Making Peer-to-Peer Trading a Reality in FX

In this Profit & Loss video interview Jay Moore, CEO of FX HedgePool, says that peer-to-peer FX trading remains an attractive prospect for buy side firms and explains why previous attempts to make it a reality haven’t worked. Noting that peer-to-peer FX trading is hardly a new concept, Moore says that buy side firms have […]
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A New Approach to FX Liquidity

In a new video interview with Profit & Loss Fred Allatt, managing director — FX sales at INTL FCStone Markets, details how his firm has adapted its model for accessing FX liquidity.  In the interview Allatt reflects on his 15 years in the FX industry, noting that the market has changed significantly in terms of […]
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Is FX Still an Attractive Market to Trade?

Although Justin Foley, managing director, head of FX at Gelber Group, concedes that subdued volatility has made FX less interesting for traders in recent years, he says that this state of affairs will not last forever. Foley, who was inducted into the Profit & Loss Hall of Fame earlier this year, explains in a new […]
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Unlocking the Value of FX Data

  With more data available to FX market participants than ever before, the real value is in being able to interpret this data, says Maria Prata, managing director, global FX, at Deutsche Bank in a new video interview with Profit & Loss. Acknowledging that “data” has become something of a buzzword in the FX industry […]
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Institutional Crypto is Coming

Major financial institutions will move into the crypto space, despite the fact that many of them have avoided it thus far, argues David Mercer, CEO of LMAX Exchange Group, in a new video interview with Profit & Loss. “We’d be kidding ourselves if we said the last 12 months haven’t been static in crypto land,” […]
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Is It Time to Change the Credit Model in FX?

In a new video interview with Profit & Loss Rick Schonberg, global head of ForexClear product development at LCH, is unequivocal in expressing his view that the current credit model in the FX industry is due for a change. “The model definitely needs to change,” he says. “What’s interesting is that the BIS numbers —  […]
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Have Exchange Acquisitions in FX Actually Worked?

Thus far, some of the acquisitions of OTC FX platforms by exchange groups have not proven to be as fruitful as previously imagined, argues David Mercer, CEO of LMAX Exchange Group in a new video interview with Profit & Loss. Casting a critical eye over the competitive landscape in the FX platform space, Mercer makes […]
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The Institutionalisation of Crypto: Patience Required

Institutional investors will start to trade in cryptocurrencies, but the price crash last year has put a hold on their plans. That said, as David Mercer, CEO of LMAX Exchange, which owns the institutional crypto platform LMAX Digital, observes, “All the names you’d expect are looking seriously at crypto.” LMAX Digital was launched into a bear market, something Mercer wryly suggests is something you wouldn't choose to do, but he remains optimistic in the long term. “We set up LMAX Digital purely for the institutional space, but at the moment it is probably at one-to-five percent of its potential – it remains largely retail-orientated,” he says
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Reducing Latency in FX: Necessary but a Challenge

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.”
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Making Internalisation Work

Discussing the launch of NEX’s (Nex) new data analytics suite, Tim Cartledge, global head of FX and head of product at NEX Markets, says that it aims to make internalization more beneficial to both liquidity providers and consumers. “The problem that we’re trying to solve is that the relationship between liquidity provider and consumers on a relationship based platform actually doesn’t have much relationship left in it anymore because the way the market has evolved is that the liquidity consumers really don’t know how how the liquidity providers are making that liquidity, they don’t know how they’re holding the risk for an extended period until they find an offsetting client trade. In short, they don’t understand how internalization works,” says Cartledge.
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