Tag: Infrastructure

  • Deutsche Bank takes AutobahnFX on the open road

    Deutsche Bank takes AutobahnFX on the open road


    Deutsche Bank is shifting gears on its proprietary foreign exchange trading platform, offering access to certain workflow elements via third-party platforms – as clients continue to migrate towards these venues.

    For years, banks have tried to divert FX traffic from the multi-dealer platforms by offering value-added services. But their efforts have not slowed down the travel of flows onto MDPs.

    According to a report from Greenwich Associates in November last year, a third of buy-side respondents

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  • State Street’s interop play for FX

    State Street’s interop play for FX


    Having a stable of high-end trading platforms can be a blessing – and a curse. And while experience and familiarity are valuable, legacy systems eventually start to creak and crawl.

    Around 2019, State Street realised it had a problem as it looked to build upon and expand its suite of foreign exchange and cash solutions. Through acquisitions and in-house builds, the bank amassed several popular, but ageing, platforms. There’s FX Connect, which turns 30 this year. Fund Connect will celebrate its

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  • ‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation

    ‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation


    When the economist and geopolitical strategist Brunello Rosa was finalising drafts of his book Smart Money last year, he noted presciently that critical events might unfold before its publication in paperback.

    The book, written with co-author Casey Larsen, envisages a new cold war unfolding between the US and China in which “digital de-dollarisation” plays a central role.

    The paperback is due out in June. In the meantime, the fallout from the Trump administration’s tariff announcements in early

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  • SpectrAxe hires Deutsche’s Schultz as Americas COO

    SpectrAxe hires Deutsche’s Schultz as Americas COO


    FX options venue SpectrAxe has hired Robert Schultz as chief operating officer for the Americas, effective April 21. 

    Schultz joins from Deutsche Bank where he worked for more than 12 years, most recently serving as a product manager and vice president in FX prime brokerage and algo trading.

    In his new role, Schultz is tasked with expanding the credit intermediation network for SpectrAxe’s central limit orderbook (Clob) for all-to-all trading of over-the-counter FX options.

    “We are bringing in

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  • New FX swap matching platform aims to bridge voice and e-trading

    New FX swap matching platform aims to bridge voice and e-trading


    A new foreign exchange swaps venue that gives voice trading desks the ability to match interest with e-books run by some of the biggest dealers could mark a significant step forward in the electronification of the interdealer market, its founders say.

    FXswapX, a dark matching platform built by Fintech incubator FastFin Labs, utilises a technology model where banks can effectively mask their FX swaps streaming data through encryption, which is then aggregated to create a midpoint benchmark rate

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  • TCA vendors link FX counterparty selection with execution

    TCA vendors link FX counterparty selection with execution


    BestX and Tradefeedr, the two main third-party transaction cost analysis (TCA) providers, have launched tools that enable buy-side firms to standardise and automate counterparty selection for cash foreign exchange trades, ahead of request-for-quote or algorithmic execution.

    The launches are part of a wider push by asset managers to integrate TCA into their trading workflows to help meet best execution rules, which require asset managers to justify how they select their counterparties and their

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  • Dealers bullish on Bloomberg chat interface for FX markets

    Dealers bullish on Bloomberg chat interface for FX markets
















































    Dealers bullish on Bloomberg chat interface for FX markets – FX Markets






    Service expanded its API offering to integrate broker chats into banks’ engines for cash FX pricing late last year


    Chat-interface-GettyImages-1495736381

    Bank trading desks are optimistic that initiatives by Bloomberg to open its chat application programming interface (API) will significantly help them price bilateral foreign exchange trades more accurately – and help bridge the gap between voice and electronic market-making.

    In certain currencies and cash FX instruments, where electronic liquidity on trading platforms is thin, interdealer brokers (IDBs) are still the main way for banks to gather prices and connect to the market.

    But sometimes, a

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  • NSCC liquidity shortfalls raise T+1 concerns

    NSCC liquidity shortfalls raise T+1 concerns


    The move to one-day settlement for US equities, known as T+1, may be contributing to record liquidity shortfalls at the National Securities Clearing Corporation (NSCC), which clears all US-listed stock trades.

    NSCC, a subsidiary of the Depository Trust & Clearing Corporation (DTCC), reported a liquidity shortfall of $7.1 billion in the fourth quarter of 2024, which it blamed on year-end “index rebalancing”.

    The shortfall represents the gap between the qualifying liquid resources (QLRs) –

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  • Does FX Spot+ add up for traders?

    Does FX Spot+ add up for traders?



    New CME venue aims to provide easier access to FX futures liquidity, but some worry about its stability in choppy markets



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  • Futures gain ground in G10 FX pricing

    Futures gain ground in G10 FX pricing


    A growing number of market-makers and traders say price discovery for several key G10 currencies has already shifted to CME’s foreign exchange futures markets and away from primary venues for certain pairs.

    In particular, some senior figures say futures contracts have become the primary pricing reference point for the Commonwealth currencies – Australian dollar, Canadian dollar, sterling and the New Zealand dollar – instead of the over-the-counter spot market on the London Stock Exchange Group’s

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  • Development banks team up for FX hedging push

    Development banks team up for FX hedging push


    A group of multilateral development banks are planning to collaborate on identifying and creating foreign exchange hedging tools to help fund projects in emerging market nations.

    The 10-strong group, which includes the World Bank, Inter-American Development Bank (IDB), and European Bank for Reconstruction and Development (EBRD), outlined plans in December to boost private capital investment in these economies by increasing the availability of local currency lending and FX hedging mechanisms.

    One

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  • LCH expects to boost deliverable FX clearing with new adds

    LCH expects to boost deliverable FX clearing with new adds

















































    LCH expects to boost deliverable FX clearing with new adds – FX Markets






    Onboarding of dealers and link-up with CLS could swell interbank deliverable FX clearing volumes


    LSEG-HQ-AlamyD6JDTK

    LCH ForexClear is entering the next phase of its deliverable interbank foreign exchange forwards clearing service. As some of the largest dealers prepare to join, their business could combine with an initiative to join the CLS main settlement session to significantly boost FX clearing volumes.

    Dubbed ‘FX smart clearing’ and launched in partnership with Quantile – a fellow post-trade business within the London Stock Exchange Group – the service combines compressions, overlay trades and selective

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  • Bloomberg offers auto-RFQ chat feed – but banks want a bigger prize

    Bloomberg offers auto-RFQ chat feed – but banks want a bigger prize


    Every day, thousands of bilateral trades in cash and derivative instruments are arranged via Bloomberg instant messages on the tech firm’s ubiquitous terminals, with parties sending out requests for quotes (RFQs), haggling over prices, and exchanging market colour.

    However, the process is often cumbersome, requiring salespeople to manually cut and paste information between chat windows. This slows down pricing and results in patchy data capture.

    But moves by Bloomberg to offer automated RFQ

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