Interview
e-FX Awards: FastMatch – Best e-FX Trading Venue
In Q1, FastMatch saw ADV grow 61% year-on-year to $17.7bn. In April, it recorded $19bn ADV – 76% higher than in the corresponding period of 2016
e-FX Awards: Fenics – Best e-FX Software Provider
Release of Fenics Trading Solutions allows the firm to spread across geographies such as Emea and North America
Asia strongly supportive of Global Code of Conduct – GFMA
Backing from local central banks for the principles will filter down to participants, says John Ball
Mifid II is a chance for reinvention – FX Connect’s O’Malley
“We’ve had more interaction with our customers in the past six months than in any individual point in our 20-year history,” says FX Connect’s Emea head
Stakes too high for non-adherence, Puth says
"We expect most market participants will get behind the Code at the time of launch," says the MPG chairman
XTX sounds death knell for last look
The NBLP launches new analytical tool, which Jeremy Smart says will make last look obsolete
Broadway sees demand for software pick up
Regulation and the need for a business edge have sell-side firms looking increasingly to software to meet their needs
The search for efficiency will drive 2017
Regulation is not just a burden but an opportunity to streamline workflow, operations and execution processes, says ITG
Better analytics will help NBLP differentiation and model validation
Clients will be looking to validate the capabilities of counterparties including banks – as well as their limitations
Blockchain take-up will accelerate as costs mount
2017 could be a year of a major crisis if market structure issues conspire with volatile markets
EBS mulls even faster data amid resurgence of open markets
Last-look venues could be hit if the platform quickens its data product even more, Johnson says
Financial Conduct Authority to test SMR implications in 2017
UK regulator will look to test harder cases rather than go for clear breaches of the regime
Best execution requirements will drive market structure change
Understanding what best execution means will play a key role
Banks have huge opportunity to capitalise on balance sheets
Several banks have started to push into the currency management and overlay space to challenge incumbents
NBLPs to carve out niches and form more bank partnerships
Jump Trading foresees Clob resurgence, platform acquisitions, and more link-ups between banks and non-banks
Liquidity quantification, clearing and the death of last look
XTX Markets' co-chief executive says 2017 will see a solution for options clearing, eventually forcing forwards and swaps too
Compliance and risk aversion will dominate in 2017
The broker is building a set of next-generation solutions for customers less willing to tolerate risk amid cost pressures
Algo execution and TCA will drive market structure change
Pragma Securities chief Mechner expects best execution requirements to boost the adoption of algorithmic trading
More order types will be segregated from spot desks
Stop-loss and take-profit orders could follow fixing orders and become segregated, says BNP Paribas
Exchanges to rethink FX, plus exits in PB and NBLP to come
FXSpotStream chief executive expects a resurgence from banks next year
PB concentration risk a concern as volatility picks up
Global head of Currenex says the lack of a dynamic FXPB space is a worry as non-bank liquidity providers need access
Clearing and decoupling of execution/credit will dominate
KCG sees growth in clearing, the Global Code of Conduct, and separation of credit and execution as big themes
High-volume products will move to clearing
Capital and bilateral margin rules will increase pressure on the most-traded products to shift to clearing
Analytics and algos in focus as regulation hits
Credit Suisse sees best execution requirements being hammered home by Mifid II