Articles tagged by market data
BGC Partners has announced that Michael Morris has joined Fenics Market Data as head of sales for the Americas.
In his new role, he will be based in New York and will report to Elliott Hann, global head of sales at Fenics Market Data.
Morris joins BGC from Bloomberg, where he had been the global head of data acquisition since 2012, and had led data acquisition sales in various capacities since January 2006.
"We are delighted to welcome Mike to the team. He brings to BGC Partners a wealth of industry knowledge and leadership from his 20 years with Bloomberg," says Elliott Hann.
Chinese financial data provider Wind Information, has extended its joint service with Icap Information Services to provide market data that includes real-time US Treasury pricing and global FX spot rates.
Following the partnership signed in early 2015 between the two parties to provide offshore Chinese renminbi (CNH) and end-of-day US Treasury data in China, the new offering now includes real-time benchmark data for US Treasury yield curves. Together with the data already available, Wind Info's client base can now gain access to timely, accurate data via the Wind terminal to enable more accurate price discovery and pre-trade analysis.
EBS BrokerTec has officially launched EBS Live Ultra, which it says is its fastest FX data product to date. The product, which was first unveiled in February 2016, has two data interval rates; 100 milliseconds, the same as the current EBS Live service but with lower latency, and a 20 milliseconds service, five times faster than the EBS Live data product.
The move represents an attempt by EBS raise transparency levels for all market participants as well as to bolster liquidity provision on the EBS Market platform and support the maintenance of a continuous order book.
Overbond has announced a partnership with Thomson Reuters that will see fixed income market data and analytics integrated within the Overbond platform.
The company says that through Thomson Reuters Labs, the companies will also be exploring opportunities to drive further innovation in the fixed income capital markets through collaborative research and development.
Overbond is a Fintech initiative that has resulted in the first fully-integrated platform to directly connect corporate and government bond market issuers with dealers and fixed-income investors. The platform features end-to-end processing capability and a support framework for primary bond origination, thus “transforming primary bond issuance into a fully-digital, transparent, and secure process from pre-deal research straight through to deal execution” according to the firm.
As FX execution becomes increasingly fragmented with more and more trading taking place in dark environments, price discovery is rapidly becoming one of the industry’s key challenges. But can the recent proliferation of new market data offerings from the leading ECNs really help tackle this problem as claimed? Nicola Tavendale writes.
The past year’s run of unprecedented market events has only served to highlight the growing demand for timely and reliable FX market data, yet innovation in this area has notably lagged behind the levels seen in other areas of the financial markets.
Thankfully, and we accept no payment for this enormous service to the industry, at last week’s Forex Network London conference, former Citi FX head James Bindler and I solved the problem of last look.
Those of you that were there already know this, of course, and, equally clearly, it’s not my idea in any shape or form – I’m just jumping on the coat tails of other brighter people! That said, a solution, more importantly, a potentially workable solution, does exist.
Although Dmitri Galinov, CEO of FastMatch, defends the controversial practice of last look in FX, he also claims that it will be eliminated within the next two years.
Explaining why last look has become such a hotly debated topic within the FX industry, Galinov explains that it is “a valuable tool” that enables liquidity providers to quote tighter prices to their customers.
The problem, as he puts it, is that “consumers want tighter prices but they don’t want last look”. For now, however, the two appear to be mutually exclusive, which is why this is a difficult issue for the industry to solve.
Fenics Market Data, which is owned by brokerage firm BGC, has added two new members to its Americas team, both based in New York.
Damien Fitzpatrick joins BGC as head of sales, Fenics Market Data, for the Americas, reporting to Elliott Hann, Fenics Market Data's director of sales.
Fitzpatrick joins from Icap, a subsidiary of TP Icap, where he was most recently head of sales and business development for Asia Pacific. Prior to that, he worked at Thomson Reuters in various commercial roles in New York, London and Singapore.
Thomson Reuters has added 15 new currency pairs to its binary multicast feed for Matching.
Profit & Loss previously reported in October 2016 that the firm was planning to increase update frequencies for Matching real-time market data by up to 10 times to 25 milliseconds.
In phase one of the roll-out Thomson Reuters put USD/CAD, USD/SGD and EUR/USD pairs in the binary feed on May 21, 2017. Then on Sunday it launched phase two, adding the following 15 currency pairs: AUD/USD, AUD/NZD, NZD/USD, GBP/USD, EUR/GBP, EUR/DKK, EUR/NOK, EUR/SEK, NOK/SEK, USD/MXN, USD/CNH, USD/HKD, USD/JPY, USD/CHF and USD/RUB.
Before getting onto today’s subject matter – which is last look – I wanted to clarify something from Monday’s column – which was about last look!
Some in the industry are definitely moving towards the moral high ground on this issue and along the way, hopefully, they will squeeze out those that still wish to abuse the practice. New initiatives and growing support for a crucial change mean I am, possibly for the first time, vaguely optimistic the problem of last look will be solved.
Fenics Market Data, the market data division of BGC Partners, and China Credit BGC Money Broking Company (CCT-BGC) have agreed to a distribution partnership, whereby Fenics Market Data will exclusively provide CCT-BGC's Chinese market data products to clients.
Through this agreement, Fenics Market Data is becoming the sole international commercial agent for CCT-BGC's onshore Chinese data, covering the fixed income, interest rate and FX markets.
CCT-BGC, established by China Credit Trust Co and BGC, is the first money-broking company granted a licence by the China Banking Regulatory Commission (CBRC) in Beijing.
Integral Development Corp says it is extending its market data offering for cryptocurrencies to include 14 major cryptocurrencies connecting to “all major exchange sources across the US, Europe and Asia including Japan and Hong Kong”.
“An accurate, stable, and reliable reference price is a requirement for any market maker,” says Harpal Sandhu, CEO of Integral. “The Cryptocurrency Market Data Service connects to the most price sources and applies the most advanced price discovery algorithm available.”Integral says the new data service uses algorithms developed with Stanford University.
Network device provider Metamako, has teamed up with connectivity provider Redline Trading Solutions to offer an ultra-low latency end-to-end solution for automated traders.
Redline’s InRush market data solution, which provides consolidated market data feeds, now uses Metamako’s network devices to receive data from over 150 global exchanges, offering data fan-out in only 5 nanoseconds.
As a result, the firms say, clients can now obtain normalised market data with the lowest possible network latency for a wide range of asset classes including equities, derivatives, FX, fixed income and commodities.
Technology provider Vela, has announced a partnership with CoinMarketCap, a provider of cryptocurrency data, to add cyrptocurrencies to its market data feed service, SuperFeed.
The partnership will provide Vela’s institutional client base with normalised access to the list of more than 1,800 cryptocurrency coins and tokens supported by CoinMarketCap. Vela will integrate CoinMarketCap’s professional API into SuperFeed to enable institutions to access the new data alongside more traditional market data sources.
“With crypto being one of the biggest disruptors in our space today, this agreement fortifies Vela’s entry into this innovative digital currency sector,” says Jen Nayar, CEO at Vela.
This week’s podcast roars through a huge range of subjects and features Colin Lambert lamenting the demise of “crazy” hedge funds and Galen Stops questioning how much value there really is in the swathe of market data products coming to the market.
Our two podcasters also take a look at TCA and ask, “does it really add value?” They delve deeper into the real challenges facing corporate treasuries (hint: it’s not execution) and the value, or otherwise, of them using currency overlay programmes; roll through the FX Global Code and into the end of the class action against Deutsche Bank over last look; and end up with exciting news for listeners attending Forex Network Chicago.
Trading technology and financial infrastructure provider Itiviti has launched Itiviti FX, a foreign exchange trading solution that the firm says is built for today’s dynamic FX market landscape and designed for compliance with the latest regulatory requirements including MiFID II.
Using a modular, app-based architecture Itiviti FX combines out-of-the-box FX trading capabilities with flexibility, enabling highly scalable and easily customised solutions. It offers cross-asset trading functionality, including algorithmic trading, distribution service, order and pre-trade risk. It also features a liquidity aggregation service, which allows for mixing of different types of liquidity from multiple sources.
It is something of an attention-grabber when someone who builds solutions on distributed ledger technology (DLT) says, “We are not a blockchain company”, however that is exactly how Tim Grant, co-founder and CEO of DrumG, starts our conversation. “We are a company that builds on blockchains; not one blockchain, but the right one – we build ledger appropriate solutions,” he explains. “We would never say ‘our blockchain is better than yours’. What we say is ‘our ability to choose the right blockchain and build on it, is better than yours’ – there’s a significant difference.”
Platform providers are becoming more conscious about the value of data, both for their businesses and their clients. Galen Stops takes a look at what this means for the FX industry.I f there is one consistent trend that emerges talking to all of the major OTC FX trading venues in 2019, it is that they’re all keen to emphasise the importance of data, both with regards to how they operate their businesses and how their clients operate theirs. On the one hand, FX trading venues are increasingly looking for ways to package and sell their market data, creating new revenue streams for the business. On the other, seemingly all of them are investing in developing trade analytics tools that will enable users of these platforms to derive greater insights from their trading activity and more effectively evaluate the liquidity and pricing available there.
For platforms looking to differentiate on the speed of their technology the equation is measured in the scale of the challenge rather than the opportunity. As David Mercer, CEO of LMAX Exchange observes, “You can’t differentiate on speed, but you have to keep in line with the best in the market – and that means cost.”
Liquidity providers have to be able to update their prices as quickly as possible, and likewise, trading venues have to deliver price updates to their customers as efficiently as they can, to facilitate a fair trading environment. “Five years ago market data was being delivered at 100 milliseconds, then more recently it was at 5 milliseconds,” notes Mercer. “At LMAX Exchange we are live streaming and cancel and replace of orders is measured in microseconds, but already people are talking about nanoseconds – and that’s a challenge for us.”