Market Commentaries

CME Group’s prime
time changes and the
ripple effect on global FX trading

Eugene Markman discusses the impact of CME Group’s decision to integrate EBS Market’s CLOB and eFix Matching Service onto CME Globex.

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The road ahead:
What does 2022 hold
for e-FX?

As yet another year draws to a close, the institutional FX markets continue to pose interesting questions. New regulations have caused changes in the markets…

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FX Swaps:
How electronification
is driving change

A famously staid market, FX Swaps have witnessed increased activity in recent times, bringing new challenges. Electronification is helping clients deal with ….

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Last Look:
Does new guidance
go far enough?

The Global Foreign Exchange Committee (GFXC) has always ensured that the institutional FX markets function smoothly to provide market participants…

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The potential for Distributed Ledger Technology to reduce FX Settlement Risk

In 2019, the Bank for International Settlements (BIS) Triennial Survey estimated almost $9 trillion-worth of FX payments remain at risk of settlement failure on an average trading day and reported PvP protected settlements had dropped to approx 40% of the market1.

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Increased electronification, higher costs, and lower yields for LPs: How will FICC markets evolve?

All market participants desire efficient markets and low cost risk transfer. Electronification has seemingly offered a path to achieving this. However, is the current model unsustainable? Vivek Shankar investigates. The financial markets have evolved constantly since their inception. The advent of electronic trading ushered in an era of efficient execution and tightening top-of-the-book liquidity. Common […]

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FX Credit – Central Utility Model: Balancing the appropriate level of risk vs control in a dynamically evolving global FX OTC execution ecosystem

By Basu Choudhury, Head of Strategic Initiatives, and Igor Zubkov, Head of Credit & Documentation services at Traiana Over the last 20 years, the evolution in global FX execution platforms, products and the legal and regulatory framework has led to enormous growth in FX Markets but has created numerous challenges. Unlike other asset classes with […]

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Next-Gen Best Execution: Capital Optimization

It is easy to think of best execution in simple terms, such as was best price hit. But in reality, the subject is much more complex and involves market impact, signalling risk, and of course benchmark. Those are all front office metrics, but true best execution takes in the total cost of the trade, meaning a look across the entire lifecycle. Nowhere is the cost of trading more critical than in the use of capital, especially in the age of Uncleared Margin Rules (UMR).

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FX Automation – what does the future hold?

The current pandemic has accelerated the pace of automation in markets in general and in FX in particular and it’s reaching into almost every aspect of  trading activities. The most widespread pandemic effect was the move to working from home (WFH), which has become ubiquitous over the last year to the extent that it is almost the new normal­.

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Harnessing the power of more automation

Automation post pandemic: Helping asset managers upgrade their eFX operations When it comes to Foreign Exchange (FX) trading the Covid19 pandemic uncovered that for many institutional investors the crisis has presented a striking opportunity to improve their trading set-ups and best execution frameworks. At SchoeppeFX International Consulting we have seen an increased demand of clients […]

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