Tag: Nex Markets

Nex Markets

NEX; CME Follow ADV Pattern

Both NEX Group and CME Group have reported monthly volume data broadly in line with the first four platforms to report for October
Nex Markets says average daily spot volume (ADV) on its EBS platforms was $80.6 billion in October, a 17% drop from September, but a 5% rise year-on-year.
It was a similar picture at CME where its combined FX futures and options on futures was just over 887,500 contracts per day, which Profit & Loss calculates to be just under $88 billion per day, of which just under $80 billion was in futures.
CME’s ADV is 29.4% lower from September’s stellar performance, however again it was 15% higher year-on-year.

CME Reports Stellar FX Month: NEX Also Strong

CME Group has recorded what Profit & Loss estimates to be its highest average daily volume in FX products since September 2014, while NEX Markets has also reported a strong month, in line with other OTC platforms to report earlier this week.
CME says its handled 1,256,000 FX contracts per day in its FX futures and options business, which Profit & Loss estimates to be just over $124 billion per day in notional value.
It was a good month also for NEX Markets as it handled $97.4 billion in spot FX.

Spiteri Exits NEX – Off to 360T?

Market sources tell Profit & Loss that Lisa Spiteri, regional manager, e-FX distribution for APAC, India, Japan and Korea for NEX Markets, has left the firm.
Spiteri has been with NEX in its EBS iteration for over 13 years, having joined the firm in 2004.
Prior to EBS, Spiteri worked at UBS and Credit Suisse over a seven year period in interbank sales, she also spent time as an FX trader at UBS and Swiss Bank Corporation in the 1990s.

NEX Markets Launches NEX Quant Analytics

NEX Markets has launched a new suite of analytical tools on its EBS FX trading platform that seeks to match the sophistication levels of those available at banks and trading firms, however at market level.
NEX Quant Analytics was launched today and uses benchmark data taken from the entire EBS ecosystem. It delivers “real and measurable” insight for clients into their own trading activities and the ability to look at their performance versus that of their peers.
With execution quality taking a more prominent role in FX market participants’ thinking, especially around their market impact, the timing would appear to be good for the firm.

Wolf Joins FlexTrade

FlexTrade has announced the appointment of Bruce Wolf as its head of FX business development.
Based in the company’s headquarters in New York, the firm says Wolf will manage sales and business development for FlexTrade’s FX trading solutions for both the buy side and sell side markets.
Prior to EBS, Wolf worked at Integral Development as managing director, head of Americas, before that he served as a director, FX banks sales desk head, for Citi in Zurich, New York and London.

Mixed Results from FX Platforms

In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.

Bank of China HK Joins EBS Direct

NEX Markets says that Bank of China (Hong Kong) has joined its EBS Direct platform as a liquidity provider.
Nex says the move offers “increased liquidity and improved pricing to clients on the platform globally, particularly those trading the offshore Chinese renminbi (CNH).”
EBS Direct is Nex’s disclosed relationship trading venue and Jeff Ward, global head of NDFs and forwards and head of FX Asia, at Nex Markets, says, “As the Chinese yuan moves closer to internationalisation, this can only enhance our customers’ access to liquidity, improved pricing and certainty of execution.”

Platforms Report Monthly Data

The first FX platform providers to report average daily volume (ADV) data indicate May maintained the momentum of the previous months.
Spot FX activity on NEX Markets (formerly EBS) was $81.3 billion per day, up 6.8% from April and 12% higher year-on-year. At CME combined FX futures and options on futures volume was 823,000 contracts per day.
CBoE’s HotspotFX reports ADV of $28.1 billion, a 1.4% increase on April and a very healthy 20% increase from May 2016, while FastMatchFX reports ADV of $22.5 billion, a 18.4% month-on-month increase and almost double May 2016’s ADV of $11.4 billion.
FXSpotStream handled $17.5 billion in May, up 2% from April and 9% from May 2016 and Gain’s GTX reports ADV across its ECN and SEF of $10.7 billion, a 7% drop from April but a 55% increase from May 2016.

Nex Launches Yen Benchmark

Nex Data, a Nex Group business which delivers independent market intelligence and price information for OTC data and Nex Markets, a NEX Group business which provides electronic trading technology and services, have launched the EBS JPY Benchmark, which it claims is the first fully electronic, transaction-backed reference rate for the Japanese yen.
Nex says the creation of the reference rate for JPY seeks to provide high standards across the market.Reflecting the USD/JPY rate, the new benchmark is published daily at 15:00 Tokyo time.