Articles tagged by Thomson Reuters
Asian corporates and CFOs cited FX risk as the financial
risk that they are most concerned about, according to a new survey from Thomson
Reuters and Asset Benchmark Research.
In the report accompanying the research results, it notes
that as ...
The total average daily volume (ADV) of foreign exchange
trading across Thomson Reuters platforms in June totalled $394bn, rising by by
5% year-on-year and by 13.5% month-on-month.
ADV for spot trading in June was $116bn, Reuters says.
This total reflects trading volumes ...
Thomson Reuters has
added EBS to its post-trade network, Thomson Reuters Trade Notification (TRTN),
which will enable EBS to offer complete straight through processing to its
"In addition to the existing EBS post trade capabilities, we selected
Thomson Reuters ...
Trying to decipher platform performance
during last month’s UK-inspired mayhem is almost as difficult as keeping track
with the latest shenanigans in UK politics following the vote to leave the EU –
but I’ve had a go and there ...
Thomson Reuters and CME Group will connect
their instant messaging networks, allowing more than 300,000 market
participants to communicate across their platforms.
From late Q3 2016 users of Thomson Reuters’
Eikon Messenger and CME’s Pivot Instant Messaging will be able to ...
conditions are changing in the FX market, they are not necessarily getting
worse, claimed panelists at Profit &
Loss’ Forex Network New York conference.
Although Kevin Kimmel,
Chief Operating Officer, Citadel Execution Services FX, mentioned that FX
market liquidity ...
Thomson Reuters has joined R3’s partnership to design and
apply distributed and shared ledger-inspired technologies to global financial
“Thomson Reuters will contribute insights from its work with
customers to drive product innovation and transformation in the financial
Thomson Reuters, FX Spotstream and FXCM
have all reported a month-on-month decline in FX average daily volume (ADV),
however the latter two are up on a year-on-year basis.
Thomson Reuters says spot volumes across
its platforms was $97 billion per day, 8.5% ...
The BIS Triennial survey highlights the drop in spot volumes, but how does the platforms' performance compare over the same period?
Most FX major trading venues will be glad to see the back of August – following the downbeat results from FastMatch and Hotspot, four other venues have reported a decline in volumes – two registering historic lows and a third the lowest in seven years. The numbers add up to a horrible month for the platforms and, by association, for the wider foreign exchange industry as activity levels continue to dive following June’s Brexit-inspired spike, most will be hoping for a forex rebound in September.
Thomson Reuters has launched Elektron Managed Services in the Equinix NY4 data centre in Secaucus, New Jersey.
The concept behind this move is that financial institutions will be able to free up resources to focus more on their core activities by outsourcing the management and support of Thomson Reuters Enterprise Platform (TREP) and Elektron Real-Time from customer managed to Thomson Reuters managed services, in addition to the procuring market data infrastructure, networking, space and power.
“Access to reliable, time sensitive financial information is crucial to market participants who are automating and outsourcing wherever possible to improve performance and reduce costs,” says Paras Sidapara, global head of managed services at Thomson Reuters.
Thomson Reuters and Clifford Chance have joined forces to help financial institutions tackle in what they term a timely, efficient and more cost-effective manner, their most pressing regulatory obligations relating to margin rules for uncleared OTC derivatives.
The firms claim they are using an “innovative approach to contract negotiation and documentation” and that the partnership offers a “flexible, rapidly scalable, technology-enabled solution that will empower these financial institutions to meet their current multi-jurisdictional regulatory obligations and as they continue to evolve in the future”.
Dave Emerick has joined Thomson Reuters in London as relationship manager, API trading.
The role is a return to the firm for Emerick who was an FX relationship manager at Reuters from 2000-2008, following an eight year trading role at Tokai Bank. At Reuters he worked on the treasury broking team promoting the RTF-CME futures trading platform, as well as the spot matching platform.
Emerick’s last role was as head of FX for CME Europe. He left CME Group earlier this year after eight years at the Merc.
Thomson Reuters (TR) launched an FX Central Limit Order Book (CLOB) for the Nigerian market, a move that it claims will enhance liquidity in the local FX market there and give the Central Bank of Nigeria (CBN) the tools to foster greater freedom in its financial markets.
In launching the CLOB, TR says it worked closely with both the CBN and FMDQ OTC Securities Exchange (FMDQ), a Nigerian debt capital and FX securities exchange, with the goal of creating an orderly framework for the Nigerian FX market.
Thomson Reuters Matching is to become the latest platform to increase the frequency of its market data updates.
The firm says that in response to client requests for more frequent market data updates of currency pairs on Matching, it will launch a new Matching Binary Multicast Feed.
The new feed will increase update frequencies for Matching real-time market data by up to 10 times to 25 milliseconds, improving price discovery and data delivery for clients. The feed will be available in the Equinix LD4 data centre and be in FIX SBE format.
Clients will be able to access test data from November 2016 ahead of full production access in Q1 2017.
Phil Weisberg, managing director, global head of FX, rates and credit at Thomson Reuters, has left the firm.
According to a company memo seen by Profit & Loss, Weisberg has decided to leave in order “to pursue opportunities outside the firm”.
The memo says that Michael Chin and Neill Penney have been appointed as the co-heads of the trading business within customer proposition in the wake of Weisberg’s departure. Sources say Penney will lead the FX group, while Chin will focus on the equities side.
Thomson Reuters and Moscow Exchange both saw relatively flat performance in October compared to September, however both bucked the year-on-year trend at other platforms by seeing a decline over the 12 month period.
Thomson Reuters says it handled spot average daily volume (ADV) of $95 billion in October, a fraction up on September’s $94 billion but 8.6% lower year-on-year. Across all FX products the company’s platforms handled $269 billion, slightly lower than September’s $271 billion but 8% higher than in October 2015.
This continues a pattern this year that has seen Thomson Reuters persistently report lower year-on-year volumes in spot but higher ADV in the broader product set.
Meanwhile, Moscow Exchange says it handled RUB 1,232 billion in October, 1.6% lower from September and 11.7% lower from October 2015.
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.
Two weeks after global head of foreign exchange Phil Weisberg left the firm, as it announced plans to cut 2,000 jobs, market sources tell Profit & Loss that Thomson Reuters has unveiled the first round of cuts to its foreign exchange business.
The sources say that Tom San Pietro, head of product management for FXall; Jack Linker, head of liquidity sales, transactions, for the Americas; and John Richards, senior director, liquidity sales, Americas, have all left the firm in the US as part of the cuts.
The sources add that Richard Williams, head of sales for North Asia and Japan; Elmer Chiu, sales in Singapore, Sydney-based Simone Halpin, director, FXall, and Amy Goh, head of financial designs, transactions, Asia, have also left as part of the cuts.
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.
Jodi Burns is leaving her position as global head of regulation and post-trade, FX, at Thomson Reuters in New York.
A spokesperson for Thomson Reuters confirmed Burns’ departure, although did not indicate if a replacement has been appointed. Burns also represented Thomson Reuters as a board member of the Foreign Exchange Professionals Association (FXPA).
Burns joined Thomson Reuters as part of its acquisition of FXall, where she had been hired shortly before the deal was announced in July 2012. At FXall, Burns was senior director, head of market analysis and development.
Thomson Reuters has partnered with BestX to enable buy-side participants using its FXall and FX Trading platforms to streamline analysis of transaction costs, helping them define, achieve and demonstrate best execution.
Through the partnership Thomson Reuters will offer connectivity to the independent transaction cost analysis (TCA) service from BestX from its FXall and FX Trading desktops.
Thomson Reuters customers will be able to have their trades sent automatically to BestX for independent post-trade transaction cost analysis, and also have a single sign-on desktop integration.
A report in the Financial Times claims a Citi trader in Tokyo exacerbated the sterling flash crash on October 7.
The FT report, citing bankers and officials involved in the inquiry, says the investigation into events on that day are focusing “heavily” on the actions of the Tokyo-based Citi trader who allegedly placed multiple sell orders via the bank’s aggregator and “panicked”.
Sources familiar with the matter tell Profit & Loss that while Citi’s name was prominent in the market on that day it was by no means alone.
In a new whitepaper issued today, Thomson Reuters claims that regulators are requiring firms that contribute to financial benchmarks to face increased scrutiny of their record-keeping and information governance policies.
The paper, “Information Governance Reform for Benchmark Submitters”, focuses on the global momentum for regulatory change following the Libor and FX benchmark scandals and examines the challenges submitters now face.
It notes that, because most benchmarks are global and therefore cross jurisdictions, individual benchmarks may have multiple sources of regional regulations. As a result, firms are now required to ensure compliance with an expanded scope of guidelines and relevant jurisdictions.