Articles tagged by Integral
Integral Development Corp has integrated Linedata's Order Management System (OMS) powered by Longview, with Integral’s InvestorFX.
“We are pleased to partner with Linedata, which delivers flexible and comprehensive asset management solutions to global institutional and alternative communities,” says Harpal Sandhu, CEO, Integral. “InvestorFX is the smartest trading platform available for investment managers today, and we are proud to offer another high-quality option to access it. All users of Linedata OMS are now able to benefit from a seamless integration with InvestorFX.”
The US Ninth Circuit Court of Appeals has overturned some of the decisions made by the US District Court regarding claims that EBS BrokerTec CTO, Viral Tolat, misappropriated trade secrets from his former employer, Integral Development Corp.
To succeed in a claim for misappropriation of trade secrets under California law, Integral must show that it possessed a trade secret, that Tolat misappropriated that trade secret and that this misappropriation caused or threatened damage to Integral.
In its case against Tolat, Integral claims that there are three sets of information that Tolat misappropriated.
Integral has announced new enhancements to its Open Currency Exchange (OCX).
The new features include ultra-low latency hardware upgrades providing 80 micro-second roundtrip acknowledgement time, integration with its BankFX, MarginFX and InvestorFX offerings, and the addition of advanced algorithmic trading technologies integrated into the exchange.
These enhancements are delivered through the new OCX trader application and FIX API that allows unified access to liquidity, passive order placement, and algorithmic trading in a single user interface.
Integral says OCX is directly cross connected with more than 250 liquidity sources supplying more than 2,800 market making streams in NY4, LD4 and TY3. In addition, many of its BankFX and MarginFX customers make markets in local currencies through the OCX network.
Integral has rolled out specific solutions for MiFID II compliance. The firms says it will deliver its entire platform with services necessary to meet MiFID II requirements including assistance with pre-trade and post-trade transparency, surveillance, TCA, reporting, and record keeping. With many firms now facing a Systematic Internaliser (SI) regime, Integral says they must do “significant” work to implement new obligations around their dealing practices and prove transparent and compliant trading. The firm says it will support SI customers and alleviate much of the regulatory burden of pre and post-trade transparency, transaction reporting, best execution, and record keeping.
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.
Viral Tolat has been appointed chief executive officer at TradAir, filling a role vacated last year when co-founder Illit Geller stepped down.
Tolat was last at EBS Brokertec where he was CTO, a role he took on in 2013 after leaving the CTO position at Integral Development. The move was not without controversy as Integral commenced a legal action against Tolat for allegedly stealing trade secrets. Although Integral’s initial case, which was widely seen as an attempt to stop Tolat joining a rival organisation, was thrown out by a US District Court, it won an appeal against some of the decisions in January 2017.
Data from the first set of trading venues to report their monthly volumes shows that FXSpotStream had its best ever month in terms of average daily volume (ADV), while trading on other OTC FX platforms reporting volumes slowed down slightly in June.
FXSpotStream achieved an ADV record of $30.4 billion in June, a 5.33% increase from the previous record of $28.8 billion set in February 2018.
This represents an 8.22% increase from May’s ADV of $28 billion, and a massive 49.52% increase year-on-year.
The first group of FX platforms to report average daily volume (ADV) indicate that activity slowed in July from June, however it remains strong on a year-on-year basis, with all reporting an increase.
CboeFX, formerly Hotspot FX, handled ADV of $33.2 billion, while FXSpotStream handled $27.7 billion, Euronext's Fastmatch FX handled $20 billion (the Fastmatch Tape reported $72.5 billion) and Integral, which reports data on all FX products, as compared to just spot by the other platforms, handled $35.3 billion.
Integral has announced the appointment of ex-ION Trading CEO Gavin Bambury as its chief technology officer (CTO).
He brings more than two decades of trading and technology experience to his role at Integral. In addition to serving as both CEO and COO at ION Trading, Bambury has also held positions as global head of business re-engineering at Deutsche Bank and CTO of fixed income, currency and commodities at Citigroup.
Harpal Sandhu, CEO of Integral, adds, “Gavin is an amazingly talented designer, technologist and leader.”
The first group of FX trading venues to report average daily volumes (ADV) for September paint a mixed picture with regards to the level of trading activity, much as they did at the end of August.
The ADV on CboeFX was $35.8 billion in September, a 2.5% increase compared to the previous month and an 8.1% increase compared to September 2017.
FastMatchFX recorded an ADV of $18.6 last month, down 4.6% from the $19.5 billion it recorded in August and down 10.1% from the $20.7 billion ADV it saw in September 2017. By contrast, the ADV on the FastMatch FX Tape was $84.4 billion last month, beating the previous record high that it set in August of $83.6 billion.
The first batch of FX platforms to report data indicate October saw a modest uptick in activity from September, although CME Group saw average daily volume (ADV) fall from an outstanding previous month.
The stand-out results come from FXSpotStream, which has reported another peak in activity at $35.9 billion per day. Not only does this represent a 12.5% increase from the previous record in September and a huge 80.1% increase year-on-year, it also means that FXSS is recording ADV very close to CboeFX, formerly HotspotFX.
The data from the first set of FX platforms to report volumes suggests that any changes in trading activity were fairly minimal in November.
Fastmatch reported an ADV of $20.3 billion for November, up slightly from the $19.2 billion that it reported in October and the $17.8 billion that it recorded in November 2017. After seeing volumes on its FX Tape increase by 12.1% in October, Fastmatch was able to sustain this volume in November with an average of $95.3 billion being reported to it each day.
The ADV on Cboe Hotspot was $34.6 billion in November, down 5.4% from the $36.6 billion recorded in October, but marginally up year-on-year from the $33.9 billion that it recorded in November 2017.
Data from a second group of platform providers has reinforced the message from the first two releases that while it didn't pull up too many trees, December 2018 was a solid month for most that ended a good year. All providers reporting increased activity in the whole of 2018 compared to 2017. There was a more mixed message in the month-on-month data with only three providers reporting an increase from November, but the year-on-year data generally speaking gave grounds for optimism amongst providers.