Tag: FX Connect

FX Connect

State Street FX Platforms Get MTF Approval

State Street says it has received approval from the UK’s Financial Conduct Authority (FCA) to operate its FX Connect and Currenex platforms as multi-lateral trading facilities (MTFs) for foreign exchange within the jurisdiction of MiFID II.
Both platforms will now operate as MTFs and be upgraded to be compliant with MIFID II upon implementation in January 2018, State Street says.
For institutions that fall under the MiFID II regime in Europe, “financial instruments” can only be traded on the new MTFs.

The FoXy’s: Profit & Loss Readers’ Choice Awards

Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.

Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results. The industry’s changing dynamics are starting to show.

Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.

Kidd Exits State Street

Profit & Loss understands that Andy Kidd has left State Street Global Exchange where he was regional head of FX Connect, the bank’s electronic solution for asset managers.
Kidd had been with the State Street group for six years, joining the firm as part of its bank relationship team in the e-exchange solutions business which covered FX Connect as well as Currenex, the trading platform also owned by State Street.
Prior to State Street, Kidd spent two years at Eurobase Banking Solutions in London, he joined the firm from a long banking career.

ITG Integrates TCA Tool Into FX Connect

ITG’s transaction cost analysis (TCA) product for FX is now integrated into the FX Connect trading platform.

This means that institutional investors on the platform can now use FX Connect and ITG TCA for FX to measure and analyse their FX trading to help demonstrate best execution.

The TCA product combines dealer, ECN and interbank market sources to provide a analysis covering spot, forward, swap, NDF and NDS transactions.

“Accurate FX trading data is the foundation of effective FX TCA analysis. The seamless integration of a client’s data from FX Connect to ITG TCA combines our deep FX analysis capabilities with robust data from the best-in-class platform for complex foreign exchange workflows. This creates an easy to use, powerful and flexible solution for institutional traders,” says Ian Domowitz, managing director and head of analytics at ITG.

SimCorp Adds Netting Capabilities Via FX Connect

SimCorp says it has enhanced its existing partnership with FX Connect to provide SimCorp Dimension users with full foreign exchange netting capabilities.
SimCorp leverages FX Connect’s cross-currency netting capabilities to enable its clients to block, net and subsequently compress large, multi-currency, multi-value date blotters.
With integration to the order manager module of there firm’s Dimension, SimCorp’s clients can access an automated end-to-end FX execution process, which allows them to create operational efficiencies while at the same time reducing trading costs.