David Puth, now a strategic advisor at R3, makes the case that the FX industry’s ability to constantly evolve makes it unique amongst financial markets. Profit & Loss: As you look back over the past 20 years of FX, what stands out in your mind with regards to the evolution of this market? David Puth: […]
CLS has unveiled CLSNow, a same day settlement service that was first mooted in September 2017. The bilateral, same-day FX gross payment-versus-payment (PvP) settlement service has been launched with JP Morgan and Goldman Sachs as the first banks to go live. The firm says CLSNow enables banks to exchange currency positions with mitigated settlement risk […]
A group of banks have become the founding shareholders of Fnality International as they advance their efforts to create a Utility Settlement Coin (USC) – as part of the founding the firm has completed an associated ‘Series A’ equity round of £50m. The founding shareholders are Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, […]
Koine, which offers custody and settlement of digital assets, has acquired hireabl, a fintech company for automated client on-boarding. In a release issued today Koine says that it plans to make a number of strategic acquisitions of early stage tech-based, IP owners in order to fast-track the integrated end-to-end services that its clients are demanding. […]
TradAir customers will now be able to leverage the over-the-counter (OTC) trade settlement services for digital assets recently launched by Seed CX’s subsidiary, Zero Hash. The Zero Hash settlement service allows firms to settle both digital asset and fiat trades, widen the number of counterparties with whom they can trade and streamline reconciliation, reporting and […]
Zero Hash, Seed CX’s digital asset and fiat currency custodian subsidiary, has launched a suite of OTC trade settlement services for digital assets. The new settlement service aims to widen the number of counterparties that market participants can transact with, streamline reconciliation and reporting, and enable frictionless settlement of trades.At launch, Zero Hash supports spot settlement of 19 fiat pairs, in addition to BTC, ETH, LTC and BCH, and will be launching support for repos, forwards, and other product types in the coming months.
CLS has announced that Nomura Asset Management (NAM) has become the first asset manager headquartered in Japan to provide access to CLSSettlement for Japanese-domiciled funds.NAM is working with three trust banks: the Nomura Trust and Banking Co (NMTB), Japan Trustee Services Bank (JTSB), and the Master Trust Bank of Japan (MTBJ), to offer CLSSettlement to a total of 21 investment trust funds. NAM and the trust banks are supported by a number of global custodian banks, including Brown Brothers Harriman (BBH) and Citibank for NMTB, and with Sumitomo Mitsui Trust Bank (USA) for JTSB, and BBH for MTBJ.
FastMatch and Dmitri Galinov, the founder and former CEO of the company, have resolved the lawsuit filed by Galinov against FastMatch and its parent company, Euronext US.Under the terms of the settlement, neither party admits any liability or wrongdoing.“The settlement is in the best interests of the company, its employees and clients,” says a release announcing the agreement.Galinov left the company on 6 June, 2018 and is “pursuing other interests”, according to the release.Profit & Loss was unable to immediately contact a spokesperson for Euronext, while a spokesperson for Galinov says that as part of the settlement agreement both parties are unable to comment on the terms of the agreement.
Galen Stops takes a closer look at the distributed ledger technology solution that HSBC has deployed for settling FX transactions.One of the long-standing accusations levelled against distributed ledger technology (DLT) within financial services is that it is a solution looking for a problem, an accusation that appears to have gained some weight over the past few years given the vast disparity between the initial level of hype around this technology and the actual implemented use cases for it.Which is why it is significant that HSBC recently announced that it has settled more than three million FX transactions and made more than 150,000 payments worth $250 billion using DLT. If this announcement caught FX market participants by surprise, this is probably because this DLT solution, called HSBC FX Everywhere, has thus far only been used to orchestrate payments across HSBC’s internal balance sheets.
FX industry veteran and Profit & Loss 2012 Hall of Fame inductee, David Ogg, reflected in a recent video interview on how the rapidly evolving crypto markets resemble the FX markets of the past.
“It’s like FX in the 1980s,” said Ogg, who is currently the head of FX and trading venues at OTCXN, before adding, “The front-end technology is pretty primitive.”
By contrast, he said that OTCXN has developed “cutting edge” technology in terms of how it displays liquidity, offering visual tickers that enable traders to get a visual representation of what is happening in the market with just a glance.