ThomsonReuters integrates all of its FX transaction venues into next-generation FX Trading desktop

Thomson Reuters has announced they are integrating all of their FX transaction venues into next-generation FX Trading desktop, to streamline access to liquidity for the FX community; including advanced portfolio order management system for buy-side participants. The integration will include:

  • Request For Quote service -RFQ (FXall QuickTrade)
  • Continuous streaming prices -ESP (Bank Stream)
  • Central limit order books-CLOB (Matching, Order Book)
  • Conversational dealing platform (Dealing)

The new FX Trading desktop will also include Continue reading

Here Comes HTML5 for Financial Markets (Greenwich Associates)

Came across this white paper from Greenwich Associates (from Jun 15) on the adoption of HTML5 within financial markets.

The report is based on interviews with 149 financial institutions, and found that technologists are rapidly shifting their focus toward the application needs of users, rather than the underlying operating system (OS). The focus is now on ‘The cloud, HTML5 and mobile’ (as was clearly identified in Caplin’s HTML5 in 2013: Where Next?  and Trading on the move white papers).

HTML5, is swiftly proving itself by delivering native, real-time financial applications that are OS and device agnostic. However, many who are unsure about even the near-term future of their OS and device requirements still aren’t devising an HTML5 strategy. This lack of planning may leave many ill-prepared for an OS or device upheaval within their firm.

Windows 7 still main desktop OS within Continue reading

Fastmatch launches relationship based liquidity provision

Fastmatch, the FX ECN which reported average daily FX volumes of $9.2bln in August, has just announced they have started providing fully disclosed ‘relationship’ based liquidity provision (one-to-one trading) at brokerage rates of $1 per million/side notional traded. Having built successful low-cost anonymous ECN with wide connectivity, it clearly makes sense for them to extend their offering and start offering relationship based liquidity.

7th October update: 

Less than a month after announcing the new relationship based FX provision, Fastmatch announced that they completed their first relationship based trade between Citadel Securities and a Tier 1 bank.

According to Fastmatch CEO, Dmitri Galinov:

“We had a tremendous response from clients and liquidity providers to our new, global, low-cost, fully disclosed trading offering,”

“At their request, we are pleased to provide our clients with a more customised experience, with one-to-one trading functionality at super-competitive prices. This is an area of the market that has grown nicely and we are keen to provide our clients with direct trading with their customers using FastMatch’s state-of-the-art technology.”

Fastmatch ADVFastmatch average daily volumes in $bn/day

This move appears a response to the success of EBSDirect, which has shown the strong demand for relationship based liquidity provision.

It will be interesting to see whether Fastmatch manages to gain traction with their new service, and at the same rate as EBSDirect. Although EBS doesn’t separate out the EBSDirect volumes, I have managed from various press releases to build a picture of the growth of the service as shown in the chart below. EBSDirect appears to have grown from nothing to nearly 20% of volumes in under two years.


EBS daily volumes showing EBSDirect in $bn/day and as % of total volumes

Moving legacy SDPs to HTML5 (in stages)

Given the ubiquitous ‘write once, deploy anywhere’ nature of HTML5, it’s not surprising that almost all new Single-Dealer Platforms (SDPs) are being written in HTML5.

The trend started a while back, and in his 2013 white paper, HTML5 in 2013: Where Next? (2nd one in the list), Patrick Myles, Caplin CTO identified three key reasons why everyone was moving to HTML5:

  • The move to cloud delivered services and Internet distributed applications has driven the need for lightweight, access-anywhere GUIs.
  • Apple and Google have embraced HTML5 as the future, building new-generation browsers themselves for the first time.
  • The drive to mobile and tablets, and the desire to re-use apps and code across platforms

Although, as Myles pointed out, there are challenges with HTML5, as it lacked many of the enterprise development features and tooling that developers expect and need to efficiently build large-scale, maintainable apps. It’s still evolving, meaning not all features are universally supported. Continue reading

Nasdaq prepares to launch own FX platform

Exchanges can’t seem to get enough of FX!

Following the recent spate of exchanges buying FX platforms (Deutsche Boerse buying 360T, BATS Global Trading buying Hotspot, and talk of ICE buying FastMatch), we now hear Nasdaq is readying the launch of their new FX platform.

NasdaqSo, what’s the attraction?

Well, for one thing size, at $5.3tn/day, it’s by far the largest globally traded market. It’s predominantly a bilaterally traded OTC market, highly liquid and although decentralized and fragmented into multiple liquidity pools, is nonetheless very efficient and increasingly electronically executed.

The size and liquid nature of the market play to the scale and efficiency of exchange infrastructure.

But, this is about more than size. Continue reading

Markit to consolidate position in FX Trade processing with Dealhub acquisition

Just spotted this on Bobsguide, a very interesting development.

Markit Markit has agreed to acquire Dealhub, the 55 strong UK company that provide FX solutions to banks, brokers and other financial market participants around market connectivity, trading services and trade processing.

The acquisition comes less than two weeks after Markit’s own MarkitSERV announced the launch of its new ‘centralised FX trade confirmation service’. The Dealhub transaction, looks highly complementary, and will enable Markit to rapidly consolidate its position in this space.

As the industry continues to innovate, and in response to evolving FX regulations, there will naturally be increased demand for efficient, scalable and innovative centralised FX solutions, that provide the market connectivity to the various venues, credit-hubs, settlement systems, trade repositories, clearing houses with the associated regulatory reporting needed to enable participants to effectively manage their FX business.

According to the press release; the acquisition will enable Markit to offer customers a comprehensive solution for FX across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting.  It will also expand Markit’s customer base among banks, brokers and asset managers in the FX markets.

Brad Levy, managing director and head of Markit’s Processing division, said:

“DealHub is a great company and highly complementary to Markit’s growing FX processing business.  This acquisition adds depth to our FX offering while bringing an exciting set of trading solutions to Markit.  Connecting DealHub’s technology to our network will accelerate centralisation of FX trade processes, making it easier for customers to transact.”


Peter Kriskinans, founder and chief executive officer of DealHub, said:

“We are excited about joining Markit since our businesses are so complementary.  Markit’s scale and global reach will allow us to better support our customers and will also accelerate innovation and further development of our technology.”

DealHub’s customers include global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers.  The company has approximately 55 people based primarily in London, with additional offices in New York and Singapore.

FX SpotStream goes live with new HTML5 GUI from smartTrade.

FXSPotStreamFX SpotStream the multi-bank platform has joined the growing number of platforms that are releasing new HTML5 trading GUIs.

The platform, which runs as a market utility is owned by a consortium of leading FX banks, providing multi-bank direct Api and GUI infrastructure to enable top-tier liquidity providers to easily and at low-cost distribute their liquidity to downstream price takers.


Alan Schwarz, CEO FXSPotStreamAccording to Alan Schwarz, SpotStream CEO: Continue reading


Get every new post delivered to your Inbox.

Join 1,505 other followers