Court in Connecticut has issued a Final Judgment and Consent Order against Andre Flotron, a former precious metals trader for UBS, requiring him to pay a $100,000 civil monetary penalty for spoofing and engaging in a deceptive or manipulative scheme through his spoofing in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. The Order also imposes a one-year trading and registration ban. Flotron was one of eight traders from three institutions charged by the Commodity Futures Trading Commission (CFTC) over a spoofing scheme.
Competition Comes to the Volatility Index Market Miax Options has unveiled plans to launch volatility trading on the Spikes Index, thus, it says, “marking the end of exclusivity in the volatility market. The firm will list and trade cash-settled options on Spikes, a measure of the expected 30- day volatility in the SPDR S&P 500 ETF (SPY), the most actively-traded exchange traded fund in the world. Spikes was created by T3 Index, a research-driven financial indexing firm, as part of a partnership with Miax Options’ parent holding company, Miami International Holdings.