If you ever wanted an example of how an enhanced market structure – specifically around electronic trading – helps to build volumes, one need look no further than NDFs. Volumes have been climbing steadily over the past five years, indeed I am starting to think they may eclipse FX options soon, and how people trade them also appears to be shifting, to the degree that I wonder if the NDF market is giving us a glimpse into the market structure of the foreseeable future?
In the Profit & Loss 2018 Digital FX Awards, Barclays was the winner of the “One to Watch in 2018” category and, looking back now at the end of the year, it seems that the bank might be on its way to justifying this decision.
After a couple of years during which there was a clear slowdown in terms of product development within Barclays’ e-FX franchise, the bank appears to be shifting onto the front foot again.
It has made a raft of senior appointments within its FX business this year, with Alex Shterenberg hired as global head of G10 and EM e-FX trading, Jeremy Monnier as a managing director, Fabio Madar as the global head of G10 FX trading and distribution, James Hassett as global head of EM macro trading, and Mauricio Sada-Paz as global head of e-FICC product and distribution.
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?