Tag 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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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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