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ThinkLiquidity Unveils Transaction Scoring System US-based technology firm ThinkLiquidity has launched a transaction scoring system featured in its new Web application QuantView. The patent pending system delivers performance metrics on trades conducted over electronic trading platforms. The firm says QuantView data can be used by trade desks and risk managers to quickly and accurately assess order flow and improve risk management. “There’s no other product available that makes it so easy to see key trading metrics on both a micro and macro level,” claims ThinkLiquidity’s managing director Jeff Wilkins.
Erste Joins TraderTools Network Erste Group Bank has joined the TraderTools Unique Liquidity Network (ULN) as a market maker in CE3 pairs. TraderTools says through its existing network of local market making banks in Eastern Europe, Erste will be making markets in Romanian, Czechoslovakian, Hungarian, and Polish pairs. The firm adds that banks on the ULN have what it terms a strong presence in emerging and local market currencies such as central European, Turkish lira, South African rand, Scandinavian currencies, and the Russian ruble.
Capitalab Launches Compression for FX Options Capitalab, an entity within BGC Partners, has launched a multilateral portfolio compression service for FX options, as well as for interest rate caps and floors. Since June 2016, five FX options compression runs have been executed, in USD/JPY and EUR/USD, with the participation of respectively five and seven FX options dealers. In the last three interest rate options compression runs organised by Capitalab, participants have also included caps and floors, together with swaptions. Caps and floors – options on Libor and Euribor forward rates - are known to be capital intensive, because of their large notionals.
ICBC Adopts Thomson Reuters Solution Industrial and Commercial Bank of China’s (ICBC) Singapore branch has adopted Thomson Reuters FX e-commerce solution Electronic Trading to strengthen its presence in the foreign exchange market. Thomson Reuters says ICBC is the first Chinese bank to adopt this solution, which provides efficient market making capabilities and allows ICBC to price CNH and other G10 currencies across Asia with various branches, interbank clients and corporate clients. “As China's largest bank and the official CNH clearing bank of Singapore, ICBC Singapore is committed to offering a full range of integrated financial services in the CNH and other key currencies to our clients," says Zhang Weiwu, general manager of ICBC Singapore.
CLS Upgrades Members to New Gateway CLS Group has completed its project to upgrade its settlement members to a new member gateway and market infrastructure (MI) channel. CLS’s settlement members include 66 of the world’s largest financial institutions, which are direct participants in CLS. Over 21,000 third-party clients around the world also access CLS’s services indirectly through settlement members The group says that it worked with each of its settlement members, as well as Swift, to build and integrate a new member gateway into each bank’s core architecture.
Overbond Integrates Thomson Reuters Data Overbond has announced a partnership with Thomson Reuters that will see fixed income market data and analytics integrated within the Overbond platform. The company says that through Thomson Reuters Labs, the companies will also be exploring opportunities to drive further innovation in the fixed income capital markets through collaborative research and development. Overbond is a Fintech initiative that has resulted in the first fully-integrated platform to directly connect corporate and government bond market issuers with dealers and fixed-income investors. The platform features end-to-end processing capability and a support framework for primary bond origination, thus “transforming primary bond issuance into a fully-digital, transparent, and secure process from pre-deal research straight through to deal execution” according to the firm.
BestX Rolls Out First Product BestX, formed earlier this year, has released its first TCA product. Colin Lambert takes a look. If there has been a positive outcome from the trials and tribulations of the FX market in recent years it has been more focus on not only achieving best execution, but also about what that phrase actually means. This has resulted in more products and services aimed at helping clients make informed decisions around how they interact with the FX market – no longer is it just a sideshow that can be handled without due care and attention – as well as the gradual move into the market of new firms.
And Finally... It's nice to know that P&L's managing editor is not the only one who needs to get stuff off his chest, deputy editor Galen Stops has real blockchain fatigue, and it's hard not to agree with him. Is blockchain a solution looking for a problem? Well not exactly, it's a fascinating development that is probably going to have a long and lasting impact on the financial services industry, but just for now, can't we just talk about something else until something tangible happens?
Edgewater Targets LatAm Growth with Matching Engine Launch Edgewater Markets is expanding its LatAm business with the launch of a local matching engine in Mexico City. The deployment of the server in the KIO-5 data centre in Mexico, which recently went live in Q3 2016, enables customers to cross connect directly to Edgewater’s local environment. It will support a range of currency pairs, with a strong focus on MXN crosses. “We are constantly looking for ways to grow our business and to penetrate into new areas of the market and we identified order management as a gap in our offering. We have clients aggressing rates on our platform very actively, but we were lacking on order capability.
Cobalt Partners with SETL for Blockchain Platform Cobalt DL (Cobalt), which plans to launch distributed ledger-based FX post-trade platform in 2017, has announced a partnership with SETL to deploy its Open CSD distributed ledger within the platform. Although a spokesperson for Cobalt declined to name a targeted go-live date for the platform next year, the firm claims that it has 15 institutional FX participants already committed to the service. Profit & Loss previously reported on Cobalt’s plans to try and reduce post-trade costs for financial services firms by creating a shared view of trade data.