SingleDealerPlatforms.org

Evolving Platform Technology & New Markets: A Caplin/ P&L Breakfast Panel

Posted on May 23, 2012 by Jennifer Reid

When: 07:45 am, May 31st, 2012

Thomas Lo, CEO & Founder of Financialogix Group

Where: Crowne Plaza Hotel Times Square, 1605 Broadway, New York

Join Caplin Systems at Forex Network New York for this complimentary technology focused breakfast panel.

The panel features experts who will discuss the evolution and future of trading platforms, as well as well as the developments surrounding how technology has lowered the barriers of entry to the marketplace.

• The discussion will focus on the evolution of single-dealer platform technology from the beginning, when traditionally only Tier 1 banks worked to provide their buy-side users with a platform, to the broadening of FX into other markets such as retail that we’ve seen in recent years (amongst many other examples).

• The panel will discuss the specific technological changes that have encouraged this new ease of entry into the marketplace – this will include discussions surrounding the web as a now viable trading platform, SAAS, and the Cloud.

Raj Iyer, VP, Global Markets Product Management, BNY Mellon

Moderator:
Colin Lambert, Editor, Profit & Loss

Speakers:

Raj Iyer, VP, Global Markets Product Management, BNY Mellon Global Markets

Thomas Lo, Founder and CEO, Financialogix Group

Jose Cadalzo, US General Manager, Caplin Systems

*The breakfast panel is free to attend both for those who have registered for Forex Network New York and those who are not registered to attend.

Filed under: Jennifer Reid, News, Web trading technology | Leave a Comment »

Loadstone – Capital Markets Open Source Project

Posted on May 23, 2012 by Paul Blank

Bank’s spend far too much time and resource continually ‘re-implementing’ proprietary infrastructure and plumbing, that doesn’t deliver innovation, or differentiation to clients.

Finance is no stranger to using open source, and now ‘The mighty’ Deutsche Bank (always the visionary), is throwing its weight and talent behind a new Capital Markets Open Source initiative in the form of LoadStone Open Source Foundation.

The principles being: Read more »

Filed under: Paul Blank, Technology Trends, Web trading technology | 1 Comment »

CME Direct – OTC & exchange liquidity in single platform

Posted on May 22, 2012 by Paul Blank

The CME has released their new offering, CME Direct. Delivered via the web, it combines OTC (broker-liquidity) with CME futures liquidity.

Fully integrated with CME ClearPort, enabling OTC (voice) trades to be submitted for clearing instantly without manual intervention by client, or broker, reducing time and errors. CME Direct is launching initially with CME Group benchmark energy futures and global OTC oil markets, with more to follow.

Thoughts: I assume CME Direct will be registered as a SEF in due course, and extend the model to all CME products over time.

Coverage: CME Direct, PR release and Bloomberg

Filed under: CCP, Dodd Frank, OTF, Paul Blank, SWAPS | Leave a Comment »

UBS’s Neo swallows the red pill…eventually

Posted on May 21, 2012 by Paul Blank

For the past two plus years, UBS has been busy designing and building their next generation SDP, called Neo (microsite here). We understand the platform, due for release early this year, was designed using Adobe Flex as the front-end technology.

HTML5 re-write?

The platform has yet to been released, yet there is much talk in the market that UBS may be re-implementing the front-end in Read more »

Filed under: HTML5, Paul Blank, Single-Dealer Platforms, Technology Trends, Web trading technology | Leave a Comment »

SEF Liquidity Aggregation from Broadway Technology

Posted on May 16, 2012 by Paul Blank

Broadway Technology, is set to launch a SEF Liquidity Aggregation, STP and e-commerce solution for IRS markets.

According to Joshua Walsky, Chief Technology Officer:

Our technology allows our customers to effectively trade in regulated markets and adapt quickly as they evolve. I’m proud to announce that we will be launching IR Swaps in June and we have already been selected to be an integral part of the SEF strategy for top-tier financial institutions.”

What does this mean for bank Single Dealer Platforms?

My view: This solution from Broadway, will make it far easier for banks to Read more »

Filed under: OTC, Paul Blank, SEF, Single-Dealer Platforms, SWAPS | Leave a Comment »

New MultiBank FX aggregation service ‘FXSpotStream’

Posted on May 11, 2012 by Paul Blank

A consortium of leading FX banks joins forces to become liquidity providers for a new multibank spot FX price aggregation service, FXSpotStream.

The new service launched today, uses SmartTrade’s technology platform, from an initial co-location site in New York and is supported by liquidity providers including Bank of America Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC and JP Morgan Chase.

FXSpotStream was formed last year and is a wholly owned subsidiary of LiquidityMatch. A number of the LiquidityMatch shareholders are liquidity providing banks for FXSpotStream.

Alan Schwarz, CEO (ex COO, ICAP Americas) said:

“FXSpotStream provides banks and clients the ability to communicate bilaterally using a solution that does not interfere with the transaction, is transparent and eliminates the cost of execution. Clients access a single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all liquidity providing banks connected to the FXSpotStream solution.”

Personal View: Sounds to me like the banks are building a ‘utility’, and cutting out the multi-dealer platform middleman fees (will be interesting to see how this affects FXall share price)!

Profit&Loss running with story here:

Filed under: FX, Paul Blank | Leave a Comment »

OUCH! – JP Morgan announced a surprise $2bn trading loss on credit derivatives trading

Posted on May 11, 2012 by Paul Blank

The FT.Com running with this story here

After markets closed tonight, JP Morgan announced a surprise $2bn trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgement” and warned “could get worse”.

Unfortunately, banks can now forget about any watering down of the Volcker Rules.

More will become clear tomorrow, more on story here and here

Filed under: CCP, Dodd Frank, OTC, Paul Blank | Leave a Comment »

EuroMoney 2012 FX Poll Results

Posted on May 10, 2012 by Paul Blank

The ‘Mighty Deutsche Bank’, has done it again, taking ’1st place for an impressive 8th consecutive year (2005-12), in the EuroMoney FX Survey rankings.

Key findings:

Deutsche take 1st place for 8th consecutive year, but continues to see Read more »

Filed under: FX, Paul Blank, Survey Results | Leave a Comment »

Single Dealer Platforms in a ‘confusing (regulatory) world’

Posted on May 7, 2012 by Paul Blank

A recent Caplin white paper, Single-Dealer Platforms in a Cleared World, examined how SDPs were evolving to meet the new regulatory requirements for OTC markets.

The conclusion of the paper, being that SDPs would continue to thrive, providing clients with access to liquidity, both on a bi-lateral basis, as well as providing some form of SEF/OTF liquidity aggregation, and smart order routing through to mandated execution venues, as required for cleared products.

In recent weeks, some concerns have been raised (misplaced in my opinion) that Read more »

Filed under: Dodd Frank, MiFid, OTC, OTF, Paul Blank, SEF, Single-Dealer Platforms, Web trading technology | 1 Comment »

Goldman to launch Web based SDP for Corporate Bonds- this month!

Posted on May 4, 2012 by Paul Blank

Goldman Sachs just announcing here and here and here, that it plans to launch by end-May or even as early as next week a single-dealer electronic corporate and high-yield bond trading platform called GSessions.

The platform (which has been in development for the past year) will look to cross trades for its customers in scheduled trading sessions through the day and promises to deliver narrower spreads than those available outside the network, according to a spokesman.

Goldman would also back the platform with a guaranteed liquidity amount in order to step in, up to a certain amount, to correct supply demand imbalances.

Goldman plans to act as the counterparty for the trades.

I am sure more will become clear by next week.

Filed under: Paul Blank, Single-Dealer Platforms | Leave a Comment »