Societe Generale has joined FXSpotStream as the platform's 15th liquidity provider.
The platform's liquidity providers are Barclays, BofA, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, Societe Generale, Standard Chartered, State Street and UBS.
Singapore-based FX technology provider, Spark Systems has closed a series B funding round, raising USD 10.5 million.
New investors HSBC, Citi and OSK Ventures International join Spark's existing backers Dymon Asia Capital, Dymon Asia Ventures, FengHe Group, Goldman Sachs, Jubilee Capital and Vickers Venture Partners.
CLS has appointed Thomas Barkhuff as its new CIO.
Reporting to CEO, Marc Bayle de Jessé, Tom will oversee CLS's technology and information security strategy and operations. He will be responsible for ensuring the continued delivery of stable, resilient and effective IT services, applications and infrastructure.
Using technology to achieve workflow efficiency in FX has been discussed for decades, with financial firms continually attempting to cut back office costs and deliver Straight Through Processing (STP).
Front-office technology advances have captured the headlines during times of market volatility, like those currently experienced in FX. Yet it is the boring but important area of automating the middle- and back-office that continues to deliver financial benefits, especially during times like these when there is a spike in confirmations and settlement volumes.
Keith Tippell has joined CLS, where he is responsible for overseeing the firm’s existing products and in all new product development for Settlement and Processing.
Keith joins CLS from Droit Financial Technologies, where he worked as Head of Business Development for Europe and Asia Pacific. Previously, Keith held numerous product management and business development roles, including with SWIFT and Markit. At Markit, he was a Managing Director within its trade processing division and was responsible for establishing MarkitSERV FX.
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.