Trading systems
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
FXSpotStream adds precious metals
Spot aggregation service adds precious metals, with prices streamed from liquidity providers through the same single connection
EBS Direct launch could reverse volume decline, say participants
The full launch of EBS Direct opens up a new market segment that could be an opportunity to claw back market share lost in recent years
ADS Securities rolls out multi-asset platform
New platform Orex Optim has now fully launched after two years of development and six months of testing at the Abu Dhabi-based firm
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
FX platforms divided on management of costs and speed
Officials at EBS, LMAX Exchange and State Street Global Exchange debate key issues facing new and incumbent platforms during a live webinar
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS
Banks eye new protocol to streamline platform connectivity
A working group backed by seven banks is looking to create an automated protocol to streamline the process by which clients connect to FX trading platforms
Portware to launch automated FX hedging tools
Trading software vendor launches new FX capabilities as it expands into increasingly electronic marketplace
CFTC shutdown leaves Sefs lacking clarity
Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance
UBS aims for full FX launch on Neo in Q1
Following the recent launch of the UBS Neo cross-asset platform, FX e-trading head Chris Purves talks to Miriam Siers about the bank’s electronic strategy, both on its own platform and other venues
Citi to donate a dollar per million of platform volume to charity
E for Education initiative will see a proportion of revenue from Velocity in the fourth quarter handed over to six charities globally
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Meet the Sefs
The weeks leading up to the October 2 deadline for registration as a swap execution facility (Sef) under the US Dodd-Frank Act have seen a wave of new platforms receive approval from the Commodity Futures Trading Commission (CFTC). Robert Mackenzie Smith…
Sefs struggle with CFTC reporting rules
A lack of clarity over reporting obligations has left would-be Sefs struggling to adapt processes and workflows
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
Mako FX hires Simon Jones to drive platform growth
Citi's former e-FX trading chief has joined spot platform Mako FX as managing partner, with a mandate to focus on innovation and volume growth
FastMatch signs with TMX Atrium for low-latency connectivity
Start-up spot FX platform joins network to lower transatlantic latency and leverage global coverage
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade
FX Week Forum: Dodd-Frank and electronic platforms
In the second in a series of video features addressing key themes in the global FX industry, Joel Clark talks to Kathy Alys and Rob Mackenzie Smith about recent stories covering the Dodd-Frank Act's external business conduct standards and pricing on…
United Overseas Bank eyes Asia clients for single-dealer platform
Singapore-based bank is ramping up its e-FX capabilities using FlexTrade technology as it seeks to poach clients from multibank platforms
Aggregators begin certification process with EBS
Aggregators of EBS liquidity have until November to comply with its new guidance and become certified partners, but some vendors are not certain they will seek certification
FXPBs call for new approach to credit allocation
Overallocation of credit remains a challenge for FX prime brokers, but the industry is looking to create a clearer picture of where credit is being used
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants