Tag: NDFs

NDFs

FX and the Big Bang Theory

As electronic trading went mainstream, it created an explosion of growth in the market. But has this growth run out of steam? Galen Stops takes a look. The Big Bang Theory – in addition to being a popular American sitcom – is a well-known scientific thesis that posits the universe started with a small singularity […]

In the FICC of It

Having dragged Colin Lambert and Galen Stops kicking and screaming off the beach, the podcast is back and they are into the swing of things early, discussing the changing attitudes of fund managers to FX. Looking at this week’s NAB survey of Superannuation Funds FX attitudes, Lambert highlights the paradox of funds investing more in […]

In the FICC of It

After upsetting non-bank market makers and then banks in recent weeks, Colin Lambert takes a shot at the buy side in this week’s In the FICC of It podcast when Galen Stops asks him, “will the buy side adopt the FX Global Code?” Our two podcasters discuss next year’s review of the Code as Stops […]

Mathew to Head FX Trading at Flow Traders

Flow Traders has hired Joshua Mathew as head of FX trading, according to market sources. Profit & Loss understands that Mathew, who is due to start in the last week of September, will be based in Amsterdam. Mathew joins the Dutch electronic trading firm after 10 years at Barclays in London, where his work was […]

In the FICC of It

News that FastmatchFX founder Dmitri Galinov is planning a return to the FX industry dominates this week’s podcast as Colin Lambert and Galen Stops chat through the challenges and opportunities for the fledgling platform, which leads into a broader discussion around the NDF market in general. Stops also recounts a meeting with an FX market […]

Galinov Seeks to Lure Liquidity with Low Cost Trading

Dmitri Galinov, the founder and former CEO of FastMatch, is preparing to launch a new platform, called 24 Exchange, which he claims will offer market participants a more cost–effective way to trade with one another. “The problem that we’re trying to solve with 24 Exchange is that the cost of technology over the past decade […]

Citi Report Advocates New FXPB Pricing Model

New regulations will increase the cost of FX prime brokerage (FXPBs) services and all market participants – including executing brokers (EBs) – will have to share these costs, says a new report from Citi.The report, Collateral Damage? How Uncleared Margin Rules Will Revolutionise the FXPB Business Model, argues that FXPB is entering a “new market paradigm” driven by upcoming regulatory requirements that will increase both the value proposition and the cost of the services that they provide.The Uncleared Margin Rules (UMR) alluded to in the title of the report require market participants to post and segregate initial margin (IM) for derivatives transactions, including FX forwards, swaps and options, that are traded bilaterally.

Flow Traders: Standing Out from the Crowd

Robbert Sijbrandij, head of FX at Flow Traders, talks to Galen Stops about why he thinks there’s still room for more non-bank liquidity providers in the FX market.Dutch proprietary trading firm, Flow Traders, has spent the past two years building out its FX business line. The firm trades in the region of €750- €800 billion of ETFs per year, of which roughly two-thirds has an FX angle, meaning that Flow Traders was already doing in the region of €2-3 billion of FX on a busy day before they decided to become a liquidity maker in FX.

FX Trading on SEFs Dips in February

The average daily volume (ADV) of FX traded on Swap Execution Facilities (SEFs) in February was $56.2 billion, down 8.2% month-on-month and down 5% year-on-year.Tullett Prebon was the most used SEF for FX trading last month with an ADV of $17.5 billion. It was followed by BGC, Tradition and GFI, which recorded ADVs of $11.7 billion, $10 billion and $9.8 billion, respectively.After this, the ADV figures trail off rapidly, with NEX, TRSEF and Bloomberg recording $4 billion, $1.7 billion and $1.2 billion, respectively, and all of the other SEFs reporting an average of less than $150 million per day of FX trading on their platforms.

Flow Traders: Standing Out from the Crowd

Robbert Sijbrandij, head of FX at Flow Traders, talks to Galen Stops about why he thinks there’s still room for more non-bank liquidity providers in the FX market.Dutch proprietary trading firm, Flow Traders, has spent the past two years building out its FX business line. The firm trades in the region of €750- €800 billion of ETFs per year, of which roughly two-thirds has an FX angle, meaning that Flow Traders was already doing in the region of €2-3 billion of FX on a busy day before they decided to become a liquidity maker in FX.