e-Forex Magazine January 2003

e-Forex Magazine January 2003

e-Forex Jan 2003 - FX Liquidity and e-Forex. An issue? STP - the glue that makes electronic trading stick. Broking FX Options Online : Hybrid Model Set to Dominate

 

FX Liquidity and e-Forex. An issue?

Foreword

Customers sometimes complain that FX markets lack real Liquidity. Whatever the reasons for this, Heering Ligthart believes that eTrading should increase Liquidity in the market by making it more accessible....show more

 

STP: the glue that makes electronic trading stick

Leader

As STP is implemented, foreign exchange will be traded more efficiently than ever before. The entire trading process will be streamlined. Indeed, this revolution is already happening. Jack Lemonik outlines how clients define what they require from ST...show more

 

Choosing your platform

Features

The Corporate Treasurer faces a number of factors to consider when choosing which electronic FX trading solution is best for them. Jean-Luc Janet highlights some of the key ones....show more

 

Levels of buy-side integration with eFX

Features

It is clear that the buy-side is trading more and more eFX. Now (encouraged by vocal evangelists of buy-side STP), corporate treasurers are starting to appreciate the benefits of efficiency, accuracy and risk-reduction which follow from deeper and wider technological linkage with their financial service providers. ...show more

 

Liquidity - the achilles heel of eFX

Marketplace

While liquidity has decreased over the past few years, the uptake of eFX is not the main culprit says Mark Galant, who traces the impact of electronic trading in shifting liquidity amongst different FX players....show more

 

Bridging the information/intelligence gap

Features

Even though some of the same technology that has made online transactions possible also helps to bridge the Information gap, real-time Intelligence is still hard to come by, says Shane Smith....show more

 

Improving Post Trade Services

Features

The need for banks to differentiate themselves and their services to their customer base is paramount and the winners in this race will be those who supply better transactional processing efficiency, argues James Trott....show more

 

Pricing : unravelling a complex methodology

Features

Creating a pricing methodology for automated FX trading is a complex undertaking. The idea may seem simple but there are many questions to be answered. Yaacov Heidingsfeld discusses the issues involved....show more

 

Electronic delivery of price is not enough!

Features

Richard Olsen believes that in the next few years, instantaneous settlement and continuous interest rate payments in addition to other advanced tools will have a major impact on the development of currency trading....show more

 

STP and the integration puzzle

Features

Is STP about speed? And if so, how can this be reconciled with the more conservative need for precision that is crucial in many areas? Gert Raeves provides some answers....show more

FX Clearer: BNP Paribas' gateway to CLS

News

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Money Markets added to Barclays Capital FX Trader

News

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New Look fxcentre.com

News

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Lehman Brothers launches SmartLink

News

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Morgan Stanley adds Foreign Exchange to Passport

News

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Reuters to acquire AVT

News

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Centradia increases clients

News

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HSBC delivers enhanced e-trading functionality

News

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Saxo set to double White Labelling Partnerships

News

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ABN AMRO - DealStation volumes increase

News

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HBOS Treasury Services enhances e-FX Capability

News

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Wall Street Systems enhances its FX OTC module

News

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Scotia Capital announces new eFX functionality

News

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FairEx continues its stride in Asia

News

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FXall announces new STP initiatives

News

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BBH enhances FX WorldViewâ„¢

News

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SunGard’s ETXTM and State Street’s FX ConnectÆ announce partnership

News

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CS Lucas integrates to trading portals

News

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Moneyline Telerate launches Active8

News

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Additional Channels from Standard Chartered

News

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Reuters provides wider access to ICAP'S data

News

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Deutsche Bank - Focus on electronic FX Prime Brokerage

News

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IFX Markets improving IFX Direct

News

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360T offers Auto-Pricing engine

News

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The impact of CLS on your electronic Forex trading behaviour

FOCUS

Peter Schipper and Justin Vosveld refresh our minds on how the concept of CLS works and now that it is expanding to new customer groups, what benefits a corporate treasurer could expect from joining CLS....show more

 

Broking FX Options Online : Hybrid Model Set to Dominate

Viewpoint

The debate in FX Options with respect to electronic trading platforms has focused on whether ownership of a trading platform is desirable from a broker’s perspective, and if so, whether an electronic only or a hybrid broking model is superior. Mike Binns at GFI gives us his opinion....show more

 

STP – reducing time & automation to a click

e-Forex Roundtable

STP is gathering force as a must-have solution. With help from Trema, e-Forex, gathers five representatives from leading fx players to answer questions on STP and their offerings....show more

 

Standards and their role in eFX

Features

The existence of a standard description of data and workflow is simply not enough to make it successful argues Mathew Kuppe. The broad adoption of a standard is a measure of its success. He examines a variety of common standard protocols...show more

 

TWIST – Major progress in achieving STP

Features

On 11th of December 2002, a major conference was held at the offices of Shell in London on the TWIST initiative. Tom Buschman tells us about the meeting....show more

 

with Vikas Srivastava, global head of FX eCommerce, Citibank.

e-Forex Interview

Vikas Srivastava Head of FX eCommerce, Citigroup...show more

Morgan Stanley introduces Passport FX

News

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Currenex releases ESP 7.0

News

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Citigroup FX enhances online options services

News

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BNP Paribas launches Technical Tools

News

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RBS adds more Emerging Market capability to RBS FiX

News

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Barclays Capital launches Precision Pricing

News

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IFX enhances IFX Direct platform

News

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eSpeed FX improves trading experience

News

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FXall makes key appointments

News

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SG launches FX Prime Brokerage service

News

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Wall Street Systems and Cognotec launch integrated FX solution

News

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RBS launches streaming FX trading on Bloomberg

News

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Wall Street Systems launches FX limit orders module

News

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CME FX on Reuters launches in Asia

News

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Caplin releases Version 4.0 of Caplin Platform

News

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BBH launches new FX research website

News

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Cognotec launches FX Orders CONNECTâ„¢

News

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Taiwanese Investment Bank trading with Saxo

News

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Oldest Czech bank takes ICYFX

News

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FNX develops SierraLink FX adaptor

News

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FX Inside begins major roll-out

News

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Nordea launches STP to Opus Capita TMS

News

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Reuters launches managed service for direct feeds

News

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Mellon introduces IDeal Forex enhancements

News

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RBS launches TRADE

News

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ACM launches new Java dealing platform

News

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Reuters broadens FX community

News

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EBS enhances offering for professional FX traders

News

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China FX Trade System goes live

News

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TNS delivers VoIP services over private IP network

News

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FENICS dealFX links Sell-side to Buy-side

News

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Hotspot FXi tops Euromoney survey in key categories

News

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BTM becomes first EBS®™ Prime bank in Asia

News

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BMO launches FX trading System

News

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WestLB to deliver Streaming Executable Rates to Bloomberg with Cognotec

News

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Cognotec’s RealStream cracks ESR conundrum

News

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A Central Counterparty model for FX – does it make sense?

Leader

Frances Maguire looks at the arguments for introducing a CCP for spot FX and the benefits it could bring....show more

 

Recent Event – The 44th ACI World Congress

e-FX Industry Report

Godfried De Vidts reviews some of the highlights from the recent ACI Congress in Stockholm...show more

 

Institutional e-Forex: Beyond STP

Features

Peter Burton discusses a portfolio approach to Best Execution in Foreign Exchange trading....show more

 

Benchmark Execution – moving onto the next stage

Features

Martin Spurr looks at how the functionality of current Benchmark Execution offerings is being improved....show more

 

2005: The Year of e-FX Pricing

Marketplace

Donal Austin assesses the reasons that Price Engine providers have been better able to design, develop and deliver user friendly and market-aware FX electronic pricing solutions....show more

Integration of FX STP and automation into other processes

Features

Steve Godfrey and Gretchen Breiling explain how FX STP can add value as a fully automated component in other transactions....show more

 

The Complete Web-Based Treasury Management System: Corporate Treasury’s Silver Lining

Features

Keith Harris illustrates how treasury organisations have the opportunity to utilise web-based treasury management systems that apply connectivity to streamlining and improving treasury processes....show more

 

Foreign affairs – why relationships are still at the heart of FX trading

Features

Mark Warms looks at why relationships remain important in FX trading and how clients can use technology to manage their relationships more effectively....show more

 

CLS Bank International – working to educate the market about CLS

Features

Heather McLean talks to Jonathan Butterfield about how CLS Bank is working hard to educate the market about what CLS is and what you can get from it....show more

Third-party CLS Services - an effective way to reduce FX settlement risk

Features

Doug Gardner and Mark Cipollina discuss several third party CLS connectivity options which are now available....show more

 

Third-party Services – helping to leverage the benefits of CLS

Features

Heather McLean canvasses a selection of industry views on the benefits of Third party CLS services....show more

 

CLS for Investment Managers

Features

Jonathan Butterfield describes how CLS has introduced a unique solution that makes CLS settlement benefits available to the fund management community....show more

 

FX Trading and the Risk to Prime Brokers

Features

Adam Sussman looks at why Prime Brokers will need to upgrade their technology to keep pace with the rate of change as the FX market continues to evolve....show more

 

e-Trading: driving the need for integrated innovation

Viewpoint

Kenny McBride talks about e-Trading driving the need for integrated innovation. ...show more

 

e-Forex talks with Leon Duivenvoorden, Treasury Operations manager at Petroplus

Case Study

e-Forex talks with Leon Duivenvoorden, Manager Finance and Treasury Operations at Petroplus....show more

 

CFETS:the birth of a new era in electronic trading in China.

Case Study

the birth of a new era in electronic trading in China....show more

Citigroup answers questions on FX Benchmarking.

The e-Forex Surgery

...show more

 

FORUM: What can Retail FX clients expect from e-trading platforms?

Forum

5 major online FX trading providers discuss the issues....show more

 

Technology: driving innovation and growth in eFX.With Cognotec, SmartTrade Technologies, LavaFX, FlexTrade, FairEx and Reuters.

e-Forex Roundtable

6 leading FX technology vendors tackle questions on this key topic....show more

 

Online FX Options

FOCUS

Transparency versus Liquidity - is there a winner? David Gershon discusses how greater transparency now means everyone can determine an option’s fair price in advance of trading....show more

 

Online FX Option platforms

FOCUS

Andy Webb interviews a selection of leading banks about the functionality of their own online FX Option trading platforms....show more

 

APIs: helping to integrate an Options platform within the FX trading environment

FOCUS

Michel Everaert explains how APIs free banks to concentrate on providing a tailored service to their clients....show more

 

FX Derivatives: Technology helping to retain a competitive edge

FOCUS

Jennifer White outlines why, with the broad range of derivative products on offer, it is important to use all available technological tools to support this complex business. ...show more

 

With Jesper Ronald Petersen, head of Global Flow & Solutions at Danske Bank.

e-Forex Interview

Jesper Ronald Petersen Head of Global Flow & Solutions at Danske Bank...show more

ACM launches new website

News

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CME offers e-trading of weekly FX Options

News

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Deutsche Bank enhances autobahn web portal

News

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Dukascopy launches new custodian service

News

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News : Handelsbanken improves FX order functionality

News

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Interbank FX launches CPR tools

News

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News : Standard Chartered joins Bloomberg FX platform

News

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Eurobase wins FX Gateway project with AIB

News

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News : FXCM offers One-Click FX execution

News

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Management changes at GAIN Capital Group

News

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Hedge Funds access IDB market

News

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BBH launches InfoFX tm

News

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OCL pleased with Netting pilot scheme results

News

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WSS and Logicscope partner for more efficient STP

News

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MIG Investments creates new in-house Research Department

News

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Orc Software increases trading links

News

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News : Voltrex launches online FX platform

News

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Foreword : Regulatory challenges to the Financial Markets - MiFID and consequences of Foreign Exchange

Foreword

Manfred Wiebogen discusses the likely impact of the MiFID directive which come into operation in November 2007. ...show more

 

The tide has turned: Shifting attitudes towards eFX

Leader

Peter D'Amario examines why FX users who have spurned e-trading in the past decide to give electronic trading a try — or are pressured to do so....show more

 

Convergence of customer segments: What role for e-FX

Marketplace

Sang Lee outlines why the FX market has witnessed a certain level of convergence across different customer segments. ...show more

 

Asset Managers: e-FX helping to solve the jigsaw of complex operational challenges

Features

As asset managers execute increasing volumes online they are starting to re-engineer their businesses models around growing their business through eFX. Frances Maguire reports....show more

 

Features : Entry to the FX retail market: addressing the technological challenges

Features

Paul Ronan focuses on the technological impact associated with entering the retail FX market, and what banks should be doing to overcome the challenges involved....show more

 

Leveraging FIX 5.0 for Foreign Exchange

Standards

Jack Lemonik and Chip Lowry provide an overview of FIX 5.0 Foreign Exchange enhancements....show more

 

E-channel traffic jams: Overcoming FX technology bottlenecks

Features

Frances Maguire asks if the benefits of e-FX are still being held up by constraints in trading infrastructure and technology bottlenecks?...show more

 

Revealing a more profitable FX business

Viewpoint

Over the last five years, many FX banks have discovered that they can make more money with less risk by outsourcing market-making. Justyn Trenner explains why we are now ready for a new stage in this evolving process....show more

 

Real-time FX trading: Fact or fantasy?

The e-Forex Surgery

Steve Bird and Damien McAdam look at how real-time FX trading is currently defined and examine how close we actually are to achieving it....show more

 

Winning the war against latency

The e-FX Mechanic

Many describe latency as an unseen enemy that relentlessly nibbles away at profits. Like the cold and flu viruses that wreak havoc in the winter months, we know latency is there and we hope that it doesn’t make us sick. ...show more

 

Non-displayed Pools of Liquidity: Shining a light into the darkness

FX Mythbusters

Ary Khatchikian and Harrell Smith Ary Khatchikian, president and chief technology officer, Portware and Harrell Smith, co-head of trading product strategy, Portware...show more

 

FX Prime Brokerage: meeting the challenges of the fast changing FX market

Debate

The recent growth of FX Prime Brokerage has been extraordinary and technology has had a central role in facilitating this. e-Forex invites John Colasanti, Head of Americas, FX Prime Brokerage sales at Citi, Ed Pla, Global Head of FX Prime Services at UBS, Marek Robertson, Head of FX Liquidity Solutions at Barclays Capital and Brian Duff, Head of Prime Brokerage, North America at RBS Greenwich Capital to discuss some of the key drivers and issues associated with this expanding industry....show more

 

Switzerland

Regional eFX Perspective

Heather McLean interviews major technology vendors and FX buy-side and sell-side players in the country....show more

 

Reaching maturity: How much scope for future e-FX growth?

e-Forex Roundtable

With Bjorn Lundvall, head of e-commerce at Handelsbanken Capital Markets, Ruth Mackaman, head of e-FX Marketing and Product Development at Brown Brothers Harriman, Tom Roche, Global head of FX e-commerce at Standard Chartered Bank, Matt Thomas, Head of Prime Solutions, North America at RBS Global Banking & Markets, Stephane Malrait, Head of e-commerce Europe and Asia, Societe Generale Corporate & Investment Banking and Marco Pelizzoli, Head of FX Sales (Europe) Bank of America....show more

 

A man with a mission

e-Forex Interview

With Philip Brittan, global FX business manager at Bloomberg L.P....show more

 

New technologies: Shaping the future of e-FX

FOCUS

Nicholas Pratt looks at why the pace of technology innovation in the FX market may change as a result of the emergence of online multi-bank portals, a booming retail market, more high frequency trading and a general desire for low latency transactions. ...show more

 

Event Processing: A new technology for leveraging streaming FX data

FOCUS

Chris Donnan explains why many vendors have begun to focus on what event processing has to offer for FX trading participants. ...show more

 

FOCUS : Machine Readable News (MRN) - an escalation in the algorithmic FX trading arms race?

Algorithmic FX Trading

Nicholas Pratt investigates what technical and technology issues are involved in developing and deploying MRN for Algorithmic FX trading. ...show more

 

Site Inspection with Collective2.com

Retail Forex Client

Larry Levy interviews Matthew Klein Founder and CEO of the trading systems portal Collective2.com...show more

 

Product Review of QuoteTrader

Retail Forex Client

Larry Levy looks at how the arrival of QuoteTrader, an order entry, quotes and charting package marks the arrival of an essentially new type of “uber software” for the financial markets....show more

 

Traders Workshop - Intelligent Backtesting: Gaining a competitive advantage in FX strategy development

Traders Workshop

Steve Oppenheimer and Thomas Parry outline how interest in automated trading models and algorithmic execution strategies for the foreign exchange market has grown significantly....show more

 

TraderTalk with Randy Rupan, senior sales trader on the FXCM systems desk

Tradertalk

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Cause and FX: Taking a closer look at the issue of latency

Under the Microscope

By Donald Finucane, Vice President of Product Management and OTC Data Services, Interactive Data Real-Time Services...show more

 

FX - Remaining resilient in the midst of crisis

Foreword

The crisis came and the crisis went and FX kept on functioning well. Even at the peak of a once in a century crisis, it carried on performing. More astonishing, it shows increased resilience and keeps on attracting new market players. ...show more

 

Regulatory Arm-Wrestling: Can the FX market strike a balance?

Leader

The market environment and events over the last two years have brought regulatory concerns around the world's financial services into the spotlight. There is more scrutiny over the general architecture of the market than before the credit crisis. The regulatory concerns around FX have yet to move beyond political rhetoric into hard business practicalities. At the moment FX feels hard done by. The industry sees itself as having ridden the credit crisis with a robust infrastructure and a self-regulated concern that combines STP efficiencies with broader concerns for systemic risk as part of the natural evolution of the business model....show more

 

Electronic FX: As Global Markets normalize, slow but steady growth

e-FX Industry Report

Global foreign exchange markets continued their migration to electronic execution last year as e-forex trading volumes increased amid a decline in overall FX trading activity. ...show more

The CLS Aggregation Service: taking huge steps towards eliminating operational risk

Marketplace

The CLS Aggregation Service, jointly built by CLS Group and Traiana, an ICAP company, went live in January, providing trade aggregation services to participants active in the over-the-counter FX market. Frances Maguire explores how the service is heralding a new chapter in operational risk reduction and banking industry collaboration....show more

 

Relationship e-trading: A new force entering the world of corporate FX?

Features

Banks and corporates have long relied upon strong relationships in FX where pricing and services are built around the size and type of the order flow. However, while the growing use of electronic over voice trading for vanilla transactions has freed up banking staff to focus on the higher value, more complex deals and the automation brought by straight through processing have lowered costs and brought greater efficiency, it means there is less daily contact. ...show more

 

A tough nut to crack: How can we further streamline Post Trade FX?

Features

While post-trade solutions might not be considered to be at the sexy end of the FX trading spectrum and the inter-bank foreign exchange STP piece might be largely “job done” with recent initiatives such as from CLS and others, possibilities to further streamline the post-trade FX space lie largely amongst corporates and Tier3-4 entities. Roger Aitken examines some of the issues....show more

 

Gaining competitive advantage with ultra-low latency FX connectivity

Features

High frequency trading is often referred to as an arms race. While this image evokes all the machismo traits of the capital markets, it also suggests there is a huge amount of overspending on unnecessary tools - after all, what's the point in being able to blow the world up five times over? The pursuit of ultra-low latency is one area of high frequency trading where such spending has been questioned. Of course it's important to have an efficient and timely trading process but how many milliseconds do you really need to shave off that execution time? Exactly how close to the point of execution do you need to co-locate your servers? And what happens when everyone ends up with the same 0.0000001 milliseconds latency in the end?...show more

 

The birth of the $3.98T FX Social Network

Spotlight

Jon Vollemaere takes time out from tweeting and throwing sheep to talk about LetstalkFX.com, a new portal for the FX Market....show more

 

Increasing volumes in the back-office - the importance of Exception Management

Viewpoint

As the FX market continues to grow in volume and in participants, it is becoming increasingly competitive on the trading side and much harder to derive the same level of profit as in the past. As a result, the financial world is facing pressure to decrease the cost of processing transactions. There has never been a more appropriate time to highlight the importance in ever higher volume back-offices of the need to streamline operations and maintain an efficient Exceptions Management process....show more

 

Harnessing more intelligent FX Algorithms for superior order management and strategy execution

Algorithmic FX Trading

There is always room for improvement. This maxim is evident in some areas more than others, particularly in the capital markets industry where the financial crisis exposed the need for some collective pulling up of socks in areas such as risk management, regulation and governance. On the trading side, the pursuit of continual improvement has been much more apparent. Resources may be restricted somewhat due to the current market conditions but, at least in the FX market, firms are looking to harness more intelligent algorithms to enable superior order management and execution and to take their FX algorithmic trading capability to the next level. ...show more

 

Build versus buy: choices for deploying advanced Algorithmic FX trading infrastructures

Algorithmic FX Trading

To buy or not to buy. That is the question. Whether 'tis nobler in the mind to suffer the slings and arrows of outrageous vendor hype or to take arms against a sea of troubles by building an FX algorithmic trading system with your own in-house resources. Ay, there's the rub. Nicholas Pratt investigates....show more

 

Top shops - big winners! What's driving improved service and product innovation in FX prime brokerage?

FOCUS

The events of the past 18 months have put credit firmly in the spotlight, giving rise to a new round of product innovation within the FX Prime Brokerage space. Frances Maguire explores how it has also raised the ante on improving customer service levels amongst the leading providers....show more

 

Regulatory Roundup

Retail e-FX Provider

January 13, 2010, is a date that many of us in the world of Forex regulation will not soon forget. On that day, the United States Commodity Futures Trading Commission (“CFTC”), after almost two years of deliberation, proposed a set of regulations that created a tsunami of outcry in the retail foreign exchange market. These long-awaited rules were a product of the 2008 Farm Bill that intended to require registration of US introducing brokers, commodity trading advisors and commodity pool operators. Instead, these 192 pages of densely-worded legislation created an international uproar due to the CFTC’s efforts to curtail leverage limits to historic lows....show more

 

Overcoming The hurdles of setting up a Margin FX business

Retail e-FX Provider

With continued volume growth in retail foreign exchange (FX) trading showing little sign of abating, banks and brokerages increasingly have to deploy and ramp up cutting-edge margin trading solutions to efficiently manage their retail FX customer positions, retain and win new business and stay on top. Roger Aitken canvasses leading margin FX vendors to gauge the current state of play....show more

Sponsored Statement

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Key issues with registration and licensing of Retail Forex brokerages

Retail e-FX Provider

Global regulation of the financial services industry is a hot topic. Following recent developments and disasters in the economies of Europe and the US, the eyes of everyone, from those directly involved in the markets, to Joe Bloggs on the street, are focused on who oversees what, why and how. Heather McLean discovers why the foreign exchange brokerage market is subject to increasing scrutiny and new rules....show more

 

Should you consider using a Forex ECN platform?

Retail e-FX Client

Forex ECN platforms sound in theory like the ultimate utopian environment for trading. They can provide a place where orders are matched in real time in a collective bubble of liquidity provided by each of the market’s participants. However, as Heather McLean discovers, there is more to the world of the ECN than meets the eye. ...show more

Sponsored Statement

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The iPhone App: a powerful new tool for Retail Forex

Retail e-FX Client

With the advent of Apple's iPhone, the entire mobile industry changed. From having mobile handsets to make calls on and send text messages, users were able to use their mobile device to access the internet, download applications for both work and play, and discover new ways of doing business and staying in touch with each other. Communication has entered a new era thanks to Apple's development, as every other major handset manufacturer quickly followed suit and began developing new ranges of Smartphones and launching application stores, while network carriers bundled data packages onto voice and text tariffs as end users became more familiar with the mobile web....show more

Broker Study

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Automated Forex Trading Systems: Performing transactions in the Forex Market

Algorithmic FX Trading

The Internet has provided the means for an increasing multitude of people to trade the forex market. In addition to facilitating their ability to trade foreign exchange, the Internet has also made possible a growing variety of automated forex trading system and forex signal generation software programs. ...show more

 

Managing risks associated with the settlement of foreign exchange transactions

Foreword

Last time I drew your attention to ACI’s update of The Model Code – formulating a new benchmark of FX Best Practices. At its Executive Board meeting on September 4th in Paris, the Committee for Professionalism published the final version of the International Code of Conduct and Practice for the Financial Markets. This version will now become merchandised and distributed to relevant authorities to recall the association’s initiatives in the OTC markets for decades. ...show more

 

Addressing the complexity of new post trade operations for FX clearing and reporting

Leader

Incoming regulations will add a wholly new layer of complexity to the FX back office. Frances Maguire talks to firms about the challenges ahead and what is being done now to prepare....show more

 

CME Group - 40 Years of Innovation and Global Growth

Provider Profile

This year CME Group celebrates 40 years of trading financial futures beginning with foreign currency contracts in 1972. It has the largest regulated marketplace in the world for FX with US$121 billion dollars traded in average daily volume with US$250 billion of open interest residing at the CME Group Clearing House with growth rates over the last five to six years for listed FX that has significantly outperformed the broader OTC FX market. Derek Sammann, global head of FX & interest rate products at the CME Group speaks to e-Forex about the firm’s plans to deliver expanded FX trading and clearing services....show more

 

FX Prime Brokerage – a 15 year business set to benefit the wider financial marketplace

Features

The new regulatory environment looks set to shape the future of FX prime brokerage as well as open up the services to a wider audience. Frances Maguire talks to providers about how the FXPB model is evolving and how they are preparing for new growth....show more

 

The new Autobahn - breaking new ground in FX platform development

Platform Profile

In July this year Deutsche Bank unveiled its next generation FX trading platform on Autobahn. Frances Maguire talks to Ian O’Flaherty, Global Head of FX eSales at Deutsche Bank, about what this means for the bank....show more

Single Dealer Platforms – marking the end of uncoordinated e-trading delivery channels

Features

It is somewhat against expectation that the value proposition of single dealer platforms (SDPs) in the FX market continues to strengthen and as Nicholas Pratt reports, they are now considered the prime relationship channel for increasing numbers of FX providers. ...show more

 

Liquidity Aggregation - opening the way to business success in FX

Features

Liquidity aggregation has been an increasingly prominent feature of the FX market in recent years, to the extent that a general consensus has emerged among traders that aggregation services can not only alleviate the visual burden of trying to watch five screens simultaneously but also have a positive impact on the quality of trade execution – something that has been extolled by the providers of these services for some time now, as Nicholas Pratt discovers. ...show more

 

e-Forex Interview

e-Forex Interview

Philippe Savoy, Head of eFX Sales at RBC Capital Markets talks to e-Forex about RBC’s newly enhanced FX trading platform and the continued evolution of e-FX....show more

 

Regional e-FX perspective on the Middle East

Regional eFX Perspective

Electronic foreign exchange trading made a slow start in the Middle East. Take up is now well advanced in some sectors and some countries, though a lack of infrastructure, varying degrees of regulation and local civil and political disturbances paint a mixed picture across the region as a whole....show more

 

Forex ECNs - leveraging a powerful new generation of transparent marketplaces

FOCUS

With acquisitions and new launches, the FX ECN market is abuzz with activity. Nicholas Pratt examines the developments and what factors will decide the fates of the various players, new and old....show more

 

Evaluating ecosystem strategies for improving FX trading performance

Forex Technology

As increased adoption of algorithmic and high-speed trading strategies continue to turbo-charge the FX landscape, Dan Barnes explores how FX trading has become very time and latency sensitive, multiplying the challenge of tracking market activity and the cost of doing business. ...show more

Why controlling your entire margin trading chain should be a top priority

Sponsored Statement

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A company focused on streamlining workflows and increasing operational efficiencies

Fast Track

With Alfred Eskandar, CEO of Portware, a leading developer of broker-neutral, automated trading solutions for global equities, futures, options and FX....show more

 

Liquidity, price and timing - engineering more client centric FX algorithms

Algorithmic FX Trading

Foreign exchange may be almost as old as commerce itself, dating back to the days when commodities were sold off the backs of camels, but widely accessible FX-dedicated execution algorithms are a surprisingly recent innovation. As William Essex discovers they go back just five years....show more

 

Product Launch

Product Launch

Olivier Virzi, Chief Operating Officer of Olfa Trade, talks to e-Forex about some of the key features of his company’s new ECN platform, SeamlessFX and global order management system....show more

 

Binary Forex Options - helping brokers add a new dimension to retail FX services

Retail e-FX Provider

Heather McLean explores why Binary Forex Options are gaining in usage amongst retail traders and investors and how the inclusion of these instruments can help FX brokers to differentiate their e-trading products and services ...show more

 

Binary Forex Options - the brokers perspective

Retail e-FX Provider

TMS Brokers is one of the leading brokers in Poland. We asked their CEO, Mariusz Potaczala for his thoughts on the use of and demand for Binary Forex Options....show more

UniTrader – built with the Introducing Broker in mind

Product Review

e-Forex talks with Paul Belogour, CEO of Boston UniSoft Technologies, the home of UniTrader (UT)....show more

 

Assisting FX brokers to deploy the DMA/ECN/STP risk model

Retail e-FX Provider

Life for FX brokers is being revolutionised. Direct Market Access (DMA), Electronic Communications Networks (ECN), and Straight Through Processing (STP) are now having a major impact on brokerage operations and becoming the number one choice for increasing numbers of firms operating in the Retail FX market. As Heather McLean discovers, brokers need no longer be exposed to the same high levels of risk that being a market maker involved and profits are able to be increased as blood pressure decreases in this exciting electronic world....show more

 

LMAX Exchange - Inviting brokers to leverage the power of technology

Case Study

David Mercer ...show more

 

How To Select An FX Prime Broker and Liquidity Provider

Retail e-FX Provider

Sucden Financial’s e-FX Division has a global client base, grown primarily through client recommendations. With a thorough understanding of how to give retail brokers a competitive edge, Sucden Financial’s Head of e-FX Business Development, Jonathan Brewer is ideally placed to offer advice on key areas to consider when selecting an FX prime broker....show more

 

Celebrating success: A record performance from Gold-i

Sponsored Statement

This month, trading systems integrator, Gold-i is celebrating four years of being in business. Tom Higgins, Gold-i’s CEO, outlines how the company has grown from a start-up UK business to a global market leader....show more

 

Prime of Primes – Aligning interests

Viewpoint

As FX volumes continue their stratospheric rise, an increasing number of brokers and other financial firms are exploring different methods for dealing with liquidity sourcing and distribution. Prime of Prime Brokerages or “PoPs” is an increasingly popular option for retail brokers looking to effectively manage the problems brought about by spiralling volumes, with a long term view to reaping their maximum benefits. But what, exactly, can be accomplished through the use of PoP, and how does the broker decide on which PoP service is most suited to their business requirements? TopFX makes the case for PoPs. ...show more

 

DMA, NDD and STP – choosing your agency model of FX trade execution

Retail e-FX Client

To trade FX more fairly without the threat of a broker making money from trading losses as well as gains, increasing numbers of retail traders are turning to the wonderful world of Non Dealing Desk (NDD) execution, Direct Market Access (DMA), straight through processing (STP) and electronic communications networks (ECNs). Heather McLean explores these terms in more detail and how they can facilitate more efficient trading and remove major conflicts of interest. ...show more

TradingForex.com building a business based upon ethical principles

Broker Profile

e-Forex talks with Stavros Hadjikyriacou, CEO of TradingForex.com, an STP broker that aims to offer the best possible trading conditions for all forex traders....show more

 

Insch Capital Management Focused on delivering better risk-adjusted returns

Tradertalk

e-Forex talks with Christopher Cruden, CEO of Insch Capital Management SA, a leading alternative investment manager based in Lugano, Switzerland....show more

 

ADS Securities London Ltd is launched

News Interview

e-Forex talks with James Watson, the Managing Director of ADS Securities London Ltd....show more

 

Indonesia - taking bold steps

Currency Clips

Yu Chung Leong Forex dealer at Phillip Futures...show more

 

Latam currencies – a look ahead

Currency Clips

Simon Smith Chief Economist at FxPro...show more

 

2015 - Stepping away from the EURCHF Floo

Currency Clips

Peter Rosenstreich Head of Market Strategy at Swissquote...show more

 

The Middle East – the FX equivalent of Black Friday?

Currency Clips

Noureldeen Al Hammoury Chief Market Strategist at ADS Securities...show more

 

The Central Bank of Russia faces difficult task

Currency Clips

Jameel Ahmad Chief Market Analyst at FXTM...show more

SINGAPORE – By R5. London’s Affect on Asia

Recent Events

Some might say that FXWeek had put in a bit more effort to this year’s Asia conference compared to last - and it paid off....show more

INDIA – By R5. Building the Power Station

Recent Events

“Evaluating the first 100 days of the new Indian government” City of London & Chatham House panel discussion London 16 September 2014 - Tallow Chandlers’ Hall...show more

CHINA – By R5. The Great Shanghai Taxi Ride

Recent Events

I had the great honour of sharing a ride from the airport to the conference hotel with Galen Stops, Editor of PnL – but about an hour into the journey it was apparent that Driver 530 was lost, and after sharing our best taxi ride stories from around the world – we were now a bit bored and quite keen to actually arrive at said hotel....show more

FXIC Shanghai

Recent Events

In December, FX consultant Shift Forex held the first of its popular FXIC events in Asia. FXIC Shanghai brought approximately 300 local brokers and bankers together with representatives from leading offshore solutions providers and brokers for two days of panel discussions and networking opportunities at the Waldorf Astoria Hotel on the Bund....show more

 

The only constant is change, (and ethical standards)

Foreword

The fines have been levied, compliance officers hired, and outside counsel engaged. Has anyone counted the total cost? The FCA has blown their referee’s whistle, and the whistle has blown to start the new round of market activity, with a tighter oversight of standards. The banks who have been paying attention to culture, have trained their staff and maintained controls, have fared relatively better. They have certainly picked up business. But is that it, now? Job done?...show more

 

FXPA. A new force for advancing the interests of the FX Industry

Leader

Adam Cooper Chairman, FXPA; Senior Managing Director and Chief Legal Officer of Citadel LLC...show more

 

Evolution of FX Trading: Models converge and competition heats up

e-FX Industry Report

The market for Foreign Exchange (FX) is the largest and most liquid financial market. The FX market plays an important role in facilitating global trade and enabling cross-border payments, along with being an asset class that is widely used for hedging and carrying out speculative trades....show more

 

Getting the measure of Bitcoin

Blockchain and CryptoCurrencies

Bitcoin is a story that wants to be written. There’s always something happening, and almost all the main characters are available for interview. Bitcoin is never boring, nor predictable. Just this morning (in late November 2014), for example, the rumour reached this laptop that Satoshi Nakamoto, the possibly pseudonymous inventor of Bitcoin, might have been working for the US National Security Agency all along. Within the past month, a former SEC chairman, Arthur Levitt, has signed up as an adviser to two Bitcoin companies; a founding director of the Bitcoin Foundation, John Matonis, has resigned; and the FBI has shut down the Silk Road 2.0 online black market. The price of a single bitcoin hit its low for the calendar year, USD326, on 4th November (source: blockchain.info) and bumped up to USD430 ten days later....show more

 

Noisy and Inflammatory - helping FX trading firms to navigate the unstructured data flows from social media

Social Media

Like it or loathe it, social media is here to stay. And contrary to popular belief, social networks are not just about obsessive “Beliebers” or narcissistic “Selfies”. We now see influential politicians through to journalists (often posting scoops) and well followed investors and traders sharing the stage. This trend has even extended to regulators such as the U.S. Securities and Exchange Commission, which now allows corporates to disseminate material non-public information through social networks due to “appreciating the value and prevalence of social media channels in contemporary market communications”....show more

 

NBAD Global Markets offering world-class trading services in domestic, regional and international markets.

Provider Profile

The National Bank of Abu Dhabi (NBAD) is one of the UAE’s largest banks with operations in 18 countries. It has been ranked among the world’s 50 safest banks and the safest bank in the Emerging Markets. The Bank has an extensive branch network in the UAE. David Wilkins, Executive Director of E-Commerce at NBAD’s Global Markets, who is based in Abu Dhabi, tells us more about the development of the bank's new e-commerce platform which will place it among the very few specialist regional banks to have developed its own solution and thus be in a position to service Dirham currency demand on a global basis. ...show more

 

FXecosystem - changing how the FX market connects

e-Forex Interview

e-Forex talks with James Banister, CEO of FXecosystem, a leading provider of outsourced connectivity services for the FX market....show more

 

Regional e-FX perspective on Asia

Regional eFX Perspective

Electronic trading across Asia continues to become more widespread and is increasing rapidly by volume. But, as Richard Willsher discovers, the countries and customers of the Asian theatre are so varied that it would be a mistake to see it as a single market where one size fits all. ...show more

 

The future of retail forex is China

Viewpoint

Much has been made of the rapid growth China has undergone recently, with the country now considered an economic powerhouse, second only to the United States. Alongside this unprecedented growth has been a parallel rise in the retail forex industry, with more investors in China than ever before interested in managing their own wealth through online forex trading. Though there have been some indications of the Chinese economy slowing down in recent months, the country remains one of the highest performing economies in the world, and the investment power of the Chinese population should not be underestimated....show more

 

Factors shaping increasing confidence in offshore renminbi markets

Expert Opinion

Chinese renminbi is increasingly being traded outside mainland China as authorities gradually loosen controls over the currency. Gary Lin, head of foreign exchange Hong Kong at Brown Brothers Harriman, talks to e-Forex about the growth of the CNH market....show more

 

Trading networks, hosting and infrastructure – investment in low latency FX propositions gathers pace across Asia

Networks, Hosting and Connectivity

The growth of Asian FX markets is seeing more interest from international FX providers in third party services to connect to these markets. Nicholas Pratt looks at the issues involved....show more

 

Every Cloud needs a home

Sponsored Statement

The phenomenal growth in cloud based service delivery is changing essential data centre requirements. These cloud services require a physical infrastructure: a safe and secure environment from which the business critical servers and hard drives that contain the applications and data can operate. They require fast, uninterrupted data connections, a totally secure and reliable power supply and buildings that offer the highest possible levels of security....show more

 

DealHub RefleX

Product Launch

e-Forex talks with Chris Leaver, COO of DealHub about the launch of the company’s new modular eFX platform DealHub RefleX....show more

 

Mobile e-FX delivery channels – are they ready to go mainstream?

Special Report

Use of mobile devices is standard practice nowadays amongst traders in the retail FX sector, and it has been for several years. The ability to literally not only keep a finger on the pulse of the market from wherever you are, but to execute trades from anywhere, is increasingly taken for granted. Now, use of this “on-the-go” functionality is beginning to spread to the institutional markets as well and, as Heather McLean discovers, although take up of mobile communication applications has so far been far more cautious than that of the retail market, there are signs that this hesitancy is changing....show more

 

IS Prime - focused on delivering a premium suite of products

Product Launch

ISAM, the alternative asset manager, has recently announced the launch of IS Prime, its new foreign exchange brokerage service. e-Forex caught up with Jonathan Brewer, Managing Partner of IS Prime and asked him to tell us more about the venture....show more

 

Optimizing access to FX liquidity pools

Expert Opinion

Peter Durkan CTO of Lucera Financial Infrastructures...show more

 

High velocity, volume and complexity - addressing the challenges of Big Data in FX

Technology

There are enormous advantages available for FX trading firms that are able to capture and analyse the universe of available data, but, as Dan Barnes reports, getting to grips with the massive wealth of information that’s out there is a considerable technical challenge....show more

 

2015 – A positive outlook for CFH Clearing and its clients

Sponsored Statement

CFH Clearing is one of the most respected and reputable liquidity venues and Prime of Prime clearing providers in the world. Headquartered in London, the firm focuses on helping financial institutions to grow their businesses – to be more profitable and operate more effectively. ...show more

 

Minimising costs, Maximising opportunities – taking the best route towards an FX White Labelling solution

FX Brokerage Operations

Caroline Henshaw discovers more about, how, in the competitive world of forex today, more and more hard-pressed brokers are choosing to concentrate their resources on areas where they can add value and outsourcing the rest to sophisticated white label service providers that can not only help start-ups enter the market but enhance existing businesses....show more

 

Ask Tom?

Sponsored Statement

Tom Higgins, a former Chief Technology Officer in the City, London, set up Gold-i six years ago, having spotted a gap in the market for serious expertise in retail FX trading technology for MT4 brokers. As CEO, he has grown the organisation into a global market leader by focusing on innovative products and reliable services which help brokers to trade more profitably and manage their risk more effectively. He is one of the world’s leading experts in MT4, thanks to his technical expertise and experience gained from working with the platform over many years. ...show more

 

Easing the brokers burden with powerful new technology and liquidity solutions

FX Brokerage Operations

With technology advancing at a rapid pace, it has never been easier for retail forex brokers to run their businesses more efficiently. Using cutting edge solutions to get more out of their liquidity providers and their trading platforms, brokers are not just able to survive in tough market conditions and comply with ever more stringent regulations, but they can capture new business opportunities and prosper as well. Heather McLean investigates....show more

 

VertexFX. One of the most reliable, secure, independent and scalable trading platforms

Platform Profile

e-Forex talks with Akram Majed, CEO of Hybrid Solutions about VertexFX Trader...show more

 

Traders Diary: Two winners, two losers

Retail FX trading

Samuel J. Rae gives us an overview of the ups and downs he has experienced with his trading strategies over the last three months and the steps he takes to maintain a positive risk reward ratio....show more

 

ISAM. A world leading systematic hedge fund, with a strong pedigree in quantitative research and technology

Tradertalk

Formed in 2008, International Standard Asset Management (ISAM) is an alternative investment manager specialising in systematic investing. The management team has amassed over 150 years of combined experience within the quantitative alternative investment space. ISAM has deep experience in institutional alternative asset management and trend following strategies in particular. ...show more

 

CFH Clearing wins Best Liquidity Provider award

Awards

For the fourth consecutive year, CFH Clearing has been named Best Liquidity Provider at the Finance Magnates Awards 2017. ...show more

 

Gold-i crowned Best Cryptocurrency Solution Provider

Awards

Also at the Finance Magnates Awards 2017, Gold-i was named Best Cryptocurrency Solution Provider. ...show more

 

Why the ECB could Be Hawkish

Currency Clips

The Eurozone has come a long way from its early days of crisis and its economy has strengthened in almost all countries. For instance, the economic momentum is accelerating at a pace not seen since November 2011. This is despite the fact we have seen enormous amount of political unrest and investors’ confidence wobbled several times over this period. ...show more

 

A Brexit negotiations breakthrough but the real struggle for the pound now begins

Currency Clips

December has been a ‘hot’ month for the pound with volatility directly linked to progress in the Brexit negotiations. Every time the headlines reported a positive development the British currency rallied only to retreat again when new obstacles came to light. The price action was capped within a narrow range between 1.33 and 1.3550, with the quick changes of direction making investors wonder whether this is a market to make profits, or one which is better to better stay away from....show more

 

Trimming of the Fed’s optimism

Currency Clips

Contrary to 2016, 2017 has been worrisome for bond investors as the steady flattening of the yield curve offers little returns, while the narrowing spread between short and long term Treasuries seems to agonise many analysts too with their 2018 outlooks; a heavy unwavering concern since the 30-10 Year US Yield Spread plummeted to 0.38% only recently, a 2007 record low....show more

 

Bitcoin, Doomsday Preppers, Grandpa Joe’s Thanksgiving and all in between

Currency Clips

When I was kindly asked to write this article I knew what to write but not necessarily the graphic to accompany it....show more

Taking the first steps towards a new market structure - Assessing the impact of MiFID II and the FX Global Code

Regulations & Compliance

Looking back, 2017 will be seen as a watershed year for the FX market. After a year of deliberation, the FX Global Code (“the Code”) was published on May 25th and a new Global FX Committee (GFXC) was formed in order to promote and maintain the Code, putting standards and principles into the spot FX market for the first time on a truly global scale. ...show more

 

NatWest Markets: Agile Markets platform

Platform Profile

When e-Forex interviewed John Quayle, Head of FX Algo Execution, NatWest Markets, to learn about the scope and scale of its Agile Markets platform, it quickly became clear that this state-of-the-art, single dealer offering addressed the complete waterfront of NatWest Markets’ customers’ FX needs from pre- to post-trade. Its range of functionality, its flexibility and future-proofed advanced technology marks it out as a likely significant feature in the e-FX landscape for some time to come. This is what we learned....show more

 

Execution Analytics - Helping FX trading firms to take more informed decisions

Trading Operations

If best execution is the goal, then helping prove it is the mandate of TCA providers. And for FX markets, measuring execution performance is an activity that has yet to mature even as technology delivers more sophisticated tools. Anna Reitman investigates....show more

 

Liquidity, Independence, Analytics and Transparency - Why some Institutional FX ECNs still stand out from the crowd

FX e-Commerce and Platforms

Nicholas Pratt explores why Institutional FX ECNs are appealing to increasing numbers of trading firms many of whom value anonymity, low-latency and the ability to use special order types....show more

 

Solid FX – an ECN built from the ground up

FX e-Commerce and Platforms

The Solid FX ECN launched eight years ago in the Netherlands and was founded by Diego and José Baptista, two brothers with a background in FX and equity trading....show more

 

Spotlight: IS Prime’s Agency Execution business

Sponsored Statement

FCA regulated IS Prime is renowned for its breadth of services. In addition to being one of the fastest growing and most successful Prime of Prime brokerages, the firm also provides multi-asset execution across Tier 1 aggregated liquidity venues and has a highly reputable Agency Execution business which offers a compelling service to institutional clients. e-Forex talks to Chris Twort, who heads up IS Prime’s Agency Execution business, to find out more....show more

 

David Mercer at LMAX Exchange - Speaking with a devout exchange evangelist

e-Forex Interview

e-Forex talks with David Mercer, CEO of LMAX Exchange, about proving the exchange execution model as a better, more transparent and fair alternative to trade FX....show more

Cobalt closes in on Q1 launch

Blockchain and CryptoCurrencies

Founded in 2015 with the audacious vision of re-engineering post-trade FX using distributed ledger technology, Cobalt has partnered with key participants including Citi, XTX Markets and Citadel. As the company prepares to launch its service in the coming months, e-Forex talks to co-founder and chief executive Andy Coyne about Cobalt’s journey so far and its ambitions for the future....show more

 

R3 grows more ambitious as its network widens

Blockchain and CryptoCurrencies

Launched by FX industry veteran David Rutter, R3 now operates in nine countries with 140 staff and is aiming to re-build the operating system for the financial services industry through a series of partnerships. e-Forex talks to head of external affairs Charley Cooper about the strengths of R3’s Corda platform and the potential of distributed ledger technology in FX and beyond....show more

 

OTC Exchange Network Breaking new ground in Forex

Blockchain and CryptoCurrencies

In a recent edition of CIOReview, the publishers presented a list of the “20 Most Promising Blockchain Technology Solution Providers – 2017.” Included in the list was OTC Exchange Network. This is what the magazine had to say about them....show more

 

Getting to grips with ICOs

Blockchain and CryptoCurrencies

William Essex explores whether or not blockchain-based tokenised liquidity platforms will justify the “hype” and disrupt the traditional retail FX-trading model....show more

A-Z of Blockchain

Blockchain and CryptoCurrencies

In this our first article exploring the concepts behind Blockchain and Distributed Ledger technologies, Simon Taylor, Co-Founder and Blockchain Lead at 11:FS, focuses on Smart Contracts....show more

 

View from the Top: Stater Global Markets

Sponsored Statement

e-Forex talks with Ramy Soliman, CEO, Stater Global Markets...show more

 

Australasia: An e-FX market in transition

Regional eFX Perspective

Electronic FX trading in Australasia is adapting and changing fast. The drivers for this are both local and global and insistent demands from both institutional and corporate buy-side clients are principal factors reports Richard Willsher. ...show more

Retail trading set for a boost

Regional eFX Perspective

New Client Money Reporting Rules coming into effect next year, may boost confidence among Australian retail FX traders....show more

 

FX Aggregation - Offering access to better liquidity and execution quality

ALGOFX LAB

With David Vincent, CEO of smartTrade Technologies...show more

 

Collaboration, Cost and Complexity - Work continues on modernising Post Trade FX

Special Report

The FX market has always dealt with fragmentation and complexity but, as Frances Faulds asks, in order to modernise, does the industry need a wholly new model?...show more

TradeTech: Transforming the Retail FX Industry

Sponsored Statement

Playtech Plc’s acquisition of CFH Clearing and Alpha Capital Markets has resulted in the biggest and most ambitious consolidation to have taken place in the retail FX industry. The strength of Playtech’s financial division, TradeTech Group, is unparalleled in the sector. Its B2B solutions include multi-asset execution, prime brokerage services, liquidity and risk management tools in addition to the division’s proprietary trading platform, CRM and back office systems, risk management and dealing services. e-Forex talks to senior representatives from across the organisation to find out how TradeTech is transforming the client experience....show more

 

Reducing the IT burden - Discover what White Labelling services can offer your brand

ALGOFX LAB

The rapid evolution of the FX space has continued unabated over the past year while demand for cutting edge trading technology remains strong. In turn, the White Labelling model has undergone some profound changes to keep up with the pace of change – even branching out into new services, asset classes and geographies. Nicola Tavendale writes....show more

 

Meeting exponential demand Delivering FX Liquidity, Risk and Technology services across APAC markets

FX Brokerage Operations

Joe Morgan reports on how increasing levels of disposable income and a culture of speculation is spurring exponential demand for retail FX trading services across Asia-Pacific (APAC) markets....show more

 

How to maximise Cryptocurrency opportunities

ALGOFX LAB

Having been crowned Best Cryptocurrency Service Provider at the Finance Magnates awards, Gold-i is leading the way in helping brokers worldwide to offer cryptocurrencies to their clients. e-Forex talks to Gold-i’s CEO, Tom Higgins about the ‘cryptocraze.’...show more

 

Tackling the liquidity crisis with CMC Markets

ALGOFX LAB

The harsh reality is, that in the absence of good liquidity, markets will be far from efficient. The client experience will be poor and counterparties are going to be working even harder to find profitability. ...show more

 

Retail trading in China - Some thoughts about IBs and the market

Expert Opinion

Everyone understands and is aware that the retail FX business in China is 99% conducted via the IB. The majority of brokers provide all the necessary tools, features, products, rebates, commissions, marketing camp’s, gifts, etc., oriented to attract, keep and satisfy their IBs. Their entire business model is based around IBs. For example at BMFN we have over 10,000 IBs and we have developed all the tools and automated them in order to assist our IB partners....show more

 

Emerging Market connectivity - The key to capturing new FX trading opportunities

ALGOFX LAB

Reaching natural liquidity when trading EM currency pairs requires a connectivity provider that has the resilience and reach to provide access regardless of local environment as Dan Barnes discovers....show more

Blockchain around the world

Blockchain and CryptoCurrencies

Blockchain around the world...show more

 

The opportunity benefit of holding gold

Currency Clips

Inflation expectations have been falling in many countries around the world this year. Gold is often viewed as hedge against rising inflation. Does the fact that people expect inflation to be lower from now on mean that gold can’t go any higher from here?...show more

 

Will Trump finally use his power to weaken the Dollar?

Currency Clips

In the first quarter of 2019 I expected the Dollar to turn lower against its major peers. Many factors were taken into consideration back then, including weaker economic prospects, dovish Federal Reserve, end of fund repatriation by US firms, and widening twin deficit. However, none of these factors were enough to end the King Dollar’s rally....show more

 

US FED cuts rates & maintains strength to wind Up 2019

Currency Clips

Q4 has now officially began in the wake of a new Fed rate cut. In the previous article, we were leading up to the FED’s September rate decision. The FED rate currently stands at 2.00%, although the recent manufacturing data coming out of the USA shows a lack of growth missing its expectations; the figures released for September are the lowest in the past decade. ...show more

 

Will Japan’s Implemented Consumption Tax hike cause an economic slowdown?

Currency Clips

In October, Japan witnessed a transformation of price lists as a result of the 10% consumption tax increase. After several delays, Prime Minister Shinzo Abe implemented the new tax bracket. The only way to raise funds to improve the country’s ballooning social welfare costs. ...show more

 

Utilising collaborative analytics to improve FX execution outcomes

Trading Operations

FX is a dealer market where common information is not readily (if at all) available. Liquidity providers (LPs) have private information about their flow and hedging strategies and Liquidity consumers (LCs or Clients) know their flow and tend to keep the whole size of the flow secret from each individual LPs.  At the same time most trading (off the main ECNs) happens on a “disclosed” basis where Liquidity Providers knows the Clients identity before trading. ...show more

 

Automation of currency trading points to changing nature of corporate treasury function

Treasury Automation

Following the conclusion of Sibos in London, the global capital for the foreign exchange (FX) market, Curtis Pfeiffer, Chief Business Officer at Pragma, explores how automation is helping corporate treasurers manage their exposures and ensure alignment with best execution practices....show more

 

Artificial Intelligence in Foreign Exchange: What’s the Big Deal?

Special Report

Artificial intelligence (AI) technology is not groundbreaking - computer scientists have studied it for decades. Over the past five years, however, the use of AI has exploded across a number of industries. Although it feels like the topic is oft discussed in the financial press, there is a fair amount of misunderstanding surrounding what AI really is and how to apply it to financial markets....show more

 

Time to embrace the data revolution

Expert Opinion

The winds of change have begun to blow in the world of FX Swaps, and as a result it’s becoming increasingly apparent that knowledge in the form of accurate market data truly is power. ...show more

 

SquaredDirect The DMA broker that works hard to make the trading journey unique and worthwhile

e-Forex Interview

SquaredDirect is a brokerage firm that is working hard to be different. It brings together a wealth of experience and commercial expertise to offer a range of innovative products and services. The company has built a highly experienced management team that is looking to take a new approach to providing top class international financial trading solutions. e-Forex spoke with CEO, Youssef Barakat, to learn more about his endeavours....show more

 

Exploring the benefits of outsourced algorithmic FX trading services

Trading & Technology Clinic

Like with other asset classes, FX trading has become more electronic, and this has resulted in more data across more venues that needs to be processed faster and with a high degree of accuracy. Simultaneously, there is more pressure on traders to cut costs, yet improve execution quality. Algorithmic trading is a great tool to meet these seemingly opposing objectives. ...show more

 

Technology provision Facilitating institutional access to the crypto asset market

Blockchain and CryptoCurrencies

The title of this piece is short and straight forward, but accomplishing it in today’s nascent crypto-asset ecosystem is clearly not as easy as accessing other more traditional asset classes. That’s precisely why this is an opportunity, both from a business perspective as well as from the perspective of market innovation....show more

 

Reference Data: The key that unlocks the crypto ecosystem

ALGOFX LAB

Arguably, reference data is one of the most misunderstood terms in business. Without fully understanding exactly what reference data is, its importance is difficult to realize or fully value, and could lead to the inefficient or faulty implementation of business processes....show more

 

Spotex launches Liquidity, Credit and Margin solutions for Prime of Primes and FX Brokers

Product Launch

Spotex recently launched Periscopeâ„¢ Multilevel Credit-Margin Manager as well as new dedicated broker liquidity hubs. Having just introduced two new products, we asked John Miesner, Senior Managing Director of the firm, to tell us more about them....show more

 

The role of next generation technology in helping FX trading firms to get more from their data

ALGOFX LAB

With every passing day a greater volume of data is captured globally. The value of this growing source of intelligence varies from industry to industry, but within financial markets the worth of good quality price data is far above rubies. ...show more

 

Tackling the technology challenge in Asia's FX Markets

Regional eFX Perspective

While the growth of FX in Asia has been anticipated for some time, the recent BIS Triennial Central Bank Survey has highlighted that Asia is the engine for the global economy and has been the only region with significant levels of growth in recent years with FX turnover in Hong Kong, Japan and Singapore larger than the US for the first time since the survey began....show more

 

Asia – a story of stellar growth prospects and adoption of digital technologies

Regional eFX Perspective

An interview with Han Tan, Market Analyst at FXTM - Han, can you please tell us a little about yourself and your role at FXTM? I joined FXTM as Market Analyst after working for a number of national business broadcasters, including Bloomberg TV Malaysia and BFM. As a financial presenter, I was able to gain sound knowledge of both the currency and the commodities markets....show more

 

Price isn't everything: separating good and bad liquidity in todays FX market

FX Brokerage Operations

Providing pricing in the world’s most liquid market is a more competitive business than ever before – and brokers must ensure their customers have access to only the best quality liquidity from the most trusted counterparties, says Siju Daniel, Chief Commercial Officer - FXCM Group. ...show more

 

What can we expect next in the electronic FX Option space?

Market Commentary

Mark Suter, executive chairman and co-founder of Digital Vega, explores what ways the electronic FX option platform and product space is likely to evolve over the next few years and the factors and issues that will influence this....show more

 

The market shift from Anonymous to Disclosed trading

Expert Opinion

FXSpotStream, the current leading disclosed service in 2019, continues to experience tremendous growth. Through September 2019, FXSpotStream’s ADV is up 33% when compared to the same period last year. The growth of the Service is attributable in part to the shift in trading from anonymous to disclosed venues. ...show more

 

Exploring the benefits of Disclosed Liquidity Pools

Liquidity Management

There has been an immense improvement in technology within the FX industry over the past couple of decades, so much so, that it has altered liquidity provider behavior. The efficiency in which trades can be safely executed through state-of-the art data centers, with speeds measured in milliseconds, has pushed the overall turnover within the OTC FX market to $6.6 trillion per day, (spot FX making up $2 trillion per day (per BIS (1)). ...show more

NDFs An exciting FX growth story of wider market access, new trading opportunities and increasing electronification

e-Forex Roundtable

With Christopher Torrington, Global Head – EM FX eTrading at Citi, Edward Brown Head of Regulated Trading, 360TGTX, Jon Vollemaere CEO R5FX, Tamaryn Nuttall, ForexClear COO, LCH and Bobby Lau, FX Trader at ICBC Standard bank...show more

 

The role of digital technologies in improving financial inclusion in frontier markets

Regional eFX Perspective

According to the Global Findex Database, about 1.7 billion adults remain unbanked - meaning they do not hold an account at a financial institution or through a mobile money provider, the rise in digital technology in Africa provides opportunities for expanding financial inclusion...show more

 

Trading FX On Exchanges Compelling alternatives to OTC strategies

FX on Exchanges

On-exchange FX volumes are increasing rapidly, enabling exchanges to broaden the depth and breadth of the products traded on their platforms. Richard Willsher investigates further....show more

Gold-i Becoming a dominant player in FX FinTech

e-Forex Interview

Gold-i is a global market leader in trading technology, helping hundreds of multi-asset brokers to transform their trading operations with robust liquidity management solutions, award-winning MetaTrader Plug-ins, business intelligence tools and all with the best support in the industry. We caught up with Tom Higgins CEO and Founder of this award winning firm to find out what his plans are for the future....show more

 

Spark Systems Perfectly positioned to capitalise on the growth of FX trading in Singapore

Regional Provider Profile

Singapore-based financial technology company Spark Systems provides innovative solutions for foreign exchange trading across Asia. As average daily FX trading in the Southeast Asian nation have now jumped 22% to a record $633 billion in April from the same period in 2016, according to the latest survey by the BIS, we talked with Wong Joo Seng, CEO of the firm to discover in what ways this growth presents opportunities for his company....show more

 

FX Connect – exploring the newly enhanced platform for FX execution, portfolio management and streamlined global operations

Platform Profile

e-Forex spoke with Beverley Doherty, Global Head of FX Connect to learn more about how her team have taken this market leading platform to the next level...show more

 

Why firms across the Capital Markets are showing increasing interest in SWIFT gpi

Product Review

SWIFT’s global payments innovation (gpi) is improving the user experience in cross-border payments as well as reducing costs and risks in correspondent banking. e-Forex spoke with Matt Cook, Senior Markets Manager, Capital Markets and FX, to discuss how real-time payment tracking can also benefit capital markets firms....show more

 

Why there is no escaping the importance of multi asset offerings

Provider Profile

Client demand and competitive threats highlight flaws in FX-only mindset. The leveraged trading industry may have its foundations squarely set in currency markets, but recent decades have seen successive demands for asset classes beyond forex to be added to trading platforms....show more

 

Weak exports affect Japan’s GDP growth

Currency Clips

Japan’s economy is operating below its potential, growth in Japan’s economy slowed down in the third quarter ending September, at its weakest in a year, as trade conflict threatened and slow global demand pressured economic expansion. ...show more

 

Gold supply & demand: the latest

Currency Clips

The World Gold Council (WGC) last week published its quarterly “Gold Demand Trends,” giving the data on the supply and demand for gold. It shows that record prices for gold in some non-dollar currencies has apparently discouraged purchases of physical gold through jewelry and bars & coins....show more

 

Don't hesitate: The crypto market offers opportunities for institutional clients

Blockchain and CryptoCurrencies

A decade on and cryptocurrency trading has come a long way since the mysterious Satoshi Nakamoto completed the first transaction with Hal Finney, a computer programmer, sending him 10 bitcoin (BTC) on 12 January 2009. Since then, a series of burgeoning markets for hundreds of different cryptocurrencies have developed, with dedicated crypto funds becoming more widespread. As interest in cryptocurrency markets grows, institutional investors are looking to jump into the cryptocurrency pond, with RBC Capital Markets predicting that the market will grow to $10 trillion over the next 15 years. We asked James Banister, CEO, Market Synergy to explore some of the trading connectivity issues confronting institutional trading firms looking to enter the crypto market and the potential opportunities that this fast growing asset class presents once these can be addressed....show more

 

Three trends shaping the FX markets

Leader

Bob Santella has worked in the financial industry for over three decades. In this article, Bob explores some of the dynamic changes that he has witnessed in the FX markets and discusses how firms can succeed in an environment where technology-driven influences are buffeting the industry....show more

 

Emerging Market FX in 2020: What's in store?

Market Commentary

For more than a decade, GDP growth rates in Asia and other EMs have outstripped developed markets. With the trend expected to continue to grow, institutional investors’ appetite for EM will also continue to take a leaps forward, and as with most markets its an electronic story. ...show more

 

In-flight analytics: Analysing execution performance while trading

Trading Operations

Before we get to the Holy Grail of FX trade analytics – the ability to analyze execution performance while actually trading – it’s worth taking a pause to assess the current state of FX TCA as it has developed over the last five years....show more

smartTrade Technologies Providing cutting-edge solutions for cross- asset class trading

e-Forex Interview

smartTrade Technologies is reaching 20 years of experience in delivering disruptive cross-asset class trading solutions and as a market leading technology provider it continues to win multiple awards. We caught up with David Vincent, co-founder and Chief Executive Officer of the firm to discover more about what it takes to become a leader in the highly competitive FinTech marketplace. ...show more

 

How to start your own Cryptocurrency exchange

Blockchain and CryptoCurrencies

It is undeniable that the cryptocurrency market is currently undergoing a strong slowdown. Just a quick look at Google Trends shows that the level of interest is noticeably lower compared to years of 2017 and 2018 when driven by people’s’ enthusiasm, the crypto industry was constantly growing week by week...show more

 

Will the Euro Return to Form in 2020?

Currency Clips

The euro began trading on 4th January 1999 at $1.16 and since its inception has seen a plethora of fluctuations which couldn’t have been predicted by the best of economists. With world events, political uncertainty and acts of terrorism all contributing factors to the instability of the euro, what does the future now hold for one of the world’s most used currencies?...show more

 

Will Japan’s spur helps BOJ maintain low-rate policy?

Currency Clips

More than two decades ago, Japan led the way to the zero rate policy. Shortly after, many countries started implementing near or below zero interest rates...show more

 

Beware December 15th!

Currency Clips

While we count down the days left in the year, there’s one big date left for gold investors and indeed for all the financial markets:  The 15th December. Here’s the background....show more

 

Advanced Risk Management Not just for the big banks!

FX Brokerage Operations

Aggregated liquidity and smart order routing are important ingredients for FX brokers, but they are no longer enough to maintain a competitive edge in today’s FX environment. Gone are the days when brokers are simply adding a margin and hedging each position ...show more

 

Trading and investing in cryptocurrencies and digital assets: What needs to be done to unlock the full potential?

Leader

Cryptocurrencies, digital assets, and digitization of existing assets represent the next massive shift in the evolution of money and, more generally, value; these technologies could potentially create the next multi-trillion-dollar opportunity set....show more

 

Benchmarked Execution - Encouraging Participation

Trading Operations

In 2013 investor confidence, still reeling from the effects of the ’08 crash and the Greek debt crisis  was dealt another blow. Revelations emerged of egregious cheating and shady goings on in two of the world’s most widely used FX  benchmarks: the ECB fixing rate and the London 4pm Fix . This prompted a lot of serious debate and culminated in a number of related initiatives including but not limited to a Financial Stability Board special working group on FX benchmarks, the UK government’s Fair & Effective Markets Review and the Global FX Code....show more

 

e-Forex talks with Marc Bayle de Jessé incoming CEO of CLS, the world’s leading provider of FX settlement services

e-Forex Interview

The FX market continues to evolve through structural change, regulatory reform, and new technology and no organisation has contributed more to the growth of this market than CLS. Launched in 2002, CLS now has more than 25,000 third-party participants also using its services, and settles USD5.5 trillion of payments on an average day. We spoke with Marc Bayle de Jessé to learn more about his plans for the future and how he intends to build on the legacy of a company that has transformed FX with its innovative approach to multilateral netting and settlement....show more

 

Neutralizing the Playing Field Increased data accessibility for regional broker-dealers

Expert Opinion

Rapidly changing dynamics around regulation, credit requirements and new technologies make the focus on operational efficiency as important as supporting customer needs. Making the most of limited resources through strategic decisions about how to scale your business, where to invest and whether to outsource or build in-house can make or break the bottom line....show more

 

Solving the Fair Value challenge for Level 1 and Level 2 Crypto Assets

Blockchain and CryptoCurrencies

One new question on the 2019 tax return has created a buzz:  “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”  After 5 years of IRS silence on crypto issues, that’s a big question to ask from the perspective of the crypto community....show more

 

Accessing mission-critical solutions for your FX Order Management needs

Trading & Technology Clinic

What key features should banks be looking for in a state-of-the art FX OMS? ...show more

 

Data-driven intelligent architecture for FX etrading

Market Data

In the past 60 years, information technology has evolved on a one decade- long innovation cycle. A new cycle has started, which is centered around Data and Artificial Intelligence / Machine Learning and is forcefully gaining momentum...show more

 

Mapping the Regulatory Landscape of Retail CFD Trading

FX Brokerage Operations

Articles on retail brokerage regulations often discuss how complicated and fraught the space can be. Perhaps it’s a testament to the maturity of the retail FX/CFD industry that this isn’t really the case any longer. In fact, if there is a trend to be observed......show more

 

Give your High Frequency Trading Network the edge

Networks, Hosting and Connectivity

When financial market participants set their network strategies, much of their focus is around the main mode of communication. In the ‘race to zero’ latency, how big an advantage does a microwave network provide,...show more

 

Political uncertainty and Fed could push Gold Price higher in 2020

Currency Clips

Gold started 2020 on a positive footing with the price rising more than 2% in the first two weeks of the year. This rally is a continuation of the 18% rally that happened in 2019. The question among investors is whether the current rally can continue....show more

 

How soon will instant FX Settlement be possible?

Market Commentary

During the last decade we have witnessed a significant upheaval in the payments landscape. The relentless drive to mobile banking, real time payments, and online shopping has been driven by fintechs, younger tech-savvy demographics and new global financial instruments. This pattern has driven increased volumes and has coincided with ever-increasing demands for payments to be executed and settled in real-time. This past decade has seen a plethora of developments in payments and FX settlements including new entrants, new models and changes to existing models. Despite all this, the introduction of instant FX settlement and international payments has some serious obstacles to overcome; not just in terms of the market infrastructure, but also the internal systems and processes and just as importantly and vitally, how the two intersect....show more

 

Guiding FX through the complex maze of Regulatory Compliance with RegTech

Reg Tech

Today’s FX traders are faced with a conundrum. The massive wave of regulatory oversight rolling over financial services has also landed on the shores of FX. It’s brought with it an enormous number of regulatory requirements, which are growing at superhuman speed and carry increasingly severe repercussions for non-compliance....show more

Treasury Automation - Change heading to Flashback

Treasury Automation

Sibos 2019 Looking back at the FX day in London ...show more

 

Adopting an innovative approach to treasury, sales and on-line customer trading

Spotlight

One of the largest, contemporary banks in the Baltic region has taken its customer service to the next level. They are one of a new generation of independent banks to adopt an innovative approach to treasury and sales, intertwining the two activities. The Bank recognised that making this strategic decision will give it a competitive edge in the market....show more

LMAX Group - A firm that has built success upon transparency, precision in execution and its distinctive All Market Access model

e-Forex Interview

e-Forex talks with David Mercer CEO of LMAX Group....show more

 

Exploring the benefits of a new generation of Prime-of-Prime services

Expert Opinion

Ramy Soliman, Chief Strategy Officer at Z.com Global Markets outlines what key attributes are clients now looking for from leading prime-of-prime brokerages ...show more

 

Electronic FX in Latin America Gearing up for a decade of growth ahead

Regional eFX Perspective

Lack of liquidity has restricted e-trading of Latin American currencies, yet the scale of the region’s population and its real economy coupled with technology are now driving adoption of electronic platforms. Richard Willsher investigates....show more

 

The key to running a more competitive FX brokerage business

FX Brokerage Operations

David Cooney, CEO & Co-Founder of MahiFX outlines some of the challenges facing brokers in 2020 and what steps they can take to overcome them...show more

 

Chatbots: The Killer App for online brokers

FX Brokerage Operations

In some ways chatbots have become the red-headed stepchildren of artificial intelligence. Despite their initial promise, our first encounters with them have left much to be desired. For many they’re the annoying faux agents that we’re often stuck with when searching for a real person to talk to...show more

 

Tools for Brokers: Focused on delivering next generation software solutions to brokerage firms and helping them capture new business opportunities

Provider Profile

Tools For Brokers (TFB) is looking to become one of the leading global B2B Forex technology providers. The firm develops plug-ins and applications for brokers of any size and type and specializes on software development for the Metatrader platform (MT4, MT5). We spoke to Chief Operating Officer, Albina Zhdanova to find out more about the company’s offerings and plans for the coming year. ...show more

 

Gold steadies as Coronavirus spread raises chances of a Fed rate cut

Currency Clips

The price of gold has risen by more than 4% this year. In the same period, the Bloomberg Commodity Index has fallen by more than 7% while the dollar index has risen by more than 2%. Bitcoin, on the other hand, has risen by more than 40% this year while the S&P500 has risen by more than 3%....show more

 

Trading FX via a FIX API: practical steps and considerations

Traders Workshop

Although there are multiple proprietary, front-end buy and sell-side trading platforms available today, a FIX API is still the most secure way to trade. This is mostly due to its functionality and flexibility, which I will explain below....show more

 

Taking control of your Liquidity Function It’s all in the blend

Liquidity Management

Effectively navigating the FX markets today requires a greater level of knowledge, sophistication and expertise than has been previously required....show more

 

FXCM Pro Providing next generation technology coupled with unrivalled levels of market access

e-Forex Interview

FXCM Pro offers wholesale execution and liquidity solutions for retail brokers, hedge funds and emerging market banks. The firms relationships with tier 1 banks and non-bank liquidity providers, prime broker relationships, and technology vendors provide its customers with market access on an unrivalled scale. We talked to Mario Luis Sanchez Wandemberg, Managing Director - Global Head of the company to learn more about its capabilities and plans for the future....show more

 

Keeping your eye on the target Spread versus Market Impact

Expert Opinion

We think it makes sense to tackle some topics in our articles this year that challenge common wisdom and hopefully improve the intuition of buy side traders who want to achieve best execution outcomes. ...show more

 

FX Clearing: Discussing the complexities, current models and future development

ALGOFX LAB

With Kah Yang Chong, ForexClear Product Manager, David Holcombe, Product Lead for FX Futures & Clearing at 360T, and Paul Houston, Global Head of FX Products at CME Group....show more

 

Trading FX On Exchanges: Reaching new peaks of trading activity

FX on Exchanges

Globally, market volatility and regulatory pressure are causing new customers to look at the hedging products exchanges have to offer them. ...show more

 

Why FX can now move towards deep dive analytics

Market Data

Having access to the right data at the right time is vital for profitability and performance. In 2019, the financial industry spent a record USD 50 billion on market and trade data. Spending on data products and services was up five per cent on 2018 and is expected to rise by the same rate again by the end of 2020. It stands to reason, then, that the use of suitable data in all markets, including foreign exchange (FX), can have a huge impact on profitability....show more

 

Does the client always know best? Exploring the pitfalls and potential of multi asset brokerage

FX Brokerage Operations

There’s no escaping the fact that today’s retail trader now wants the ability to look well beyond a select group of FX pairs when developing and executing their trading strategy. ...show more

 

smartAnalytics from smartTrade Technologies

Product Review

As Big Data analytics becomes more and more important in FX we asked David Vincent, Co-Founder and Chief Executive Officer of smartTrade Technologies to highlight some of the key issues that trading firms need to focus on and to tell us how smartTrade’s powerful smartAnalytics solution can assist them....show more

 

Gold Outlook: Is March the Golden Month for Gold Price?

Currency Clips

The outbreak of Covid-19 has had major implication in world markets in the past 30 days. Global stocks, as measured by the MSCI index have dropped by more than 14% in the past 30 days alone. The Bloomberg Commodities Index has declined by more than 6% while the US dollar index has declined by more than 2%. Gold has been an outlier as its price has soared by more than 7%....show more