Articles tagged by GTX
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 ...
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 ...
Thomas Reichel joins GTX from Hotspot as its new director of
institutional sales, based in Chicago.
In his new role, Reichel will report into John Miesner,
managing director and global head of sales at GTX.
Reichel has more than 20 years' ...
GTX has hired Eduard Poltavsky as director, e-FX sales.
GTX plans to launch new a matching engine for its flagship ECN in London October 15, 2016, with a Tokyo-based matching engine to follow within 90 days.
The new matching engines, along with GTX’s existing matching engine in New Jersey, will be accessible by clients connected to any of the three locations. The clients can then choose whether to interact only with local liquidity or to access the global order book.
“This move has been driven by client demand, we had a lot of clients – particularly the more latency-sensitive clients – reach out and say that it would be more efficient for them to access liquidity locally.
GTX and Nightberg, an independent macro strategy firm founded by former hedge fund strategists, are partnering to distribute Nightberg’s full suite of investment research to GTX's institutional clients.
The product will be provided on a complimentary basis to clients of GTX’s registered swap dealer, which offers agency execution services for swaps, options, forwards, non-deliverable forwards and other products in G10 and emerging market currencies.
“We are excited to work with GTX to provide flexible access to our investment research,” says Mario Manna, co-founder of Nightberg. “Both Nightberg and GTX are active in the global macro hedge fund and broader asset manager space and we see an excellent opportunity to work together to provide value to clients.”
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.
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.
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.
GTX has partnered with Ideal Prediction, an independent trading analytics and data science company, to offer its clients analytics aimed at to optimising their FX trading.
The market data, tools, and services are designed to enable buy-side and sell-side market participants to optimise profitability and simulate strategies, as well as perform Transaction Cost Analysis (TCA).
GTX says in a release announcing the partnership that it will further enable sell-side market participants to benchmark execution performance, analyse client flows, and optimise risk management strategies.
In February, Profit & Loss reported that GTX had partnered with Ideal Prediction, an independent trading analytics and data science company, to offer its clients analytics aimed at optimising their FX trading.
GTX first hired Ideal Prediction to optimise client liquidity pools and trade execution performance in March 2016 and the perceived success of this project, combined with the management teams’ strong working relationship with Ideal Prediction CEO, John Crouch, from his time working at Credit Suisse, prompted the two firms to look for more ways to utilise the data at GTX’s disposal to help its clients.
The end product of this was the analytics tool that GTX began offering to firms in February.
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.
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.
In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.
Gain Capital’s GTX has launched full-amount streams on its ECN platform.
The new facility, which enables clients to execute small and medium-sized spot FX orders on firm prices for the entire trade quantity, is designed to minimise information leakage and market impact for buy-side traders as well as benefit liquidity providers.
For buy-side traders, full-amount streams minimise pre- and post-trade information leakage and market impact by limiting knowledge of the prospective order (pre-trade) and execution (post-trade) to the buy-side client and the single liquidity provider counterparties to the transaction.
The first four platform providers to publish FX average daily volume (ADV) for September have all reported significant month-on-month (MoM) and year-on-year (YoY) increases.
FXSpotStream’s ADV for September was $23.9 billion, which represents its highest ever monthly ADV since the service was founded nearly six years ago. It is also a 24.6% MoM increase and a 54.9% YoY increase in ADV.
The record setting volume in September caps a newsworthy month for FXSpotStream, as it revealed exclusively to Profit & Loss that it has added State Street as its 13th liquidity provider, has hired a new CTO and is planning to launch a new analytics suite.
Galen Stops takes a look at some of the potential risk concerns associated with the prime-of-prime model in FX.
I n a recent survey conducted by Profit & Loss 57.25% of respondents said that they think the trend towards more firms using prime-of-primes (PoPs) rather than traditional FX prime brokers (FXPBs) could increase the impact of a shock event.
This is in contrast to 27.48% who said that it won’t and 15.27% who think the impact of a shock event would be unaffected by this change. The logic underpinning this concern is based on the fact that risk is increasingly being pushed towards less well-capitalised institutions.
The first three platforms to report FX average daily volume (ADV) for November indicate activity stayed around year’s highs.
CBoE FX (formerly HotspotFX) reports ADV of $33.8 billion, a 5.6% increase from October and a 11.2% increase year-on-year.
Euronext’s FastmatchFX reports ADV of $17.8 billion in November, slightly down from October’s $18 billion and 4.1% higher than October 2017, and Gain’s GTX says it handled ADV of $12.2 billion on its ECN and SEF, a 7% increase month-on-month and up 18.4% year-on-year.
The first four FX trading platforms to report average daily volume (ADV) data for December indicate that while activity declined, as usual in this month, generally markets remained busier than usual.
Although the latter three are relative newcomers to the platform space and are still regularly recording year-on-year increases, all four of Cboe FX, FXSpotStream, FastmatchFX and Gain’s GTX recorded their highest ADV for December since inception.
Eyes now turn to those platforms with longer reporting track records to confirm this initially strong December data.
The first three platforms to report FX trading volumes indicate January was a strong start to the year all round, with Cboe’s HotspotFX and Gain’s GTX platforms both recording new record highs for average daily volume.
Cboe’s Hotspot reported ADV of $42.6 billion in January, up 37% from December and 43.9% up year-on-year.
Euronext’s FastmatchFX also saw a healthy bounce from December and on a year-on-year basis, with ADV at $20.8 billion, a 33.3% rise month-on-month and 22.4% up year-on-year.
Gain’s GTX also set a new high at $13.9 billion per day, up 28.7% from December and 10.3% higher year-on-year.
The first three platforms have reported average daily turnover (ADV) data for February, with CboeFX (formerly HotspotFX) and Gain’s GTX hitting new peaks and Euronext’s FastmatchFX seeing its second busiest month. ADV at CboeFX was $44.20 billion in February, exceeding January’s then record month by 3.75% and up a huge 63.7% from February 2017. Gain’s GTX saw ADV of $16.1 billion, up 15.8% month-on-month, 45% year-on-year and again a new record for the platform. FastmatchFX reports ADV of $21.1 billion, a 1.4% increase from January and 27.1% higher year-on-year.
The first FX venues to report their trading volumes for last month struggled to match the highs of February, despite posting strong volumes.
FXSpotStream hit an all-time record for overall trading volumes, with $606 billion traded on its platform in March, up 5.1% from the record it set in February.
The average daily volume (ADV) of trading on its platform was $27.6 billion last month, a total only ever beaten by the ADV of $28.8 billion it recorded in February. Perhaps a better indication of the platform’s performance is that this represents a 46.7% year-on-year (YoY) increase in ADV.
Henry Durrant has joined Gain Capital’s GTX – he started last week in London and is reporting to Steve Riley, head of liquidity at the firm.
The first four platforms to report average daily volume (ADV) for April paint a mixed picture with Euronext’s Fastmatch FX seeing an uptick in activity from March and Cboe FX, FXSpotStream and GTX seeing a slight decline. All four venues are higher on a year-on-year basis.
Cboe FX, formerly HotspotFX, reports average daily volume of $36.3 billion in April, FXSpotStream, $24.6 billion, FastmatchFX $19.4 billion and Gain’s GTX $13.3 billion. The Fastmatch Tape has also report a big gain in April.
Deutsche Börse has further built out its OTC FX business with the announcement that its 360T unit, which is responsible for foreign exchange at the firm, has agreed to acquire the GTX ECN business from Gain Capital for $100 million – the deal is expected to close in the second quarter of 2018. The exchange group says, to reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.