FX Markets - 2 Jan 2017
Articles in this issue
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
Galinov: exchange clearing is close
If a solution is revealed this year, costs will fall, volumes could rise and another ECN may be gobbled up by an exchange
Taylor: the Global Code is a great place to start
Brigid Taylor, managing director of the ACI Financial Markets Association, looks at the regulatory challenges ahead in 2017
2017: year of the dollar and high-yielding EM currencies
Expensive valuations and low yields make some Asian currencies unattractive investments
Analytics and algos in focus as regulation hits
Credit Suisse sees best execution requirements being hammered home by Mifid II
High-volume products will move to clearing
Capital and bilateral margin rules will increase pressure on the most-traded products to shift to clearing
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
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
Exchanges to rethink FX, plus exits in PB and NBLP to come
FXSpotStream chief executive expects a resurgence from banks next year
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
Algo execution and TCA will drive market structure change
Pragma Securities chief Mechner expects best execution requirements to boost the adoption of algorithmic trading
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
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
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
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
Rabobank leaves the rest standing in 2016
As the bank tops the rankings as the year's best forecaster, FX strategy head Jane Foley gives her predictions for 2017
Best execution requirements will drive market structure change
Understanding what best execution means will play a key role
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
Crosswell joins Cobalt
The former Nasdaq NLX chief executive will serve as a strategic adviser for the financial technology firm
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
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
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
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
Divergence to drive dollar in 2017
Fiscal expansion and monetary policy tightening are likely to drive up the dollar in 2017
Analytics, best execution and clearing to drive trends in 2017
Evaluation of liquidity is moving away from bank vs non-bank as clients gain more tools to assess execution behaviour
Broker opens gateway to Russian ruble liquidity
Sponsored feature: Otkritie Capital
Shah leaves BofAML to join Jefferies
Sachin joins the US bank's expanded FX trading team
Australian regulator finds NAB and CBA culpable of inappropriate conduct in spot FX
Both banks will develop a programme to detect and prevent such conduct by its employees