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 […]
FastMatch has been officially rebranded as Euronext FX. Euronext says that this represents “a new step” in the integration of FastMatch into its business and that it reflects “the evolution of FastMatch” since it acquired the platform. “While the FastMatch brand name is synonymous with speed and best in class technology, Euronext stands for transparency, […]
In 2016 Fastmatch saw year-on-year average daily volumes (ADV) on its platform grow by 54%, and no doubt this growth was at least partially responsible for Euronext’s decision to spend $153 million to purchase 90% of the platform in August 2017, as it subsequently registered a 44% increase in ADV for that year. 2018 saw strong, if not as spectacular, year-on-year ADV growth of 9% to $20.1 billion, but Kevin Wolf, CEO of FastMatch and head of FICC US at Euronext, instead highlights the increase in the number of clients using the platform as the key growth metric for the year. “When we think about client acquisitions, we break it down along two dimensions: one is the number of clients and the other is the diversity of clients,” he explains.
FX Connect has announced a range of technology enhancements, including to its GUI, automated order routers (AOR) and order blotter.“In today’s highly competitive environment where firms face increased complexity and regulatory requirements, it’s vital that we work with our clients to shape our product and solution strategy,” says Beverley Doherty, global head of FX Connect. “Our new enhancements will be instrumental in helping us accomplish this goal, demonstrating FX Connect’s ability to innovate and improve products that create solutions for our clients’ evolving needs.”Making changes via HTML5, FX Connect is creating a trading “cockpit” within its GUI that provides order management and execution through a single, secure interface.Changes to the order blotter include live indicative rates, the estimated percentage away from an order’s limit price, colour coding of orders based on their per cent away from their custom threshold settings and customisable order alters.
Exegy and Transaction Network Services (TNS) have announced a partnership in offering a global FX trading platform.
The firms will combine TNS’ market connectivity and hosting solutions and Exegy’s Trade Port FX, which delivers normalised FX market data and execution services to major FX venues, to offer a fully managed and integrated FX trading platform.
“Exegy is excited to be working with TNS to create a global, state-of-the-art FX trading platform,” says Exegy sales director in Europe and Asia, Carlos Lansdowne. “TNS’ global presence, renowned reputation for superior customer service, coupled with Exegy’s FX market data and order execution solutions will deliver better performance, lower total cost, and a disruptive new model in the FX industry.”
Michael Oved, co-founder of AirSwap, met with Profit & Loss to discuss his vision for the potential of a decentralised trading platform based on the Ethereum blockchain. Previously an algo trader at Virtu Financial, Oved explains how he took lessons from the FX market and applied them to crypto trading to create a peer-to-peer platform.
Profit & Loss: AirSwap was designed around an Indexer, which acts as a search engine, matching up buyers and sellers, rather than using an order book model. With your background as an algo trader at Virtu Financial, did you look to the FX market for ideas when developing AirSwap?
Integral has begun reporting the monthly average daily volume (ADV) of FX products traded across its platforms, revealing that in April this ADV was $35 billion.
The firm says that this figure is consistent with the ADV that it recorded throughout the first quarter of 2018, which were between $34.5 billion and $38.5 billion.
Speaking to Profit & Loss, Harpal Sandhu, CEO of Integral, says the decision to start publishing monthly trading volumes was driven, in part, by the ongoing curiosity from market participants regarding the platform’s growth.
Saxo Bank has launched a new version of its institutional trading platform, dubbed SaxoTraderPRO, which is aimed at active traders and institutional clients
The platform is multi-screen, offering a fully customisable workspace for both Windows and Mac with no monthly fees, the firm says. It will replace the current SaxoTrader platform, while SaxoTraderGO will continue to cater to a wider range of retail traders and investors.
Kim Fournais, founder and CEO, says: “We were a fintech before the term was created and the core of Saxo Bank has always been our trading technology and trading platforms. We strive to democratise trading and investment, essentially providing traders and investors with the same professional tools and market access as fund managers and large financial institutions.”