In the interests of total transparency we also, as usual, cast our eye over last year’s predictions to see how they went. As always, these predictions will be viewed through rose-coloured spectacles to ensure we look as good as possible!
We kicked off last year’s predictions by suggesting the entire FX world would take a more realistic view of developments – that liquidity and spreads would reflect this thought process, and that market share would be a declining influence in business decisions.
360T has revealed that it officially launched its undisclosed marketplace, 360T ECN, in April.
The firm claims that the new ECN will enable access to additional liquidity and trading styles, adding another complementary execution mechanism to its OTC FX trading offering.
Carlo Koelzer, CEO of 360T Group, says: "With the introduction of 360T ECN, our clients can take full advantage of accessing the entire variety of liquidity. Considering new regulatory and capital requirements, our ECN is the right solution for the future FX ecosystem, including the facilitation of the credit mitigation.
GTX has opened a new office in Zurich, to be headed by Antonio (Toni) Fañanas, director, institutional sales, at the firm.
The office is opening as an affiliate of GTX Bermuda Ltd, the operator of the GTX ECN. The affiliate, GTX Switzerland (GmbH), was registered in May.
The new office will support sales to money centre and regional banks, as well as fund managers, according to GTX.
“The opening coincides with strong volume growth on the GTX ECN from regional banks, quantitative and global macro fund managers, as well as the launch of new ECN matching engines in London and Tokyo,” says GTX in a release issued today.
Euronext has completed the acquisition of 90% of FastMatch, after having received regulatory and anti-trust approvals.
This follows the announcement of 23 May 2017 on the signing of the agreement with the existing shareholders of FastMatch.
In a release issued today, Euronext says that the acquisition is part of its “Agility for Growth” strategy, and that it will diversify Euronext’s top line, accelerate its growth profile and allow the group to extend its “best execution” value proposition to an additional asset class.
One of the things that makes FX a truly unique market is both its scale and the diversity of the market participants that operate within it. Asset managers, corporates, international banks, regional and mid-tier banks, hedge funds and prop trading firms from all around the world have a real need to access the wholesale FX market.
In many cases though, today, this access occurs via credit intermediaries. This intermediary model places fundamental constraints on the credit available to clients and, subsequently, on the counterparties that they can access.
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.
OTCXN, a blockchain-powered capital markets infrastructure company, announced that OSL, an OTC digital asset brokerage company in Asia-Pacific, has joined its network as a liquidity provider. “We are extremely pleased to have OSL join our network as a core liquidity provider. Having a major market participant like OSL providing liquidity on our network is a testament to the strength of our core value proposition – eliminating trading counterparty and settlement risk. The presence of key market participants like OSL accelerates market adoption and expansion of the OTCXN network to reduce risks and efficiently scale crypto trading across the entire ecosystem. We look forward to working closely with OSL to serve our mutual clients,” says Rosario Ingargiola, CEO and founder of OTCXN.
Spotex, a developer of technology systems for the FX markets and ECN operator, has hired John Miesner as executive managing director, global head of sales and distribution. “We are fortunate to have John join us at this transformative point in our evolution,” says Ritesh Agrawal, CEO of Spotex. “John’s vast knowledge of the institutional foreign exchange market and its key participants will be a tremendous asset as he leads the company forward.”Spotex was launched in 2014 by Agrawal, who previously held senior IT positions at Hotspot FX (now Cboe FX), GFI and PwC, and COO Chris Mitchell, who held similar positions in financial technology.