Login required. RBC Capital Markets plans to launch decimalised pricing in the second half of the year on its single-dealer platform, FX Direct, bringing it into line with banks including Deutsche Bank, Royal Bank of Scotland, Citi and Barclays Capital. Click here for the full story.
Agio recently conducted a 2-month survey of hedge fund managers across the US to find out how they actually use iPads. The result:
- the iPad was universally considered to be an effective laptop replacement when travelling
- one of the top uses was for keeping track of news and research
- many traders used them in remote desktop mode to access their OMS screen
The last one is particularly interesting. We’ve heard a lot of debate recently among banks about extending SDPs to iPads and how they would actually be used. It’s nice to see some real data.
Last week I attended the Profit & Loss Conference in Singapore. No matter how frequent my visits, there always are new buildings in the downtown area. The latest BIS survey shows that Singapore has grown to be the fourth biggest FX trading centre globally and my guess is it will become even bigger.
The agenda had a few sessions on the forthcoming regulation changes in the US & Europe, so no surprise there. The keynote address on the first day from the Chairman of the Singapore FX Market Committee was interesting, not least because of his comment that whilst aware of the changes happening elsewhere, the local authorities would ensure that any regulatory changes here would be for the benefit of Singapore as a financial centre. I wonder whether this implies that the goals of Dodd Frank & MiFID II will be muted when applied to the local markets, in spite of the original G20 recommendations.
The survey was sponsored by Caplin and conducted by Lepus at the end of last year. 30 major US, European and Asian banks took part, and typically the respondents were heads of IT or heads of eCommerce. The survey was supplemented by some in-depth one-on-one interviews.
The survey investigated the implementation of single-dealer platforms (SDPs), the reasons behind that, and whether trading volume really is moving to SDPs from multi-dealer platforms. If you’d like your own copy contact us via the Caplin website.
Sang Lee (managing partner of Aite Group) highlights a major shift occurring in market demand for single- dealer platforms driven by various customer segments need for asset class diversification and banks seeking to fully support the demands of their customers.
Ten years after the arrival of electronic FX, banks are continuing to invest in their single-dealer platforms which have been enjoying a resurgence of late. According to Paul Caplin, chief executive of Caplin Systems, a provider of e-commerce technology for use in single-dealer platforms, there are numerous factors driving clients to single-dealer FX platforms.
Nicholas Pratt examines why the value proposition of these single-dealer platforms continues to strengthen for many trading firms and FX buy-side participants.
Under the CFTC’s proposed rules, RFQs are required to be sent to at least five other market participants which in effect breaks the single-dealer platform model that has existed for many years. Click here for the full story.