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The new service will have the market identifier code (MIC) AVXE in the UK and AVEU in Europe and volumes will be printed under the off-book on-exchange bucket. In terms of USPs, we made the rule change on our lit book towards the end of last year and there’s an element of that that we’re bringing into VWAP Match as well.
Read more: LMAX Group given green light for NDF trading in both Singapore and London The FX NDFs are traded on a central limit order book (CLOB), delivering transparent price discovery and execution to all market participants including banks, non-banks, proprietarytrading firms, institutional brokers, asset managers and buy-side institutions. “We (..)
Due to a limited handful of offerings such as Liquidnet’s new issue trading platform, buy-side use of central limit order books in fixed income remains incredibly low. Contingent on liquidity, some quantitative and proprietarytrading firms use them for the Treasury markets.
As Rebecca Crowe, managing director and chief operating officer, BNY Mellon Markets, previously told The TRADE, “Years ago, it was the middle-office who were contemplating outsourcing and people couldn’t even consider that you would allow somebody into your books and records in that way.”
Institutions should also note that the SEC has implemented a regulatory change to redefine the term ‘dealer,’ aimed at increasing oversight of proprietarytrading firms (PTFs), which are key liquidity providers in the US Treasury market.
For more information on the various providers in the EMS market, check out The TRADE’s annual survey. Bloomberg Terminal Up next and needing little introduction is the Bloomberg Terminal, Bloomberg’s data and proprietarytrading platform. Dark trading is a popular practice globally.
In 2022, CME Group saw a record year for its exchange-listed foreign exchange products, which was followed by a record day for its FX suite of products in March this year, trading $296 billion notional in one day across over three million contracts.
The banks and proprietarytrading firms who are ready to go have more than 40% of the market share on Xetra today, and we also have some more in the pipeline that are interested and in preparation. That means in the midpoint book where it might find some immediate execution there and then it goes to the central limit order book.
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