Electronic market-maker XTX Markets has appointed Chan Wai Kin as its new head of sales for Asia
Kin was previously head of FICC ecommerce (APAC) at Morgan Stanley.
Prior to that, he led the eFX sales team within the APAC (...
XTX Markets has joined Broadway Technology
as a liquidity provider in foreign exchange, Broadway announces.
“As the liquidity landscape evolves in FX
it is important to be able to provide our clients with increased connectivity
options to support their business”, ...
XTX Markets has hired Ted Yang to join its business
development team in Asia.
Yang, who will be based in Singapore, joins from Tower
Research, where he was the head of technical implementation management in the
Prior to ...
Today’s release of
Virtu’s financials, as well as the deal it has signed with JP Morgan, probably
make this the appropriate time to share my thoughts on the non-bank market
making sector in general, in particular the value ...
XTX Markets has made XTX-ray, a tool designed to replicate how sell-side market makers analyse spot FX liquidity, available to buy side market participants.
XTX-ray looks at a wide range of data, including fill ratios, the cost of rejected trades in USD, spreads and market impact, to reveal “hidden” costs embedded in firms’ spot FX execution with the aim of enabling them to more effectively analyse the liquidity they are accessing.
“XTX-ray makes state-of-the-art sell side execution analysis available to buy side firms, and counterparties will be able to evaluate the execution quality of their liquidity providers.
Increased attention on market impact has prompted non-bank market making firm XTX to release a new analysis tool, XTX-ray. Colin Lambert takes a look.
Market impact has grown steadily as a topic of conversation in the FX industry, thanks in part to the events of October 7, 2016 in Cable, but also due to the increasing instances of “mini” flash moves in markets. As risk warehousing activities have been scaled back across the banking industry, a crucial buffer is being thinned out, meaning orders that previously had minimal or no impact on market levels, now do.
Eric Swanson has been named as CEO of XTX Markets (Americas), effective June 1.
Swanson, who will be based in New York in this new position, comes from a securities market background, having most recently worked as the corporate secretary of Bats Global Markets since 2008.
Prior to Bats, Swanson served for more than a decade in a variety of roles at the Securities and Exchange Commission (SEC), including as assistant director with responsibility for oversight of exchange and broker trading systems.
Citadel Securities and XTX Markets have signed up as Cobalt launch participants.
Cobalt’s FX solution is set to launch later this year. There are currently 22 beta participants on Cobalt’s peer-to-peer network including Citi, which became a Cobalt investor in 2016, and Cobalt’s technology partners, including Setl, First Derivatives and Tradepoint.
Cobalt has also announced the expansion of its core team and the opening of a New York office.
Devika Darbari joins Cobalt as COO from JDX Consulting, where she was a board member and CEO Americas. She will also head up operations in the US.
Confirmation, to me at least, that we need to talk about market participants in more nuanced terms comes in the form of recent news and that perennial source of good gossip – the rumour mill.
I have banged on enough about the need to get away from the “bank/non-bank” divide because quite frankly it doesn't exist anymore. I have also argued before about re-thinking how we bucket providers in this business and I strongly believe that the greater transparency that will come with better explanations of risk management policies will drive such a change.
Trading firm XTX Markets’’ Singapore entity is building a new FX pricing and trading engine which will go live in Equinix’s Singapore SG1 data centre in June 2018.
XTX says it believes that the SG1 build-out will enhance the e-FX trading experience for XTX’s counterparties in the region and in turn, help increase participation rates and volumes for e-FX activity conducted within Singapore to benefit the regional FX market ecosystem.
“Under the Financial Services industry transformation map (ITM) introduced in October 2017, MAS aims to enhance the e-FX trading infrastructure to improve market transparency and facilitate price discovery of FX trading in the Asian time zone,” says Alan Yeo, executive director, Monetary Authority of Singapore (MAS).
XTX Markets’ annual report and financial statements for the year ended 31 December, 2017, show that its year-on-year profit remained largely flat at £60.98 million. In 2016 it reported a profit of £60.46 million.
In the financial documents, Alex Gerko, founder and CEO of XTX Markets, said that the profits generated last year met expectations, given the lack of volatility in the markets. He added that, rather than just profit, the key performance indicators for the company are the net trading revenues and the profit before tax.
“Revenues have grown 17%, driven by the company’s expansion into new markets and products and optimisation of existing strategies. The company’s trading strategies seek to take advantage of pricing movements in global securities that would be accentuated in periods of higher volatility in the underlying markets and securities in which the company opts to trade.
There appeared to be a broad consensus in the responses to the Commodity Futures Trading Commission’s (CFTC) proposed swap dealer rules that the Commission should retain the current $8 billion de minimis threshold for swap dealer (SD) registration and that NDFs should be excluded from the threshold calculations.
Since 2012, Commission regulations have stated that market participants will not be considered a "swap dealer" unless they trade over $8 billion per year in aggregate gross notional amount (AGNA). This $8 billion threshold was meant to be a temporary phase-in period, with the threshold ultimately due to be reduced to $3 billion.
FX market structure changes are behind a change in approach on the part of several non-bank market makers, and the direction of travel is very much the mainstream.
“The market structure has changed and our model has definitely changed with it,” said Laine Litman, head of Virtu Financial’s customised and disclosed liquidity offerings in FX and fixed income, in kicking off the second panel on liquidity provision at Profit & Loss Forex Network Chicago. “What liquidity consumers needed two or three years ago has changed and with that, we have had to look at our models as well as at how we interact with markets.
XTX Markets (XTX) has chosen Paris as its post Brexit European hub, although the firm says that its headquarters will remain in London.
XTX has filed an application with the Autorité de Contrôle Prudentiel et de Résolution, the French regulator, to operate a regulated firm in France.
In a release issued today announcing the decision, XTX says that is opening an office in Paris as part of its preparation for the UK’s exit from the European Union. The firms adds in the release that it is committed to maintaining and further developing its liquidity provision to clients, platforms and exchanges across the European Union.