The Real Revolution: Data and the FX Market

From origination through trading to settlement, Colin Lambert argues that data has revolutionised the foreign exchange industry more than any other single factor. “Even 10 years ago I probably heard the word ‘data’ once a month,” says Kate Lowe, head of trade services at State Street. “Now? It’s 40 times a day. As an industry […]
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FX and the Big Bang Theory

As electronic trading went mainstream, it created an explosion of growth in the market. But has this growth run out of steam? Galen Stops takes a look. The Big Bang Theory – in addition to being a popular American sitcom – is a well-known scientific thesis that posits the universe started with a small singularity […]
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The 20 for 20 Countdown – Part One

It’s been a busy 20 years since Profit & Loss launched. Colin Lambert and Galen Stops have picked out 20 key events or trends during that time and asked senior industry figures for their perspective on them – here’s numbers 20-16. 20. A New Currency for a New Era While the big event of 1999 […]
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Atlas Bank Eyes a New Model for FX Clearing

Galen Stops takes a look at how Atlas Bank is taking a new approach to prime banking and clearing processing in Latin America’s FX markets. Atlas has been around for quite some time now, and in fact has a long history in the FX industry. The group initially formed in 1994 with the launch of […]
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Analysing oneZero’s New Investment

A decade after launching, oneZero secured new outside investment this week. Galen Stops takes a look at the logic behind this deal for all the parties involved. Earlier this week, Lovell Minnick Partners (LMP), a private equity firm focused on investments in the global financial services industry, completed a minority investment in oneZero Financial Systems. […]
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Analysing the Implications of Citi’s FXPB Cull

The news this week that Citi served a 90-day notice to the largest non-bank market making firms in FX – including Jump Trading, XTX Markets, Virtu Financial, HC Technologies and, at an earlier point in time, GTS – that it is no longer willing to offer them FX prime brokerage (PB) services, certainly got tongues […]
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Trading Firms Cry “Last Look” in the Futures Market

As a futures exchange proposes a new speed bump mechanism, a number of market participants are coming out in opposition to it. Some of the arguments they’re making will sound familiar to those in the FX markets, says Galen Stops. On February 1 the Intercontinental Exchange (ICE) put the cat amongst the proverbial pigeons by […]
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Flow Traders: Standing Out from the Crowd

Robbert Sijbrandij, head of FX at Flow Traders, talks to Galen Stops about why he thinks there’s still room for more non-bank liquidity providers in the FX market.Dutch proprietary trading firm, Flow Traders, has spent the past two years building out its FX business line. The firm trades in the region of €750- €800 billion of ETFs per year, of which roughly two-thirds has an FX angle, meaning that Flow Traders was already doing in the region of €2-3 billion of FX on a busy day before they decided to become a liquidity maker in FX.
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FX: Going Back to its Roots?

Much has been made of the struggles of speculators to make money in FX in recent years. Colin Lambert takes a look at data that suggests speculators are on the decline, and hedgers on the rise – and he sees some good news for the banks in this, if they can stay one particular course. Spot FX is “over-broked” to use the market vernacular – there are so many market makers, many of whom are recycling liquidity, that differentiating oneself in this market is extremely difficult unless you are either at the very quick end of the spectrum or are handling plenty of large tickets that require care around the execution.
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BNY Mellon Takes the Next Step in Its FX Build-Out

Key to the announcement made today by BNY Mellon that it is launching an FX options desk is that the bank believes that this represents the next step in its transition to a “full-service” FX franchise. “We’re transitioning from a custody FX business to a more traditional full-service FX provider,” Adam Vos, global head of FX at BNY Mellon Markets, tells Profit & Loss. “As such, FX options was a key deliverable along this journey because it means that we can now meet more of our client’s trading and hedging demands. It’s very important that they no longer have to go somewhere else for this activity, they can trade options - as well as other products – directly with us.”
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