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Tech Corner

Online currency trading provider GFT Markets is adding the Chinese renminbi against the US dollar and the Japanese yen to its platform. Using the Hong Kong deliverable (CNH), GFT’s clients will have access to the currency at a time when both Beijing and Washington face the prospect of leadership changes that could markedly influence the relationship between the two superpowers.

The Chinese currency may be strongly influenced by central bank policy, but moves are bi-directional and the renminbi is being allowed to appreciate gradually as Beijing responds to international pressure. The Republican presidential candidate Mitt Romney has made no secret of the fact that he is prepared to stand up to China should he be elected and wants to see faster appreciation of the currency.

Vito Henjoto, market analyst at GFT, says, “Traditional markets may have been somewhat range-bound of late, but with a growing number of items on the geopolitical agenda, the trading opportunities offered on the renminbi may well act as a welcome respite and our customers will now have the ability to trade this currency.”

The International Swaps and Derivatives Association has confirmed its support for the Clearing Connectivity Standard (CCS), an industry standard that helps to improve over-the-counter derivatives reporting and communication for asset managers, futures commission merchants (FCM), central counterparties and custodians. ISDA will work with Sapient Global Markets, which developed the standard in collaboration with the largest custodian banks and FCMs. The CCS provides for standardised connectivity and reporting for central counterparty-eligible interest rate and credit default swap products in the US through LCH.Clearnet’s SwapClear and CME Group. ISDA and Sapient are planning to expand the service to include additional products, participants and geographies over the next year.

Orc, a provider of technology and services for the global financial industry, has launched Orc Trade Access, a stand-alone market access platform that provides high functionality and low-latency connectivity to exchanges, brokers and market data sources.

Orc Trade Access is aimed at companies that currently use multiple third-party connectivity vendors, and those who rely on in-house developed market connectivity. It also offers market reach for clients who rely on their trading applications vendor for connectivity. Orc Trade Access can be integrated with any order and execution management system or in-house developed trading application.

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