Category Archives: Opinion

Market-Making under MiFID II SI regime, no more Matched Principal Trading

What’s going to happen to market-makers that operate a mix of ‘principal’ and ‘risk-less matched principal’ after new Systematic Internaliser (SI) regime comes into effect next year under MiFID II? Systematic Internalisers (SIs) must operate as a bi-lateral principal based business. … Continue reading

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Major FX platforms report strong Sept volumes

The major FX OTC platforms have now all reported their Sept volumes. After a slow summer, all the major platforms have reported strong rises in Sept, as shown in the table below. FastMatch lead the way with an impressive 28% … Continue reading

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Global FX vols up driven by UK

Latest semi-annual FX survey data from top central banks (FX Joint Standing Committees) show that in Apr 17 FX average daily vols (ADVs) for the top six FX centres was $4.56tn/day, an increase of +5.5% from Oct 16 and +7.5% … Continue reading

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Relative price paid for FX ECNs

Pan European Exchange EuroNext, is paying $153m to buy 90% of FX ECN Fastmatch full details here According to the press release the rationalise for the purchase is given as: The transaction to strengthen Euronext’s product and geographic diversification and … Continue reading

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Regional banks upping their game in FX

Since almost forever, the global top tier banks have dominated the FX markets. One only needs to review the EuroMoney FX bank rankings to see the global elite ‘flow monster’ top ten are pretty much the same group today as … Continue reading

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Top tier FX Platforms Mar 16: Reported weak results, EBS volumes sharply lower -18.4%

In terms of Spot FX, all the major platforms delivered lower results in Mar  16. EBS -18.4% to $83.7bn/day ($102.6bn/day in Feb 16), down -26.9% compared to Mar 15 level of $114.5bn/day Reuters spot -6.3% to $104bn/day ($111bn/day in Feb 16), down -21.2% compared to Mar 15 of $132bn/day The … Continue reading

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FX platform vols for March 16

Second tier FX volumes reported weak volumes figures in Mar 16, with Hotspot  showing a -19% fall to $26.4bn/day, whilst FastMatch reported a smaller decline of -9% to $10.1bn/day. Table showing Second Tier platforms: Hotspot, Fastmatch vols for Mar 16 Meanwhile the only top-tier platform to … Continue reading

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