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Set to launch in the fourth quarter, the VWAP-X service will be made available through block trading platform Cboe BIDS Europe and will give users a greater chance of sourcing and matching liquidity at a forward benchmark price. Trades will be reported in real time as off-book on-exchange executions.
The shift to T+1 in the US can largely be described as a success – affirmation rates remain comfortably high, fail rates have stayed reasonably low and FX trades don’t appear to have shifted to bilateral settlement as feared. Jim Goldie “The impact on a Thursday is that brokers need to fund for another three days.
The Green Impact Exchange (GIX) is on track to becoming the first sustainability-focused securities exchange in the US to file with the US Securities and Exchange Commission (SEC), and if approved, could begin operations in early 2025. It means you’re serious ,” explains Labovitz. GIX will provide that.”
The FCA’s ‘supervisory strategy for Principal Trading Firms (PTF)’ letter – circulated to chief executives last month – highlighted five key areas of focus for the regulator for the next two years. The TRADE takes a look at what the FCA’s planned strategy means for the market empirically.
Subject to conditions, the amendments also permit broker-dealers to include customer margin required and on deposit at a clearing agency in the US Treasury market as a debit in the customer reserve formula. The amendments also require covered clearing agencies to separately collect and calculate margin for house and customer transactions.
The Securities and Exchange Board of India (Sebi) plans to roll out an optional same-day settlement system in March next year as part of plans to introduce instantaneous settlement in 2025. The post India to roll out optional T+0 from March 2024 as part of roadmap to instantaneous settlement appeared first on The TRADE.
Substantive Research noted that US research budgets are able to bounce back much more quickly, given their investment professionals have more money to spend on external research from brokers and independent providers. Elsewhere, concentration of research budgets to the top 10 brokers rose marginally from 54.8%
The current timeline for the UK appears to include a plan being put in place in 2025 with the implementation of a T+1 settlement cycle in UK occurring no later than 31 December 2027. When we proposed the rule in February 2022, only about two-thirds (68%) of transactions were being affirmed on trade day.
The Securities and Exchange Commission (SEC) is in the process of introducing noteworthy rule changes to the clearing of fixed income securities, a development which is set to reshape the landscape for fixed income trading. For trading desks, the new rules will result in a range of operational and regulatory shifts.
Several European exchanges are well underway with plans to bring out offerings of this ilk in the next few months The TRADE understands, while a handful of US alternative trading systems (ATS) are also preparing to make the crossing over to the Bloc to replicate the progress they have achieved in the US.
It is expected to be signed at the end of 2024 and close in mid-2025, pending relevant regulatory approvals. In the same month, Amundi and Groupama confirmed they were teaming up to boost trading. billion, and Deutsche Bank agreeing to acquire institutional broker Numis in a £410 million deal. The post BNP Paribas to pay €5.1
Royal London Asset Management’s (RLAM) trading team is no stranger to change. Brought in to set up the firm’s fixed income desk was current head of trading and execution analytics, Kevin Flood, who joined RLAM with an extensive trading career previously under his belt, having already served for 15 years at Deutsche Bank.
By Dom Walbanke on Growth Business - Your gateway to entrepreneurial success With the aim of bringing our readers an extensive UK business events, exhibitions and trade fairs diary, Growth Business will be continually updating this page as new events come onto our radar.
Net revenue for ‘fixed income, currency (FIC) sales and trading’ within the investment bank fell by 9% compared to the second quarter in 2022. At the end of April, Deutsche Bank agreed to acquire institutional broker Numis for £410 million in an all-cash transaction in a bid to “unlock significant value” within their respective franchises.
Vikas Srivastava, chief revenue officer, Integral The race to redefine FX trading is on. According to the recent Coalition Greenwich report, multi-dealer platforms (MDPs) are poised to overtake single-dealer platforms (SDPs) in spot FX trading in 2025 – a stark reversal of recent years where SDPs dominated.
Hayley McDowell, EU equity electronic sales trader and market structure consultant, RBC In 2025, we will see momentum in European dark trading continue to build. CBOE, Nasdaq and Aquis are launching between Q4 2024 and Q1 2025. Euronext introduced their dark book in Q2 2024, enabling clients to trade at mid-point in the dark.
The TRADE is thrilled to announce that the Leaders in Trading New York awards gala will be back for a second year following its enormously successful 2024 launch. Consider this your save the date for an evening recognising the outstanding achievements of the trading and execution industry in North America.
Vikesh Patel, global head of clearing, president, Cboe Clear Europe There will be greater focus in 2025 on European competitiveness, with regulators needing to strike the right balance between fostering growth, competition and innovation in clearing on one hand and maintaining regulatory oversight and financial stability on the other.
A shrinking number of brokers are accounting for over half of trading activity in Europe, a new report by Coalition Greenwich has found. Around 20% of trading activity is executed with the top broker, while 60% is executed with the top five brokers, Coalition Greenwich has suggested.
The TRADE is pleased to reveal its new “Liquidnet Leads offering – a new range of industry insight content to be brought to the market on a new platform, in partnership with Liquidnet. The post The TRADE unveils Liquidnet Leads initiative appeared first on The TRADE. Stay tuned! Stay tuned!
Ian Power has been named head of UBSs Execution Hub, EMEA, having most recently served as the firms head of multi-asset trading, UK. In his tenure, Blackburn oversaw the development of the Hub, working towards opening up outsourced trading as an option for larger firms as well as overseeing the innovation of the offering.
George Rosenberger Named NYFIX Algo Co-Pilot, the new product uses AI to build a picture of fils in the market to better inform traders when they look to select an algorithmic strategy, all in a bid to reduce the implicit cost of trading. Implicit costs are 85% of the cost of trading. appeared first on The TRADE.
Germain Carton was appointed head of trading at Alana Capital, following almost six years at Greenwich Dealing. He most recently head of trading at the firm, having joined as a cross-asset trader in 2018. set for 20 January 2025. At Liquidnet he will cover sales trading across both high-touch and algo trading.
The Swiss Exchange Group acquisition of Aquis will be an obvious one to watch, while in contrast, there are a slew of new liquidity opportunities expected to go live in 2025. Next year could see the re-emerging debate around shorter trading hours ratchet up, which contrasts to the 24-hour trading agenda in the US.
European regulators have brought an abrupt and unexpected end to a group of trading venues plans to launch trajectory crossing in the region with a last-minute rule change. Aquis Exchanges new UK VWAP matching service is set to go live in the first quarter of this year, as revealed by The TRADE in December.
In relation to segregated accounts and margin, FICC’s proposed rule changes seek to address the Commission’s new requirements and the conditions for including margin in the broker-dealer reserve formulas. The post SEC approves FICC access models and segregated accounts and margin rule filings appeared first on The TRADE.
Last years edition of The TRADEs Execution Management Systems Survey suggested that overall buy-side respondents were largely satisfied with their EMS providers, however clear pain points remain. were FIX capabilities (6.18), latency (6.13), breadth of broker algorithms (6.05) and client service personnel (6.01). in 2023 to 5.52
This demand is being driven by global interest in the US market investors want access to the outperformance of stocks like the magnificent seven as well as the expansion in retail trading across the globe. This could signal a shift of European retail investors from OTC leveraged products like CFDs to exchange-traded derivatives.
You’re certainly personally, everywhere I look around the industry, whether it’s SEMA or seemingly every single regional trade show, you’re getting out there and spreading the message. And then we have, you know, our own real estate commercial broker. And from my perspective, you guys are doing a great job.
Traditionally, only quant trading firms were at the forefront of the data race, but this is changing. Non-quant firms are looking to use alternative methods to improve trading outcomes, monitor risk and performance, improve alpha generation and broker selection, and gain a competitive advantage.
Jason Paltrowitz, director and EVP, corporate services, OTC Markets Group From across the pond, were bullish 2025 could be a good year for UK equities. At that time, progress was limited to extending traditional trading hours slightly to the pre- and post-market.
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