Icap and Wind Add Treasury, Spot, Data to Service

Chinese financial data provider Wind Information, has extended its joint service with Icap Information Services to provide market data that includes real-time US Treasury pricing and global FX spot rates. Following the partnership signed in early 2015 between the two parties to provide offshore Chinese renminbi (CNH) and end-of-day US Treasury data in China, the new offering now includes real-time benchmark data for US Treasury yield curves. Together with the data already available, Wind Info's client base can now gain access to timely, accurate data via the Wind terminal to enable more accurate price discovery and pre-trade analysis.
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Expecting the Unexpected in FX

The now infamous “SNB Day” forced a number of FX market participants to re-assess some of their long-held assumptions and business practices. As liquidity evaporated fresh concerns were raised about the lack of risk taking experience and appetite amongst some sell side institutions and the impact of technology on liquidity in stressed market conditions. As some firms reportedly attempted to re-paper certain trades it also added fuel to the ongoing debate about whether or not the practice of last look still has a place in the modern FX market. This is debate that has continued to rage on, notably at a very lively debate at Profit & Loss’ Forex Network New York conference in May.
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Concerns Remain About Algo Adoption in FX

When discussing the future of the FX industry finding consensus amongst market participants about what the market will look like and how it will function can be challenging. Yet one thing that appears to be broadly agreed upon is that the use of algorithms for executing trades is likely to continue growing in the coming years, as technology continues to evolve and firms look for new ways to minimise their market impact when trading. Indeed, the use of algos is often prescribed as the answer to a market where it is becoming harder to execute in size and buy side firms are increasingly concerned about this issue of market impact.
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Firms Launch FX Consulting Service

Institutional FX Advisory Partners (IFXAP) is partnering with ITG Analytics to bring the latter’s FX TCA product to middle-tier asset managers and pension funds in Europe. The new consultancy service will review the complete FX transaction lifecycle to ensure an efficient and transparent process, and, the firms say, seek to minimise cost and risk and maximise portfolio performance. The consultancy covers the entire FX trade lifecycle, including use of third-party trading platforms, data delivery and connectivity, assessment of pricing and service provided by FX dealers, evaluation of front and back office process efficiency, and monitoring of execution costs using ITG’s FX TCA.
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CLS Volumes Ease in July

The average daily input volume of instructions submitted to CLS, combining the settlement and aggregation services, fell 9.7% month on month in July, standing at 1,050,046. However, year on year volumes were less changed, decreasing by just over 1.7%. Meanwhile, the average daily input value submitted to CLS in July 2016 was $4.69 trillion, falling […]
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More Platforms Report July Volume Decline

Thomson Reuters, FX Spotstream and FXCM have all reported a month-on-month decline in FX average daily volume (ADV), however the latter two are up on a year-on-year basis. Thomson Reuters says spot volumes across its platforms was $97 billion per day, 8.5% lower from June and 4% down from July 2015. Other volume was $262 […]
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Virtu Sees FX Revenues Fall: Signs Deal with JPM

Virtu Financial has signed a three year deal with JP Morgan to provide technology and market access to the dealer-to-dealer US Treasury market. “I am very pleased to announce that we have partnered with JP Morgan on an initiative to marry our proprietary systems and order routing with JP Morgan’s trading experience through a technology […]
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Platform Volumes Fall Back in July

The first batch of trading venues to provide turnover data indicates that trading volumes in July, perhaps inevitably, retreated from the Brexit-inspired heights of June. HotspotFX reports average daily volume (ADV) of $26.25 billion in July, down 9% from June’s $28.8 billion. The platform has demonstrated year-on-year growth, however, with ADV up 11.5% from July […]
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