Tag: exchanges

exchanges

Deutsche Börse in Talks with Refinitiv Over FX Business

Deutsche Börse Group confirms that it is in talks with Refinitiv regarding the possibility of buying its FX-related businesses. In a statement issued today, a Refinitiv spokesperson confirms that the company is in “ongoing discussions” with the German-based exchange operator for a deal “which could include the divestiture of certain of its FX products”. This […]

In the FICC of It

Galen Stops is back on duty for this week’s In the FICC of It podcast and he and Colin Lambert have a lot to get their teeth into. Starting with a response to Lambert’s question from episode 37 as to why the Cartel were in a chatroom anyway, our podcasters discuss the throwing out of the case against former Barclays’ FX head Robert Bogucki in the US. Staying with that bank, they then discuss a website set up by Barclays’ former head of automated trading David Fotheringhame that is “a public defence of last look”. Listeners will be glad to hear that Lambert doesn’t bang on for too long on one of his favourite subjects, preferring instead to move the conversation onto exchange in FX, with the question, “will scale ultimately win the day?”

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.

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.

LMAX Exchange: Master of Its Own Destiny

“2018 was a transitional year for foreign exchange,” reflects David Mercer, CEO of LMAX Exchange Group. The first thing he points to in order to back up this claim is the impact of new regulations, which changed the way that LMAX Exchange did business in a number of areas. For example, because of Mifid II, it had to separate its brokerage and its Multilateral Trading Facility (MTF) businesses, LMAX Global and LMAX Exchange, respectively. This process largely consisted of vast piles of paperwork as the firm was forced to re-paper clients. In addition, Mercer says that in 2018 there was a reconfigurement of the FX market structure, driven in large part by the FX Global Code and the entrance of larger exchange groups into the OTC market via platform acquisitions.

LMAX Exchange: Master of Its Own Destiny

“2018 was a transitional year for foreign exchange,” reflects David Mercer, CEO of LMAX Exchange Group. The first thing he points to in order to back up this claim is the impact of new regulations, which changed the way that LMAX Exchange did business in a number of areas. For example, because of Mifid II, it had to separate its brokerage and its Multilateral Trading Facility (MTF) businesses, LMAX Global and LMAX Exchange, respectively. This process largely consisted of vast piles of paperwork as the firm was forced to re-paper clients. In addition, Mercer says that in 2018 there was a reconfigurement of the FX market structure, driven in large part by the FX Global Code and the entrance of larger exchange groups into the OTC market via platform acquisitions.

Kraken Buys UK Crypto Firm

Digital exchange group Kraken has announced the acquisition of Crypto Facilities, a regulated cryptocurrency trading platform and index provider.
London-based Crypto Facilities offers individuals and institutions trading on a range of cryptocurrency derivatives and was the first regulated entity to list futures on bitcoin, ethereum, ripple XRP, litecoin and bitcoin cash. The firm also provides a cryptocurrency index, calculating the CME CF Bitcoin Reference Rate that powers the CME Group’s Bitcoin futures. Eligible Kraken clients will gain access to futures on six cryptocurrency pairs.

B2C2 Looks Towards Traditional FX with New Launch

B2C2, a cryptocurrency liquidity provider, has launched streaming pricing with point-and-click execution on its OTC platform.For the first time, B2C2’s clients will be able to view and execute trades on a real-time, two-way market via the firm’s secure web interface. The new functionality allows market participants to monitor live pricing in user defined quantities and execute with the click of a button, as they would on traditional FX trading platforms.Speaking to Profit & Loss about the launch, Philip Gillespie, CEO of B2C2 Japan, says: “We were one of the first firms to issue RFQ trading electronically and we already have a web portal where clients can go for trading and settlement. What we have done now is the next step forward, so that when a client goes onto the web-based GUI, not only do they have the RFQ and settlement request, but they can also see continuously streaming, two-way pricing.”

Cinnober Teams Up with BitGo

Cinnober, a provider of exchange technology, and BitGo, which offers institutional-grade cryptocurrency security, are collaborating to provide solutions to cryptocurrency exchanges.

BitGo’s wallet solution will expand Cinnober’s trading and post-trade platform with the aim of providing an end-to-end, secure, institutional-grade digital asset exchange solution.

Through the collaboration with BitGo, Cinnober claims that it is consolidating its offering to cryptocurrency exchanges in need of a high-performance trading solution to handle increasing market volumes, expectations from institutional investors and requirements from regulators. BitGo’s wallets and custodial solutions include security key management, multi-signature setups, setting of procedures and client-driven policies to ensure assets are held in a highly secure environment.

CTAs Look Towards Crypto Trading

Thus far, despite the hype and excitement around cryptocurrencies, most CTAs haven’t exactly been in a rush to start trading these assets. However, as Galen Stops reports, this might be about to change.

As Cboe and CME both prepared to launch bitcoin futures contracts in December 2017, the price of a single bitcoin roared upwards to peak at over $19,000.

For retail investors, the attraction of this particular cryptocurrency was that the price had been going up all year, having traded at around $985 per bitcoin in January of last year. For professional traders, the attraction of bitcoin was that it was an asset that was actually moving, it was uncorrelated to other assets and therefore offered diversification benefits and, on top of all this, was almost exclusively being traded by retail punters.