Tag Archives: FX

Credit Suisse fined $135m for FX abuse

The New York State Department of Financial Services (DFS), has fined Credit Suisse $135m for ‘Unsafe, Unsound and Improper Conduct’. The transcript of the order makes for depressing reading, when we see the extent of the improper conduct and abuse of … Continue reading

Posted in regulation | Tagged , | Leave a comment

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

Posted in Opinion, regulation | Tagged , , , | Leave a comment

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

Posted in FX Survey, Opinion | Tagged , , | Leave a comment

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

Posted in FX Survey, Opinion | Tagged , , | Leave a comment

EuroMoney 2017 FX ranking some interesting trends

The latest 2017 EuroMoney FX survey ranking has been published. The market has moved on from ‘flow monsters’ seeking market share at all costs. Today with balance sheet constraints, reduced risk appetite and tougher leverage ratios, quality and profitability of … Continue reading

Posted in FX Survey | Tagged | Leave a comment

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

Posted in Opinion, research | Tagged , , | Leave a comment

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

Posted in FX Survey, Opinion | Tagged , | Leave a comment

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

Posted in FX Survey, Opinion | Tagged , , | Leave a comment

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

Posted in Opinion | Tagged , , | Leave a comment

FX platforms reported drop in Feb 16 vols, led by Reuters spot down -10%

In terms of Spot FX, all the major platforms delivered lower results in Feb 16. EBS -1.2% to $102.6bn/day ($103.8bn/day in Jan 16), up +9% compared to Feb 15 level at $94.1bn/day Reuters spot -9.8% to $111bn/day ($123bn/day in Jan 16), -2.6% compared to Feb 15 at $114bn/day The … Continue reading

Posted in Opinion | Tagged , | Leave a comment

Deloitte 2016 Global FX survey

An interesting FX survey from Deloitte provides insight into the challenges corporations encounter when managing currency risk and possible causes (and solutions) for these challenges, as well as FX risk management structures, strategies, and processes adopted by companies across the globe. … Continue reading

Posted in FX Survey, research | Tagged , | Leave a comment

Electronic trading in fixed income markets: report by BIS – worth reading!

An interesting report (well worth reading), published in January by The BIS (Bank of international settlements), looks at the impact of ‘electronification’ of the fixed income markets. The report was based on structured interviews with market participants,  and a survey of electronic … Continue reading

Posted in research | Tagged , , , | Leave a comment