Clearmatics Technologies, a provider of decentralised digital cash settlement systems and XTX Markets have lifted the veil on a six month project to build a member-owned network for the automation of collateral management and settlement. The network will focus on providing its members with a service that automates collateral management processes within financial markets and […]
Tag: XTX Markets
Tradefeedr, the FX data analysis platform has partnered with Goldman Sachs, UBS & XTX Markets as the first participants on its platform. Co-founded in 2018 by industry veterans Balraj Bassi and Alexei Jiltsov, Tradefeedr is an independent intermediary which aggregates, analyses and disseminates trading information between capital market participants to aid data-driven decision making. “Today […]
News that FastmatchFX founder Dmitri Galinov is planning a return to the FX industry dominates this week’s podcast as Colin Lambert and Galen Stops chat through the challenges and opportunities for the fledgling platform, which leads into a broader discussion around the NDF market in general. Stops also recounts a meeting with an FX market […]
As a futures exchange proposes a new speed bump mechanism, a number of market participants are coming out in opposition to it. Some of the arguments they’re making will sound familiar to those in the FX markets, says Galen Stops. On February 1 the Intercontinental Exchange (ICE) put the cat amongst the proverbial pigeons by […]
XTX has appointed Serge Harry as chairman of the Board of XTX Markets SAS, the firm’s newly formed French entity. It has also unveiled the appointment of Geoffrey Damien as managing director, head of France.
Harry has over 30 years of experience in financial markets in various senior executive positions at the London Stock Exchange Group, New York Stock Exchange, Euronext and Euroclear. He also currently holds directorships, as a non-executive director of LCH SA, MTS France and Curve Global.
Damien joins from Euronext where he was head of product development and projects and head of retail execution. Both men will be based in Paris.
Scepticism abounds in this week’s In the FICC of It podcast as Colin Lambert and Galen Stops take a look at the latest bank to unveil a digital markets strategy – including all your favourite buzzwords. While Stops believes this is the latest move in what will be a growing trend, our podcasters also wonder whether it’s not really just a rebranding exercise?
They then move into more traditional areas and discuss JP Morgan’s survey on FX market conditions, and while they agree with a lot of the findings, there are one or two areas that raise an eyebrow, not least around internalisation and AI.
AI-generated trading and liquidity are also the forefront as they move on to share their thoughts around the flash crash in Jardine Matheson stock last week in Singapore, including asking the question, what does it mean for market maker programmes and certain order types?
The discussion then moves on to look at the latest FX turnover surveys from the world’s FX committees, with particular attention on three interesting/puzzling (delete as appropriate) elements of the UK report surrounding RMB, NDFs and voice brokers.
The podcast ends on with Lambert praising “the optimism of youth” after Stops highlights what he thinks could be a very important line at the end of the latest document detailing an FX-related fine in the US – in other words, the cynic in him won the day!
In this week’s In the FICC of It from Profit & Loss Colin Lambert lifts the veil of secrecy around how this podcast is created and Galen Stops talks about democratising financial markets. They also engage on the latest FX volume surveys and ask ‘are they accurate?’ as well as talk about the impact of regulation on non-bank market makers. They also seek to explode the myth that people are leaving the banking industry in droves and briefly touch upon what Colin Lambert calls ‘the madness of regulation’.
Niki Beattie has joined the XTX Markets board as a non-executive director, effective 1st October.
After a career in investment banking, Beattie founded Market Structure Partners which is an independent strategic consultancy specialising in capital markets structure where she has worked on numerous projects with venues, hedge funds, asset managers and government institutions.
Beattie is an experienced non executive director, with roles on the boards of a number of financial markets institutions and infrastructure providers. She also sits as a member of the Regulatory Decisions Committee at the Financial Conduct Authority (FCA) and a member of the Secondary Markets Advisory Committee at the European Securities Markets Authority (ESMA).
XTX Markets says it is now operating a ‘zero hold time’ (ZHT) model in its application of last look to its FX counterparty businesses. The firm says it is in response to market structure changes and is in accordance with the principles of the recently published Global FX Code.
Effectively XTX is removing a latency buffer that is applied in the last look window. Under a latency buffer the trade request is held for a brief, prescribed time delay before the price check is performed.
The hope that peer pressure will help drive adoption of the Global Code of Conduct’s principles is fine, but what the industry also needs is real action to curb some practices that sit uncomfortably with some. Last look is one of them and while last year we had a spate of disclosures that highlighted how firms were hardening their stance on last look, this week has seen one bank – if I am reading this right – take a step further.