Electronic communications network (ECN)
Execution algos evolve to make buy-side liquidity providers
Latest range of FX spot algos could give new roles to banks and buy side
FX HedgePool launches all-to-all FX swaps matching
P2P platform starts daily matching and opens up to banks, hedge funds and ECNs
Crypto ECNs aim to offer alternative to Clobs
CrossX and Cypator bring ECN-style trading and settlement to crypto, but rivals claim infrastructure isn’t ready
FX-style crypto platforms could bridge gap with TradFi
Emergence of execution-only ECNs, prime brokers and clearing houses brings new confidence in crypto
BNPP, NatWest turn to CobaltFX for credit limit management
The service will help the two banks rein in risks of credit overallocation on interbank platforms
Fast LPs accuse rivals of maxing out last look response times
Firms with sub-10ms checks complain of losing volumes to slower rivals, prompting one to ditch ECNs
Disclosed FX venues could be next to demand code compliance
Pressure mounts on trading houses to follow anonymous platforms and make compliance mandatory
Review of 2022: the return of volatility
Russia and the Fed set markets ablaze, while SA-CCR shook up FX swaps
Euronext is latest venue to demand FX code compliance from LPs
From January 1, anonymous spot liquidity pools across the ECN will automatically switch to code compliant only
SGX launches new Clob for FX spot and NDFs
CurrencyNode to tap into new matching engines in Singapore, and eventually will look to offer futures-spot spreads
Volatility could pave way for FXOs’ electronic evolution
Turmoil in markets gives options sector impetus to embrace automation, writes CME’s Chris Povey
Streaming with the enemy: banks turn to non-bank liquidity
Larger banks are becoming more receptive to consuming FX prices from prop traders like Citadel Securities and Virtu
Electronification allows Singapore to take on the world
SG1 data hub enables city-state to consolidate its position as key centre for trading
EBS delays migration to CME Globex following member requests
FX dealers experiencing IT freezes or reallocation of resources have asked for more time to prepare
Market poised for further trading time reductions across ECNs
As Cboe FX halves trade response times, others are expected to follow – for better or worse
New GFXC chair aims to keep up reform on last look
SNB’s Andréa Maechler urges more liquidity providers and trading venues to address hold times
Cboe to cut FX trading response times in half
Incoming policy will give liquidity providers 35 milliseconds to review last look orders
Citi drops last look hold times for e-FX
Bank joins Goldman Sachs, Morgan Stanley and UBS in ditching controversial practice after GFXC clampdown
Anonymous venues could do more on last look
Platforms could reduce max response times to encourage eradication of additional hold times
Currenex class action faces hurdles, say legal experts
Case against Goldman, State Street, HC Tech and the ECN could raise questions around statutes of limitations and damages calculations
Algo sniffers make a tough business tougher
FX spot is already a hard game for many LPs, and the rise of skew sniping only makes things harder