As we reported at the start of this week, Citi formally confirmed what most of us knew, that it was cutting the number of connections to its FX business. I see this as the start of a process, however – nowhere near the end – one that also reflects what is likely to be a […]
360T has launched a fully automated FX swaps limit orderbook with mid-rate matching capability, called 360TGTX MidMatch. It offers a fully visible limit orderbook that will allow market makers to stream curves out to two years, while the Swaps Data Feed that 360T has spent two years developing with 20 bank partners, will act as […]
Thomson Reuters is planning to move its FX Multilateral Trading Facility (MTF) from London to Dublin as a result of Brexit.
In a release issued today the firm says that it has commenced the process of applying to the Central Bank of Ireland (CBI) for authorisation to operate its FX UK’s planned departure from the European Union on 29 March 2019.
The Thomson Reuters MTF – which includes forwards matching and FXall RFQ and dealing – are currently operated by Reuters Transaction Services Limited (RTSL), a Thomson Reuters company incorporated in England and Wales, which is authorised and regulated by the Financial Conduct Authority (FCA).
Average daily volumes (ADV) across TR’s FX platforms totaled $432.1 billion in January 2018, with ADV for spot trading at $107.9 billion. This total reflects trading volumes on Thomson Reuters Matching and FXall in all transaction types, including spot, forwards, swaps, options and non-deliverable forwards (NDFs). “Following preparation for and then implementation of one of the most complex regulatory initiatives in a generation, our success over the last month reflects the value we place in listening to our clients and ensuring our solutions meet their MiFID II needs,” says Neill Penney, co-head of trading. “As the market evolves, we are committed to making additional enhancements across our trading businesses, including enriched analytics and algo trading capabilities.”
Integral Development Corp has received approval from the UK’s Financial Conduct Authority (FCA) to operate a multilateral trading facility.
The firm says the MTF, the technology for which is based upon its Open Currency Exchange (OCX) platform, includes all the features and services necessary for clients to conduct MiFID II compliant trading.
It adds the MTF will provide enhanced surveillance practices, monitoring procedures, and execution analysis for transparent and compliant trading of FX forwards, swaps, and NDFs.
Integral says it will deliver its entire platform with services necessary to meet MiFID II requirements including assistance with pre-trade and post-trade transparency, surveillance, TCA, reporting, and record keeping.
Thomson Reuters (TR) has updated its FXall and FX Trading desktops to ensure clients trading its Multilateral Trading Facility (MTF) will remain fully compliant with the upcoming MiFID II requirements.
The enhancements will enable TR to add MTF-support for FX forwards, swaps, NDFs and options trading on FXall, as well as continue support for swaps trading on Matching. The company says this enables users to remain complaint with the new MiFID II execution requirements for FX derivatives that will take effect in January 2018.
TR has now begun the transition process for customers to its enhanced MTF and is releasing new interfaces to both FXall and FX Trading that accommodate new data fields, as well as improve post-trade STP feeds to assist customers with reporting and record-keeping requirements.
NEX Group’s Swap Execution Facility (SEF) went live at the start of this week, the firm announces – it received approval from the Commodity Futures Trading Commission (CFTC) in April.
Registration with the CFTC and the UK’s Financial Conduct Authority (FCA) will allow the SEF to service customers and traders from the US and European Economic Area.
Nex SEF has also received exemption from the requirement to be recognised as an exchange from the Ontario Securities Commission and is therefore approved for servicing customers in Ontario.
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.