Electronic communications network (ECN)
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
Time trials: how fast can you trade FX?
XTX calculations reveal how long different pairs take to trade throughout the day
LSEG buyout finally unshackles Matching and FXall
After watching the market evolve around them, platforms can finally get on the front foot
FX code adherents may get better pricing, say LPs
If trading platforms show buy-siders’ code status, signatories could see lower prices
Growing internalisation could threaten price discovery, say LPs
Dealers might have to deliberately hedge on venues to bolster data, says Credit Suisse’s Estrada
Why central banks aren’t worried about FX algos – for now
Disclosure failings have been fed into review of FX code; other risks are profound, but distant, says Andrea Maechler
Algos make market thinner, but not less liquid – BIS
Trading robots change market microstructure, central banks conclude; new liquidity metrics may be needed
Dealers divided over paring FX spot venue connections
Some liquidity providers aim to follow Citi’s lead and cut platforms, but others are wary
FX algos and the weight of industry expectations
Algo usage may reach saturation point unless operators try something new, writes Matt Clarke of XTX Markets
Avoiding market impact – it takes two
Dealer hedging practices have a big part to play in quiet execution, but so does client behaviour, writes UBS's Ciara Quinlan
Citi to focus on just five FX spot platforms
More venues face axe as US bank says it wants to route 90% of e-volume through small group of vendors
Games of tag need to end
Growing focus on platform disclosures should spur more transparency
Vol boosts rules-based trading services
More users – and more platforms – turn to auto-RFQs for smaller tickets
Fee fight: dealers take aim at brokerage costs
Old tensions have new edge as banks urge clients to bypass platforms
GFXC eyes trading platform tagging practices
Group may look to standardise language around unique identifiers
Puddles and pools: how to optimise FX liquidity
Fragmented pricing makes it hard to compare and analyse market-makers, say HSBC quants