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Icap Hosts its Annual Charity Day Icap held its 24th annual global Charity Day today, with 100% of company revenues and commissions for the day being donated to a selection of over 200 charities around the world. Since the inception of Charity Day in 1993, Icap has raised over £127 million for more than 2,000 well-deserving causes worldwide. In 2015 alone, the company raised £7.5 million globally on Charity Day, the equivalent of approximately 3% of ICAP's full year pre-tax profit for the 2015/2016 financial year.
Thomson Reuters FX Volumes Up in November, But Underperforms Industry Thomson Reuters has reported a month-on-month decline in overall FX volumes but a rise on spot activity – albeit at a lower pace than other FX trading venue providers. The firm says that spot FX activity was $101 billion per day, a 6.3% increase month-on-month and a 12.2% increase from November 2015. By contrast, Thomson Reuters’ OTC rivals all witnessed significant month-on-month and year-on year growth with EBS BrokerTec rising 37% and 52% respectively; Hotspot 20.1% and 35.7%; FXSpotStream 30.4% and 69.1%; FastMatch 25.7% and 100%; and GTX 19% and 62% respectively.
Platform Volumes Rise in November The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday. Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion. Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.
BGC Promotes Three? Sources familiar with the matter say that BGC Partners has promoted three executives in London and New York. Anthony Warner will be promoted from senior managing director and general manager, UK and Middle East to executive managing director, and see his responsibilities expanded to include BGC’s European commodities business. Meanwhile in the US Shawn McLoughlin will be promoted from director of new business development, North America to executive managing director and co-CEO of BGC Financial. Also in New York senior managing director of BGC Partners, Robert Miller’s mandate will be expanded to include responsibility for the firm’s credit business in the US.
XTX Markets Partners with Prime Services Broker Invast Global, an Australian-based non-bank prime services brokerage, has announced a deal with XTX Markets that will allow its clients to access XTX’s liquidity via its multi-asset prime services facility, PurePrime. Invast claims that the partnership illustrates the rapidly growing stature of non-bank participants in the financial markets as banks continue to feel the effects of increasing regulatory constraints. The firm says that this tie-up with XTX follows growing global demand for the PurePrime facility, which offers FX and CFD liquidity via multiple trading GUIs or APIs, backed by what it says are three tier-one prime brokers.
NFA Shifts FX Margins

23:39 November 28th 2016 in News, Brokers

NFA Shifts FX Margins

The US National Futures Association (NFA) has raised margin requirements on three currencies whilst cutting the margin required on one. The changes apply to NFA registered Forex Dealer Members (FDMs) in the US. The NFA cites recent volatility in the currency markets as well as the margin increases implemented by exchanges CME and ICE with respect to foreign currency futures involving the Mexican peso, Japanese yen, and New Zealand dollar, in notifying members to raise margins on those three currencies.
Gold-i Launches MT5 Service Technology provider Gold-I will launch its MT5 Gateway at the end of November, providing brokers using MetaTrader 5 with access to the firm’s MT4 Bridge. The new gateway launches with access to over 70 liquidity providers, Gold-I says, and provides an integration between retail and institutional financial trading systems. The MT5 Gateway has been designed to work with Matrix – Gold-i’s modular multi-asset liquidity management platform, meaning brokers using MetaTrader 5 can aggregate incoming liquidity feeds and offer their own liquidity out to clients, providing opportunities for them to diversify, add new revenue streams and reduce risk.
Gain Unveils Transfer Service Gain Capital has announced the Beta launch of ForeignExchange.com, its new international money transfer service, in the UK market. The firm says the site “meets the growing need for cheaper, easier and trusted online services for international money transfers” and supports 26 currency pairs across over 200 countries. Gain adds that the site offers “competitive” exchange rates and no transfer fees, and says savings of up to 80 percent are available compared to prices typically offered by banks. Transfers between European countries are usually received within one business day, and two business days for all other countries, it adds.
Saxo Adds Cross Collateralisation to PB Solution Saxo Bank is boosting its FX prime brokerage solution with the addition of a cross-collateralisation facility between PrimeXM sites in New York, London and Tokyo where it provides FX direct market access. The facility will enable the firm’s prime clients with global liquidity needs to further optimise their collateral by synchronising balances and exposures across the three primary global FX locations. Saxo says the cross-collateralisation facility is a natural step in the evolution of the service which will help its clients avoid over allocation of capital by giving them the ability to use a single pool of collateral across the three major global FX sites, while maintaining a pre-trade credit check per site.
Platforms Benefit from US Poll Volatility Early indications from FX trading platforms suggests all saw a good boost to activity during the US election results sequence. Bats’ Hotspot handled average daily volume (ADV) of $64.5 billion on November 9, the firm says, roughly two and a half times more than the average it had been handling in the first week of the month and significantly higher than last month’s $25.3 billion ADV. FXSpotStream also had a good day, with the firm saying it handled $48 billion on a single count basis, almost three times its volumes which last month were $17.1 billion. FastMatchFX also saw a similar increase in activity, handling $38 billion yesterday, up from the $14 billion it was averaging in November and the $13.6 billion averaged in October.