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Exchanges in FX: A Game of Musical Chairs

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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

Posted on by

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.

360T: Executing On Its FX Strategy

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2018 saw 360T – part of Deutsche Börse Group since 2015 – make a number of changes to its business, both internally and externally. Internally, there was a significant turnover within the group’s senior management. Alfred Schorno left after 15 years at 360T, with Sebastian Hofmann-Werther replacing him as head of EMEA at the firm; Christian Schuhegger left his role as head of technology and was replaced by Jens Kramer, and Matthew Kuppe changed from having a regional role covering APAC to a product-focused role based in Sydney, with Andrew Jones named as managing director for APAC in his stead. In addition, Jens Quiram (Eurex) was added to the group’s executive board and Vincent Sangiovanni joined as part of the GTX acquisition that was announced in May 2018 and retains responsibility for running that platform. “

360T: Executing On Its FX Strategy

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2018 saw 360T – part of Deutsche Börse Group since 2015 – make a number of changes to its business, both internally and externally. Internally, there was a significant turnover within the group’s senior management. Alfred Schorno left after 15 years at 360T, with Sebastian Hofmann-Werther replacing him as head of EMEA at the firm; Christian Schuhegger left his role as head of technology and was replaced by Jens Kramer, and Matthew Kuppe changed from having a regional role covering APAC to a product-focused role based in Sydney, with Andrew Jones named as managing director for APAC in his stead. In addition, Jens Quiram (Eurex) was added to the group’s executive board and Vincent Sangiovanni joined as part of the GTX acquisition that was announced in May 2018 and retains responsibility for running that platform. “

360T Volumes Up in September

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Deutsche Borse has reported that its foreign exchange business, 360T, handled average daily volume of EUR 75.7 billion in September.
This represents a 10.3% increase on August’s data and the exchange group’s website says it is also a 17% year-on-year increase, although at face value this may not be the case. Since July 2018, 360T has incorporated the volumes from Gain GTX, which it bought earlier this year, however it’s historic data does not appear to include GTX data reported at the time.

In the FICC of It

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In this week’s In the FICC of It podcast, Colin Lambert has another one of his “theories” – this time about why 360T bought GTX – and Galen Stops thinks he knows why CboeFX is doing so well.
They also rail against PR-speak when looking at this week’s news from the crypto and corporate world and ponder the value of corporate treasuries turning themselves into professional FX trading units.
They close out by discussing the possibilities of voice activated trading by creating “eFXa” (Trademark pending) and P&L’s managing editor looks to continue his stellar* run of World Cup predictions by tipping yet another surefire winner.

June Slows for FX Platforms, But FXSpotStream Posts Record ADV

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Data from the first set of trading venues to report their monthly volumes shows that FXSpotStream had its best ever month in terms of average daily volume (ADV), while trading on other OTC FX platforms reporting volumes slowed down slightly in June.

FXSpotStream achieved an ADV record of $30.4 billion in June, a 5.33% increase from the previous record of $28.8 billion set in February 2018.

This represents an 8.22% increase from May’s ADV of $28 billion, and a massive 49.52% increase year-on-year.

In the FICC of it

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In the latest edition of Profit & Loss’ podcast series, In the FICC of It, managing editor Colin Lambert and editor Galen Stops discuss some of the news stories that have hit the headlines over the past week. They discuss the surprising departure of Fastmatch CEO Dmitri Galinov, the drivers of latest deal in the FX trading platform world and the challenges and opportunities facing the CTA industry. They close out with a few quick thoughts on the first anniversary of the FX Global Code and as you would expect, they are “off message”!

Miesner, Provenzano Depart GTX Following 360T Announcement

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John Miesner and Sal Provenzano have left GTX, according to market sources.

These are the first senior staff departures to be announced since 360T agreed a deal earlier this week to buy GTX for $100 million.

Miesner has been with GTX since 2015 and held the role of managing director, head of global sales, and Provenzano – who also joined the firm in 2015 and reported into Miesner – was a director, institutional sales, at the platform. Both were based in New York.

Early ADV Reports Suggest Strong Trading Activity in May

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May was a good month for OTC FX platforms, judging by the first set of venues to report trading volumes.

GTX’s ECN and SEF set a new monthly ADV record of $16.8 billion, beating the previous record of $16.1 billion set in February this year and up from $13.3 billion last month.

Elsewhere, GTX’s monthly volume of $385.5 billion surpassed the previous $322.7 billion, also set in February, and the venue bested its previous daily record volume five times in May, registering a new high of $26.8 billion on one of these days.

These figures mean that both total monthly volumes and ADV on the GTX ECN and SEF were up 56% year-on-year in May.

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