The current COVID-19 pandemic has forced many of us to work from home and to practice "social distancing". As such, it's not surprising that many trading floors have closed over the past days including LME, CME, CBOE and, only yesterday, NYSE.
The Rise of the Machines
Extreme market movements are driving market participants to use high speed strategies to keep pace. As a result Avelacom has announced a 35% increase in the volume of data transferred between exchanges in March, with trading by FX and cryptocurrency clients driving much of this growth.
The Committee on Foreign Investment in the United States (CFIUS) has concluded its review of the LSEG takeover of Refinitiv under Section 721 of the Defense Production Act of 1950 and has determined that there are no unresolved national security concerns with respect to the Transaction.
FundsDLT, a blockchain-based technology platform for the investment fund industry, has closed its Series A round. New investors include Clearstream, Credit Suisse AM, the Luxembourg Stock Exchange, and Natixis IM.
At the LSEG General Meeting held earlier this month more than 99% of Shareholder votes were in favour of acquiring Refinitiv. The deal is an all share transaction valued at approximately US$27 billion.
Fortuna (https://www.fota.top), a start-up based in Singapore aims to revolutionise the OTC market and solve “several core problems” along the way. According to their whitepaper the OTC market:
This is a follow up to the announcement about going live with a link to Shanghai here, and explains more widely what R5FX are trying to achieve.
R5FX is a marketplace dedicated to emerging market trading, with price distribution that is not restricted by bilateral credit, enabling clients to access the entire FX market. It provides increased speed and access, meaning you can price your customers more accurately and hedge your risk more effectively.