Tag: Traiana

Traiana

Nex Launches Automated Netting Service

NEX Optimisation (Nex) has launched a fully automated settlement netting service to streamline the bilateral settlement netting process for market participants.

The service will automate settlement netting of over-the-counter FX trades and will expand to all asset classes in the future.

Settlement failure rates are estimated at approximately 3% for the $1.5 billion that is settled on a daily basis between clients and their dealers. The new service will eliminate the manual process of netting between clients and their dealers by applying an API to communicate with the systems and reconcile payments for clients, banks and custodians.

How FinTech is Set to Change the FX Industry

Speaking at the Profit & Loss Forex Network New York conference, panellists outlined how they think the application of fintech solutions will shape the FX industry going forward.

Nick Solinger, president of FIA Tech, broke down three specific areas where he sees the potential for distributed ledger technology (DLT), or peer-to-peer technologies, to have a major impact on the FX industry.

Firstly, he highlighted how these technologies could change payments systems.

“The current market structure has been the primary limitation in terms of who can provide credit to whom and trade with whom and access the market on the same basis as a large, highly regulated dealer. So there is a focus on improving the payment network, and that will have potential implications upstream in terms of who can trade with whom,” said Solinger.

Buy Side Looking for Simplified Workflows

As buy-side workflows are becoming complex, these firms are looking for ways to simplify how they view and manage them, claims Basu Choudhury, business intelligence, Nex Traiana.

He says that, whereas in the past buy side firms used to probably have only one prime broker (PB), today they might have four or five prime brokers, or even have bilateral relationships. Further, when they execute they might do so via an anonymous venues or they might trade against another buy side firm that is using a prime broker.

“So what we’re seeing and hearing is that they want a single panel where they can see their PB relationships and bilateral, and even clearing at some point within one dashboard, one platform, where they can manage the matching, [confirmations] and settlements,” he says.

How Does FX Get Back to Growth?

After the Bank for International Settlements (BIS) Triennial FX Survey revealed last year that the industry has shrunk in terms of notional volumes for the first time in 15 years, speakers at Forex Network London outlined the factors that could help this market get back to growth.

During the discussion the speakers on the panel outlined a number of issues that have constrained trading volumes over the past three years, including technology shortcomings, a lack of investment in some areas of the market, and regulatory challenges.

Against this background, the question was put to the panellists, how does the FX industry get back to the kind sustainable growth that it witnessed between 2001 and 2016?

Nex Group Gets Election Bounce: Future Uncertain

Nex Group has released its first quarterly results since the official formation of the group, and while it reports a good bounce in trading volumes around the US election in November, its CEO, Michael Spencer has flagged more “muted” volumes since.
Nex Group’s Q3 revenue was up 11% on the third quarter of 2015 and is 4% higher across the first three quarters of 2016 compared to the same period in 2015. Growth was evenly spread across the firm’s Markets and trade lifecycle businesses.

Traiana FX Head Departs

Profit & Loss understands that Jill Sigelbaum, head of foreign exchange at Traiana, is leaving the firm.
Nex Group, of which Traiana is a part, declines to comment, however it is understood that Sigelbaum has decided to pursue other opportunities and will officially leave at the end of the first quarter of 2017.
Sigelbaum joined Traiana in November 2003 having earlier worked for Scrittura, Financial Software Systems and Fenics.
Sigelbaum was named vice chair of the Foreign Exchange Professionals Association (FXPA) in early 2016.

NEX Completes Sale of Voice Broking to Tullett Prebon

The sale of ICAP’s globally hybrid voice broking and information business to Tullett Prebon, now named TP ICAP (TP Icap), which includes the associated technology and broking platforms and certain joint ventures and associates, has completed today. The remaining business, which includes EBS BrokerTec, as well as Traiana, will remain under the newly named NEX Group (Nex). The board of NEX also announces that the Share Consolidation will become effective with effect from Admission today, at which point the total issued ordinary share capital of NEX will be 379,735,432 ordinary shares of 17.5 pence each.

And Finally…

Last week’s Icap results saw a sell of in the share price due to the under-performance of the Nex Group. Normally I wouldn’t bother myself with share price movements (and I won’t now to any degree) but any move that reflects market expectations for the Nex Group is interesting, not least because it could inform the price of any potential takeover bid. Nex is, in many ways, a proxy for the OTC industry so is it right that stock markets seem bearish (for this five minutes at least) over FX and OTC markets?

Rowcliffe Takes Icap AP Post Trade Role

Icap has appointed Guy Rowcliffe, CEO of its Reset business as head of Asia Pacific, Icap Post Trade Risk and Information Services (PTRI), which comprises a portfolio of businesses, including Reset, TriOptima, Traiana, ENSO, Abide and Icap Information..
In the newly created role, Rowcliffe will be responsible for Asia Pacific regional strategy for Icap’s PTRI business and will represent the company amongst regulators, industry bodies and committees. He will continue in his role as CEO of Reset and will report to Jenny Knott, CEO of Icap’s PTRI division.

Ross Re-Joins Traiana

Anne Ross has re-joined Traiana in New York as a relationship manager for strategic clients and partners. Ross arrives from Azul Systems, where she was sales director for just over one year. This will be her second stint at Traiana, after she spent 11 years working for the firm between 2004 and 2015. Ross held […]