A round up of the latest technology news…
Hotspot FX says volume on its ECN platform in June continued the strong performance experienced in May with volumes just below May’s record levels. Average daily volume was $66.6 billion, 1.7% lower than in May and 78.9% higher than in June 2010. Total volume was $1.46 trillion. Unlike other platform providers, Hotspot FX releases volume results on a double counted basis.
The second quarter of 2011 was a record quarter in all areas for Hotspot, exceeding the prior mark set in Q1 2011. Hotspot also reached a new milestone in the quarter, with over $4 trillion transacted on the platform – 16% higher than in Q1. Average daily volume in the second quarter was $63.0 billion, 14.3% higher than $55.1 billion in Q1 and up 56.7% compared to Q2 2010.
Trioptima says that in the first six months of 2011 its Trireduce early termination service had eliminated interest rate swaps with a notional value of $22.1 trillion, including cleared swaps in LCH.Clearnet Swapclear. Credit default swaps with a notional value of $3.2 trillion were also compressed during this time period.
“Given the move towards clearing, CDS compression remains relatively strong; and interest rate swap terminations have accelerated again. Working with LCH.Clearnet Swapclear provides good opportunities for shedding transactions and reducing notional principal outstandings,” says Peter Weibel, CEO of Trireduce.
UK-based FX technical analysis firm Tradermade has made enhancements to its Maverick charting application. Maverick can now chart fundamental or economic data and allows clients to import proprietary or third-party data from any text-based or CSV file. Maverick also has a new Measure Tool which allows users to measure the difference – percentage and actual change – between two points on the charts. In addition, the application menu has been refined for quick and intuitive use, and cosmetic improvements now give users the ability to customise the application colour for added publishing value.
Netherlands-based Friesland Bank has signed up to LCH.Clearnet’s Swapclear service to clear over-the-counter interest rate swap transactions through ABN Amro Clearing. ABN Amro Clearing will backload Friesland Bank’s portfolio of OTC IRS trades, representing the first client clearing transaction in the Netherlands.
IntercontinentalExchange has announced that its North American credit derivative clearing house, now called ICE Clear Credit, has completed its first trades as an entity regulated under the new Dodd-Frank regime. The clearer is now regulated by the Commodity Futures Trading Commission for index trades and by the Securities and Exchange Commission for single name credit default swaps.
Jim Toffey, the founder of Tradeweb, has launched Benchmark Solutions, a provider of independent, streaming prices for fixed income and derivatives markets. Backed by equity firm Warburg Pincus, Benchmark Solutions has developed a system that synthesises millions of market observations daily and creates market-driven prices which are updated and available to clients every 10 seconds. Targeted at front office professionals, Benchmark’s offering – BMark Real-Time – provides continuous real-time pricing data for corporate bonds and credit default swaps with expansion planned this year for other asset classes.
Australian retail FX broker Vantage FX has added six new indices to the Vantage FX MetaTrader 4 platform: DJ30, DAX30, FTSE100, SP500, SPI200 and CL-Oil. Currently these products are available on the Vantage FX demo platform, and will be available for live trading beginning this week.