Articles tagged by FXall
Two weeks after global head of foreign exchange Phil Weisberg left the firm, as it announced plans to cut 2,000 jobs, market sources tell Profit & Loss that Thomson Reuters has unveiled the first round of cuts to its foreign exchange business.
The sources say that Tom San Pietro, head of product management for FXall; Jack Linker, head of liquidity sales, transactions, for the Americas; and John Richards, senior director, liquidity sales, Americas, have all left the firm in the US as part of the cuts.
The sources add that Richard Williams, head of sales for North Asia and Japan; Elmer Chiu, sales in Singapore, Sydney-based Simone Halpin, director, FXall, and Amy Goh, head of financial designs, transactions, Asia, have also left as part of the cuts.
￼Neill Penney, co-head of trading at Thomson Reuters, talks to Galen Stops about the recent changes in the firm’s FX business and details how it plans to continue developing it in 2017.
There were some significant changes to Thomson Reuters’ FX business in 2016, with one of the most visible being the departure of Phil Weisberg in November, who had headed the FX business at the firm since 2012.
With Weisberg leaving “to pursue opportunities outside the firm”, Thomson Reuters has re-structured its management, introducing a new business unit called Trading.
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.
Thomson Reuters (TR) has updated its FXall and FX Trading desktops to ensure clients trading its Multilateral Trading Facility (MTF) will remain fully compliant with the upcoming MiFID II requirements.
The enhancements will enable TR to add MTF-support for FX forwards, swaps, NDFs and options trading on FXall, as well as continue support for swaps trading on Matching. The company says this enables users to remain complaint with the new MiFID II execution requirements for FX derivatives that will take effect in January 2018.
TR has now begun the transition process for customers to its enhanced MTF and is releasing new interfaces to both FXall and FX Trading that accommodate new data fields, as well as improve post-trade STP feeds to assist customers with reporting and record-keeping requirements.
Haier Financial Holdings’ subsidiary, Hai Cloud Exchange (HK), has announced a strategic collaboration with Thomson Reuters, under which the latter will provide Hai with a suite of FX trading and platform solutions, including the firm’s Elektron Real Time (ERT), Enterprise Platform (TREP), and FXall on Electronic Trading.
Hai Cloud Exchange has initiated a 24 hour price streaming on Thomson Reuters platform FXall since 2016 and the firms say the new collaboration will provide an advanced, secure, and effective trading platform that enables Hai Cloud Exchange to provide clients with FX products faster and easier.
Thomson Reuters (TR) is the latest FX platform to post strong September trading volumes, with figures released today showing that the average daily volume (ADV) of FX trading across all its platforms was $411 billion.
This represents a 12% month-on-month (MoM) and a 12.6% year-on-year (YoY) increase in volumes.
This total reflects trading volumes on Thomson Reuters Matching and FXall in all transaction types, including spot, forwards, swaps, options and non-deliverable forwards (NDFs).
The volumes data on TR’s website only stretches back to January 2013, but this represents the highest overall ADV across all of its platforms since then.
Sources familiar with the matter tell Profit & Loss that John Cooley, head of buy side trading at Thomson Reuters, has left the company.
Cooley came to Thomson Reuters as part of the company’s purchase of FXall in 2012 – a business of which he was chief financial officer from start up in 2000. Post-acquisition, Cooley served as business development manager for trading as well as head of Thomson Reuters’ indices and benchmark business.
Prior to joining FXall, Cooley was chief administration officer for HSBC’s fixed income business.
Jill Sigelbaum has been appointed as the new head of Thomson Reuters FXall, based in New York.
“We are delighted to have Jill onboard. Jill’s experience and expertise will bring a broad perspective to our FX offerings beyond front office execution,” says Neill Penney, global head of trading at Thomson Reuters. “As well as driving the FXall business forward, she has the leadership capabilities necessary to work at an industry level to continue Thomson Reuters’ tradition of innovation in the FX market.”
Prior to this appointment, Sigelbaum worked at Traiana, which she initially joined in 2003, and served as global head of foreign exchange at the time of her departure. This role was also based in New York.
Thomson Reuters has announced it is introducing more granular pricing for AUD/USD across its spot FX trading platforms. The change has been in beta testing with clients for some time and the change will officially be rolled out at the end of March.
Pricing for the pair will be in half pips to five decimal places, the new pricing regime will also be reflected in the firm’s market data offerings and added value calculations, as well as on its Eikon screens.
360T, Deutsche Börse Group's FX unit, and Thomson Reuters (TR) have agreed to collaborate in order to enable pricing of Thomson Reuters FXall customers through 360T's rate engine technology.
Banks using the 360T pricing engine infrastructure, comprised of Market Maker Cockpit and Auto Dealing Suite, can now directly price their customers on the FXall multibank platform.
Landesbank Hessen-Thüringen (Helaba) is the first German financial institution to go live with the new connectivity. Through the interface, Helaba can quote customers on both the 360T and FXall platforms utilising 360T's FX price engine technology.
Thomson Reuters has introduced Trade Performance Analytics (TPA) for FXall users, a new analytics solution aimed at helping FX traders assess the quality of their trade execution, identify new opportunities to improve performance, and demonstrate best execution to their stakeholders.
In a release issued today, Thomson Reuters says that the launch of TPA was driven by the growing sophistication and adoption of analytics to drive decision making amongst FX market participants. The firm says that some of the benefits of TPA are that it will allow users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers and make better informed trade planning decisions.
SEB has announced that it is the first Scandinavian bank to offer FX algo trading to its clients through multibank portals Bloomberg and FXall.
Instead of traditional orders where clients call in for their orders to be executed, they will now be able to place their orders themselves through FX Algos, a new portal which will give them the advantage of a transparent, smooth as well as automated trading solution.
The bank says clients will completely own their order execution, and will be able to select their preferred strategy and follow the execution without the need to contact their salesperson at the bank.
Regular readers will know I am unsurprised to read reports of Blackstone pondering the sale of FXall once it completes its takeover of a majority stake in Thomson Reuters F&R, because (for once, I know, before you all message me) I predicted such a thing in this column in June.
What I find interesting in the latest production from the rumour mill is how it is only the sale of FXall – Matching and the other channels are not mentioned.
Thai energy company, PTT Exploration and Production Public Company Limited (PTTEP), has implemented Refinitiv’s FXall trading platform and “Settlement Center” post-trade solution for managing its FX transactions.
Because PTTEP already uses Eikon, this maks it the first Thai corporate to adopt the end-to-end suite of services covering pre-trade, trade and post-trade phases, according to a statement. PTTEP executed its first production trades in early October.
Yongyos Krongphanich, executive vice president, finance and accounting group at PTTEP, comments: “This collaboration between PTTEP and Refinitiv is considered an important step for PTTEP in managing its foreign exchange risk management and streamline back-end processes. This will further improve company’s competitiveness and support sustainable growth in this challenging digital era.”
In an environment in which liquidity has become increasingly commoditised, how do FX trading platforms offering access to this liquidity differentiate themselves?
This was the question put to Jill Sigelbaum, head of FXall, Refinitiv, during a recent video interview with Profit & Loss.
Sigelbaum responded that providing transaction cost analysis (TCA) and pre-trade analytics tools are examples of ways that platforms can offer increased value to clients, but also highlighted a number of other services that are being developed.
“What really differentiates us, and I think how we move forward, is the pre-trade workflow, the artificial intelligence that we plan to use around analysing the post-trade data so that we can make suggestions to clients, automating the process as much as possible without actually trading for our clients,” she said.
It may be his life-threatening illness (slight cold) but Colin Lambert is in punchy form in this week’s In the FICC of It podcast, so listen in as he and Galen Stops discuss a busy week in the FICC world.
Starting with the potential implications of Cboe’s agreement with UBS to help broaden the reach of its FX platform – and why Refinitiv might want to sit up and pay attention – they rampage through the multi-dealer platform world looking at how (if according to Lambert) platforms can differentiate themselves. Are these firms really taking the single dealer model and deploying it in a multi-dealer landscape? Will this work? What are the USPs of a single and multi-dealer platform?
Refinitiv has formally launched Trade Performance Analytics (TPA), the new analytics solution for users of FXall. “TPA empowers users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers, as well as make better informed trade planning decisions. Leveraging highly interactive data visualisation technology, this comprehensive analytics solution offers several analytics views that are available for immediate use, with the ability for users to customise their analysis using a wide range of filters,” says Refinitiv in a release announcing the launch today.
2018 was undoubtedly a transitional year for Refinitiv. In the first half of the year, the firm was finishing off big initiatives that were started in 2017 – although everything was all ready internally for the MiFID II deadline on January 3 there were subsequent client enhancement requests to work through, while Matching was re-platformed and moved into the Equinix LD4 data centre in London. Meanwhile, in the second half of the year, the focus shifted onto new initiatives: announcing plans to launch an analytics suite and making more algos available to clients on FXall. Of course, the obvious transition for the firm was being rebranded as Refinitiv from Thomson Reuters’ Financial & Risk (F&R) after a consortium led by private equity firm Blackstone agreed a deal to acquire 55% of the business.