Tag: multi-dealer platforms

multi-dealer platforms

Aggregation Putting ECNs on the Spot: Greenwich Survey

A new report from Greenwich Associates says that FX market participants are spurning anonymous trading on ECNs in favour of disclosed, bilateral trades executed through a variety of channels – as well as a growing share of business done through so-called “API aggregators” that could eventually emerge as a challenger to the market’s biggest execution […]

And Finally…

The very fact that more and more people from the platform/connectivity world are talking to me about FX swaps tells me that, as I have suggested many times before, change could be coming to this segment of our industry. Ideas and initiatives are all fine, however, but will they translate into definitive market structure change? […]

UK Execution Data Returns to Trend, but Concerns for Single Dealers?

Within the UK’s FX Joint Standing Committee (JSC) report on FX turnover, the data on execution styles suggests a return to trend on the part of the channels through which participants are trading. The last two reports from the UK have been notable for a significant surge in spot business executed via the voice channel, […]

In the FICC of It

With P&L’s editor Galen Stops showing his contempt for the listenership by declining to call in to the podcast from halfway down a black run on a snowboard, this week’s In the FICC of It takes a look back as managing editor Colin Lambert is joined by P&L’s founder Julie Ros, just over 20 years to the day she incorporated Profit & Loss.
Although they somehow manage to omit to mention how they wrote pieces for the magazine about Caribbean and Scottish holidays and, even worse, took their own cover pictures, the two look back to the early days of e-FX, which coincided with the launch of Profit & Loss, and look at how things have changed – and in some cases have not.
The names of the leaders in e-FX may have changed, as Ros notes, but our two podcasters agree that there is much that remains the same, in both the single and multi-dealer platform world especially.
One week after Stops and Lambert went to town on each other’s predictions for 2019, Ros offers Lambert to chance to critique someone else’s predictions for the foreign exchange industry, made in 2000, and you will glad to hear that in spite of the aforementioned clairvoyant going onto to become Prime Minister of his country, Lambert shows his customary disregard for rank and gives it both barrels…

And Finally…

If you ever wanted an example of how an enhanced market structure – specifically around electronic trading – helps to build volumes, one need look no further than NDFs. Volumes have been climbing steadily over the past five years, indeed I am starting to think they may eclipse FX options soon, and how people trade them also appears to be shifting, to the degree that I wonder if the NDF market is giving us a glimpse into the market structure of the foreseeable future?

BGC to Launch New e-FX Platform

BGC Partners is set to launch a new e-FX trading platform in the next few weeks.
The platform will be unveiled alongside BGC’s new electronic US Treasuries platform, with both being branded under the Fenics umbrella. The FX platform will be called Fenics FX and the Treasuries platform will be called Fenics UST.
Lucera, which is owned by BGC, has supplied the underlying technology for the Fenics FX platform.
Soft trades have already been completed on the new platform and Profit & Loss understands that it will be ready to officially go live with trading in the next few weeks.