While electronic trading in most foreign exchange products has increased over the years, the nondeliverable forward market has been particularly active this past year. As global NDF trading volume continues to grow, further electronification and adoption of modern technology are being offered to clients through new tools and NDF algo development. Regulations on swap execution facilities trading and mandatory reporting continue to bring market transparency, though off-SEF trading is multiplying to improve the overall market with anonymity and deeper liquidity.
Refinitiv has launched Refinitiv Compliance Archive (RCA), a unified compliance archive for unstructured messages and trade data from over 50 sources, which is designed to help compliance teams reconstruct, oversee and efficiently analyse activity.
Refinitiv Compliance Archive is powered by Global Relay, which offers a suite of surveillance and trade reconstruction capabilities ensuring that firms maintain visibility into their trade and communication activities.
TrueFX has announced its first trades, executed by FXCM, AxiCorp, Velocity Trade and market makers.
The FX spot trading platform is delivered by Integral technology and centrally cleared by Jefferies Prime Brokerage. TrueFX has been designed to provide all market participants with direct access to FX liquidity through a single point of credit intermediation and technology integration. It operates both disclosed and non-disclosed trading and supports a wide range of execution methods, including full amount and VWAP.
Although algos have been almost universally adopted by the sell-side, Greenwich Associates has published a new survey which shows that only 37% of FX market participants (buy- and sell-side) in the US and Europe use algorithmic trading. Of those that do, only 22% of their overall volume is traded using algos.
By comparison, almost half of all equities trading volume (46%) is now executed through either direct market access (DMA,) smart order routing or algorithmic trades.
COVID-19 disruption and record levels of market volatility provide a serious test of FX trading business continuity plans (BCP). A Refinitiv survey of more than 400 clients provides insight into how FX market participants are coping with the ongoing disruption.
24 Exchange has received a strategic investment from Standard Chartered. Geoff Kot, Standard Chartered's Global Head of FX Trading, Geoff Kot, will join 24 Exchange's Board of Directors.
TrueFX has announced the launch of the TrueFX Clearing Member network, with Axicorp, FXCM and Velocity Trade providing access to the buy-side.
Barclays has become the 14th LP on FXSpotStream’s price streaming service, joining BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG Bank, Standard Chartered, State Street and UBS.
9th Gear Technologies, the FX platform using blockchain to provide intra-day credit and same day settlement, is a step closer to launch after it successfully completed its first test trade between 2 counterparties on the 9th Gear platform.
The USD/CAD trade was completed yesterday (11th February) in the MarketFactory Test Lab environment.
Redline Trading Solutions, the provider of market data and order execution systems for automated trading, announced today that it supports connectivity to 24 Exchange, the OTC trading platform.
Launched in December 2019, 24 Exchange currently offers streaming and RFQ liquidity for FX NDFs.