I’ll keep this short as it’s a public holiday in my domicile, so I will just ask the question, how worried should the FX industry be about ESMA’s pondering over including spot FX in its Market Abuse Regulation? Obviously the question has been raised with the European regulator thanks to the ongoing headlines around the […]
Tag: spot FX
The European Securities and Markets Authority (ESMA) has issued a consultation paper that in part looks at whether spot FX should be brought into scope of its Market Abuse Regulation (MAR). The regulator has been asked by the European Commission to investigate adding spot FX to the markets that it regulates, specifically it has been […]
Given they predicted just such a move almost a year ago there is no surprise from Colin Lambert and Galen Stops in this week’s podcast over the announcement that Deutsche Boerse is in talks with Refinitiv to buy some or all of its FX assets. So far, so straightforward – however this is In the […]
Profit & Loss understands that Danny Wise has left Citi in London where he was a managing director and head of European G10 spot FX trading.
Sources say that Wise was part of a round of cuts at the bank he joined in 2014 from Credit Suisse in London, where he was head of spot FX trading. Prior to Credit Suisse, Wise worked at Barclays in London for almost 10 years, most latterly as European head of spot trading, he joined the UK bank from Lehman Brothers.
Deutsche Börse Market Data + Services and the exchange group’s FX trading venue 360T are launching a product offering covering FX spot market as well as FX swap market data. The swap market information is based on a contribution model of liquidity providers developed in cooperation with the Germany-based company Digitec. The Market Data + Services group will act as licensor of the new offering and the data is available via the data feed of Deutsche Börse as well as via 360T’s streaming FIX API as “Swap Data Feed” SDF.
Average daily volumes (ADV) for spot FX trading on Nex Markets was $81.9 billion in July, down 15% from the $95.8 billion reported the previous month.
Although this means that the volumes on the platform compared to July 2017, this in contrast to the other platforms that have already reported their ADV for last month, which were all up year-on-year, although they all reported a similar volume dip month-on-month.
Overall, for the 12 month period ending July 2018, the spot FX ADV on Nex Markets has been $89.7 billion, up 8% compared to the 12 month period ending July 2017.
Data released by Thomson Reuters shows that average daily volume (ADV) in spot FX across its venues rose by just under 2% in June from the previous month. This is in contrast to the other platforms to report volume data, with the exception of FXSpotStream, which also saw a month-on-month increase.
At $109 billion per day, Thomson Reuters’ spot volume in June was the second highest reported since February 2016 – it also represents, as was the case with the other platforms, a hefty year-on-year increase, in this case 10.1%.
The Australian Securities and Investments Commission (ASIC) has expressed disappointment at the failure of National Australia Bank to fully implement a reform programme linked to an Enforceable Undertaking (EU) levied by ASIC after deficiencies were found in the bank’s wholesale spot FX business.
NAB, along with the other major Australian banks, were fined by ASIC in December 2016 for a series of failures in their FX businesses, including attempts at front running orders, manipulating fixes and inappropriately sharing confidential information.
A new paper published by the UK’s Financial Conduct Authority (FCA) claims to throw new light on events surrounding the sterling flash crash of October 2016 by being the first paper to use trade reports to the FCA under EMIR to analyse how different market participants react in times of market stress and their impact on the liquidity dry-up in a flash crash.
The paper has, however, triggered some confusion amongst market participants thanks to ambiguous terminology, mainly the constant reference to “OTC derivatives”, without specifying exactly what products it is talking about.
Oanda has released a new version of its Exchange Rates API, which has been updated to include what the firm calls “real-time” currency rates.
The rates available on the new API are updated every five seconds, providing, the firm says, a more accurate reflection of current market prices.
The firm says the new API aims to provide corporate treasurers and finance directors with a greater degree of visibility over the FX market, helping them mitigate risk, reduce currency exposure and improve cash flow.