Articles tagged by Fastmatch
The first three platforms to confirm data
for June show that FX volumes rose across the board driven, of course, by
activity around the UK’s vote on European Union membership.
FastMatch recorded average daily volume
(ADV) of $16.1 billion in ...
Trying to decipher platform performance
during last month’s UK-inspired mayhem is almost as difficult as keeping track
with the latest shenanigans in UK politics following the vote to leave the EU –
but I’ve had a go and there ...
Multibank platform providers need to broaden the range of
liquidity options that they offer clients in order to thrive in the diverse FX
market ecosystem, said panelists at Profit & Loss' Forex Network New York conference.
There has been much discussion ...
The first batch of trading venues to
provide turnover data indicates that trading volumes in July, perhaps
inevitably, retreated from the Brexit-inspired heights of June.
HotspotFX reports average daily volume
(ADV) of $26.25 billion in July, down 9% from June’s $28.8 billion. ...
The BIS Triennial survey highlights the drop in spot volumes, but how does the platforms' performance compare over the same period?
FastMatch and TradAir have announced a new partnership looking to target professional bank and institutional ‘clicker’ traders.
FastMatch, currently services banks, institutional clients, and professional trading firms, with average daily volumes (ADV) of around $13 billion, executed via APIs.
But now the ECN is targeting traders that still execute by clicking on screens and typically leverage a broad range of trading styles and workflows. In order to reach the ‘clicker’ segment of the market, FastMatch decided that it needed a technology partner, with a secure, end-to-end trading platform, that was fully integrated with FastMatch’s ECN order book.
FastMatch has hired Gareth Thomas as director of sales in its New York office.
In his new role, Thomas will be charged with marketing FastMatch products to hedge funds, banks, brokers and asset managers.
He joins the ECN from BGC Mint, where he ran the FX desk, prior to which he spent over eight years at GFT Markets London (now part of Gain Capital Group), where he was a director of global execution and market making. Before that, Thomas had FX dealing roles at Credit Lyonnais and NatWest Markets.
The first FX platforms to report their monthly trading volumes show that trading activity bounced back in September after a significant slowdown in August.
Hotspot, FastMatch and Gain GTX all reported increases in average daily volume (ADV) on their platforms, both month-on-month and year-on-year.
Hotspot registered an ADV of $28.3 billion in September, a 25% increase from August and an 8% year-on-year increase.
GTX reported an ADV of $8.4 billion on its ECN and SEF combined for September, a 30% increase from the previous month and a 29% increase from September 2015.
Thomson Reuters says its sterling volumes trebled on October 7, the day of the Cable flash crash which saw the pair drop from above 1.25 to below 1.15 before recovering to 1.24.
The company does not break down its volume data by product or currency on a daily basis and provides no further details, however this would appear to be further evidence of the phenomenon in FX markets whereby dealers typically head to the major matching venues of EBS Market and Thomson Reuters Matching when markets get hectic.
The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.
FastMatch has made its proprietary algorithmic and transaction cost analysis (TCA) services available to all its subscribers.
The firm has been offering algorithmic trading to asset managers via its AgencyFX product for the past 18 months to satisfy increasing demand from this customer segment for algorithmic execution products.
Now it will be offering it to both buy and sell side users of the platform. Clients using FastMatch algorithms will receive automated TCA reports upon completion of their orders showing the algorithmic execution performance versus arrival price, FastMatch midpoint and other benchmarks.
FastMatch is making a number of changes to its fee schedule, effective February 1, 2017.
In a note to clients, the ECN outlines the major changes to its currency fee schedule, including extending its offer of free trading for clients that add liquidity on FastMatch’s central limit order book and are willing to trade with everyone on the platform.
FastMatch is also changing the threshold required for its clients to achieve the $2.50 per million pricing tier. Under the current free structure “clients trading more than ADV USD 1 billion or equivalent notional per billing month or 10% of single counted volume of the platform (whichever is less)”, are charged $2.50 per million.
FastMatch is hiring Trent Beacroft as managing director of sales in Singapore, effective February 1.
Beacroft will be tasked with leading the sales of FastMatch products to hedge funds, banks, brokers and asset managers in Asia.
He joins FastMatch from Hotspot, where he has worked for eight years as the head of the APAC region, responsible for overseeing product sales, distribution and development.
Prior to that, Beacroft held a number of senior roles in both FX and rates sales and trading with major financial institutions throughout APAC. He began his career with Westpac in Sydney, where he was chief dealer.
Galen Stops looks back at how the OTC FX platforms fared in 2016 and talks to them about their strategic plans for 2017.
Speaking to platform providers at the end of 2015 about their prospects for the next year, they were all fairly bullish that a period of subdued volatility, and subsequently trading volumes, was about to come to an end.
And on the surface, the reasons they cited for this optimism were logical. The US Federal Reserve had just approved a quarter-point increase in its target funds rate, the first change in rates since 2009 and the first increase since 2006. Many hoped that further rate increases were coming and that interest rate differentials might start to produce trading opportunities and therefore lift FX volumes.
FastMatch, has announced today that Brian Friedman, president, and Jimmy Hallac, managing director, of Leucadia National Corporation, have joined its board of directors.
They have replaced former directors Drew Niv and William Ahdout, who were fined $7 million alongside FXCM, as it was ordered to withdraw from doing business in the US for defrauding retail FX customers yesterday.
FXCM is a passive minority owner of FastMatch. FastMatch operates as a completely independent entity of FXCM with no operational dependencies between two firms.
The first three platforms to report FX volume data for February indicate a slightly quieter month than January.
Bats’ HotspotFX saw average daily volume (ADV) of $27 billion in February, a 12.6% decline from January and 17.2% down on the same month in 2016.
The picture was slightly more positive at the other two platforms to report, however, with FastMatch FX handling $16.6 billion per day in February, and Gain’s GTX $11.1 billion, both down on the month but up year-on-year.
The first group of FX platforms to report average daily volume (ADV) indicate the steady start to the year continued through April.
CBoE’s HotspotFX reports ADV of $29 billion per day, just down from March’s 29.7 billion, but 13.8% up year-on-year.
Meanwhile, FastMatchFX has set another high water mark in ADV terms, eclipsing last month’s $19.2 billion by recording $19.8 billion in April, up 83.3% from April 2016.
Gain’s GTX also had a steady month, reporting ADV of $11.5 billion, slightly down from March’s $11.8 billion but up 47.4% year-on-year.
There have been some raised eyebrows in the FX industry recently amongst those that have noticed FastMatch’s sudden spike in volumes.
Profit & Loss has previously noted FastMatch’s strong start to the year in terms of average daily volumes (ADV), highlighting that in March it reported an ADV of $19.2 billion for the month, a new record high and almost double the $10.1 billion ADV it registered in March 2016.
Then in April it set another high water mark in ADV terms, eclipsing March’s record with ADV of $19.8 billion in April, up 83.3% from April 2016.
Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.
Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results. The industry’s changing dynamics are starting to show.
Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.
European exchange group Euronext has become the latest to buy into the OTC FX market, announcing it has acquired around 90% of FastMatch for $153 million initial cash consideration. FastMatch’s management will remain invested with around a10% interest, with minority rights. Closing is subject to regulatory and anti-trust approvals, and is expected to occur in Q3 2017.
Euronext says the deal is part of its strategy to actively leverage its balance sheet to capture value accretive opportunities and to accelerate growth and diversification of our revenue base in line with its strategic plan ambitions.
As reported earlier, European exchange group Euronext is buying a majority stake in FX ECN FastMatch. Not only is this a deal that has long been rumoured (only the identity of the buyer was unknown) it also appears to be a deal that makes a great deal of sense.
Euronext is buying a 90% stake in an FX ECN that is seeing tremendous volume growth – the first four months of 2017 have seen average daily volume of $18.1 billion compared to $11 billion the same time in 2016 – and FastMatch is gaining access to a potentially huge distribution network.
Shawn Egger is set to join FastMatch has head of sales, Americas, effective June 5, 2017.
Prior to this latest appointment Egger headed sales for Citadel Securities’ market making group, a New York-based position that he had held since 2014.
Before Citadel, Egger had spent time working as head of institutional sales, Americas at Swissquote and VP of sales at Integral Development.
FastMatch is adjusting its fee structure for trading on the platform resulting in a flat rate for all FX participants using the technology.
In a note on the platform’s website, the firm, which was recently acquired by Euronext, says effective July 1, 2017 it will charge a flat $3 per side to users of its anonymous ECN.
Previously, FastMatch had a tiered pricing system that saw users pay less the higher percentage of daily volume they accounted for on the platform.
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.
The consolidated tape for FX launched by FastMatch today looks very different to the one initially proposed by its CEO, Dmitri Galinov. Galen Stops takes a look at what's changed.
FastMatch has today announced plans to launch a consolidated tape for FX, something that its CEO, Dmitri Galinov, has been working towards for some time.
Profit & Loss previously reported on an earlier proposed iteration of this tape back in May 2016, but the one launched today looks significantly different.