IS Prime Extends Liquidity Partnership with Integral

IS Prime has extended its multi-asset liquidity distribution through a partnership with Integral. IS Prime’s FX and index swaps liquidity is now available through Integral’s OCX platform. Index swaps are IS Prime’s proprietary product, delivering pricing and execution on indices and commodities globally. “IS Prime is an exciting addition to the Integral OCX marketplace and […]
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Primary Venues Hit Lows; Confirm April FX Slowdown

Data from three primary venues in the FX market confirms numbers from last week suggesting that turnover in April slumped, with one reporting an all-time low in activity and two others the quietest month since 2016. Refinitiv reports average daily volume of $81 billion across its FX spot offerings, a 16.5% drop from March and […]
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Platform Volumes Plummet Amid Low Volatility

The average daily volumes (ADV) on Cboe FX, FXSpotStream and Euronext FX in April were down 18.2%, 15.3% and 23.8%, respectively, compared to March. This sizable drop in volumes does not come as a surprise given the low market volatility last month and anecdotal evidence that suggested trading activity was subdued. The ADV on Cboe […]
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Refinitiv Migrates Matching to New Data Centre

Refinitiv has migrated its spot and forward matching to a new primary data centre, Equinix Slough LD4, with Equinix New Jersey NY4 as the secondary centre. The firm says the enhancements significantly improve market data feed and round trip latency for clients while subsequently reducing complexity and cost in connecting to Spot Matching. Furthermore, it adds, […]
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Three Senior EBS Managers to Step Down

Three senior executives at EBS are to leave the company as part of the previously announced plan to streamline the combined CME/EBS business following the exchange group’s takeover of certain assets of NEX Group last year. Informed sources confirm that Jim Iorio, global head of FX sales at EBS will leave the firm in the […]
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Exclusive: 360T Looks to Drag FX Swaps Trading into the 21st Century

As 360T prepares to go live with a new electronic marketplace for banks trading FX swaps, Galen Stops takes a look at the details behind the launch. “There’s been zero innovation in the FX swaps space for 20 years,” Simon Jones, chief growth officer at 360T, tells Profit & Loss. “So we decided last year […]
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Who Are the Potential Buyers of Refinitiv?

n October 2016 Profit & Loss published an article: “Who Are the Potential Buyers of NEX?” This time around, Galen Stops applies the same type of analytical treatment to Refinitiv.In October 2018 a consortium, led by the private equity firm Blackstone, concluded a deal to acquire 55% of the equity in Thomson Reuters Financial & Risk (F&R) business, now rebranded as Refinitiv. No one in the market is under the illusion that Blackstone intends to maintain its ownership of Refinitiv, least of all the staff that work there.
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ParFX: More of the Same

I n 2010 the FX Pure initiative was launched, which recognised that there were participants in the market that were getting a systematic advantage by using platforms that allowed them to get an advantage just by being fast. In addition, there were a number of other factors that formed an important part of the project; trading and pricing transparency and creating a trading platform with fairness and equality at its core. In 2013, the FX Pure initiative resulted in the launch of ParFX and now, almost 10 years on from the original inception of the idea, Roger Rutherford, the COO of ParFX, insists that the model and its underlying principles are as relevant today as it’s ever been.
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Exchanges in FX: A Game of Musical Chairs

In recent years, large exchange groups have been lining up to buy OTC FX platforms. But in this game of musical chairs, what happens to the venues without a buyer when the music stops? Galen Stops reports.One of the major trends in the multi-dealer platform space in recent years has been the acquisition of these platforms by larger exchange groups. Hotspot was the first to go after it was bought by BATS Global Markets in 2015, which in turn was then acquired by Cboe Global Markets in 2017 and the FX platform was rebranded as CboeFX.
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Currenex and FX Connect: An Aggressive Roadmap

2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.
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