Tag: Brokerage

Brokerage

FCA Fines Tullett Prebon for “Ineffective Control” of Brokers

The UK’s Financial Conduct Authority (FCA) has fined Tullett Prebon, now part of TP Icap, GBP 15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. In spite of the latter statement, because […]

And Another Thing…

Those of you who trade with US stockbrokers may have noticed that over the past week trading via the major brokerages (with the exception of Fidelity) has become “free” as these firms eradicated brokerage from their business models. The impact on these firms’ share prices, ironically, was they were clobbered as a result of them […]

Tradition Revamps its Market Data Business

Tradition has its revamped its market data and information services division, TraditionDATA, which will now offer more flexible data packages. The brokerage firm spent 2018 restructuring its market data business, which included the appointment of a new executive management team led by Scott Fitzpatrick, a rebranding of the business, modifications to its pricing model, adding […]

And Another Thing…

This column comes with a warning as I am getting increasingly grumpy with attitudes to FX market price action. You clearly can’t please everyone, but how can someone complain – as they did to me this week – that what we have seen in sterling this week was “the wrong kind of volatility”? Luckily I have this column to let off steam so let’s do that – with a take down of the model that has turned FX traders into glorified brokers.

Dinosaur Launches New FX Service

Dinosaur Financial Group (Dinosaur), a broker-dealer and subsidiary of Dinosaur Group Holdings, has launched a new global FX trading service.

Through this service, Dinosaur will provide the option of electronic or voice trading for FX spot, forwards, swaps, NDFs, options and deliverables.

Glenn Grossman, founder and chairman of Dinosaur, based in New York, says: “We are pleased to announce our new FX service. With tier-1 banks increasingly ‘derisking’, we find ourselves at an evolutionary point for Dinosaur, and our clients are looking to us to provide a wider range of services.

And Finally…

Less than two weeks ago I discussed platforms raising brokerage rates and made the observation that “I don’t see why FX market participants shouldn’t pay a small amount more brokerage given the level of investment by several platform providers over the last year or two”. I also observed that if customers do complain about higher brokerage then the providers will at least know that they care little about the level of service they are getting as long as there is a price and the bro is low.
Well, I can report that early feedback is that I was dead wrong on the first and spot on with the second!

And Another Thing…

The world is all about keeping the customer happy and that is not always the easiest thing to do – they are such irrational things sometimes! Aside from such matters, two news items this week have piqued my interest – not only do they mean that Thomson Reuters can have a long hard look at its FX business, but we will also find out if customers really do care more about market quality than they do the brokerage bill that arrives every month!

NEX to Raise Brokerage

NEX Markets has raised brokerage on its Select and Direct platforms following last year’s release of NEX Analytics and what Tim Cartledge, head of FX at NEX Markets, terms, “a range of improvements” to the platform including better aggregation logic and sweeping capabilities.
Notification of the price rise is understood to be going out in Europe this week with the rise to come into effect in April, it will also apply in Asia and the Americas in coming months as the new functionality is embedded in those regions.