Electronic trading of foreign exchange continues to grow fast, and the market could increase from close to US$3 trillion to US$4 trillion of daily turnover by 2009–2010, with 75% of the interdealer spot market volume and 50% of the dealer-to-client volume traded electronically. Hedge funds lie behind the drive on to electronic platforms, and will accelerate it.
FlexTrade Systems, a provider of multi-asset algorithmic execution management systems, yesterday announced that its clients now have direct access to NYSE Arca Options through FlexOPT, its algorithmic options trading and risk management solution that enables users to minimise market impact, transaction costs, and risk exposure.
royalblue, provider of Fidessa, yesterday announced that Goldman Sachs has selected Fidessa as an additional distribution platform for buy-side listed derivatives flow. Fidessa's global connectivity network provides a highly resilient solution for routing buy-side order flow to broker destinations. Through Fidessa's network, users will now have the capability to route listed derivatives, cash equities and algorithmic orders, across 60 exchanges and 23 countries, to Goldman Sachs.
The derivatives exchange Eurex will be launching derivatives on Russian underlyings denominated in US dollars as of 23 April 2007, the firm has announced. This will enable investors to trade emerging markets derivatives on the Eurex platform for the first time. The derivatives will be traded in US dollars, another first at Eurex.
Investit Intelligence, the research forum dedicated to the operational issues of the investment management industry, has revealed the UK's largest investment management companies' and third party administrators' top priorities for spend and focus in the coming year.
Data, portfolio valuation and OTC derivative trade processing vendor Markit Group says that global custodian Northern Trust has selected the firm as its preferred provider of OTC derivative valuations.
Orc Software, a provider of technology for advanced trading, market making and brokerage, yesterday announced that Nordea, a financial services group in the Nordic and Baltic Sea region, will offer FX execution on the Orc ExNet to ExNet participants, commencing Q1.
Electronic trading of bonds in Europe is set to grow by nearly two fifths. This is one of the most striking findings of the second survey of electronic fixed income trading in Europe by the Securities Industry and Financial Markets Association (SIFMA).
Bank of New York extends OTC derivatives valuation service to cover swaptions, FX and equity options
Global custodian Bank of New York says it has expanded its independent valuation service for OTC derivatives to include European swaptions, foreign exchange options and OTC equity options. The bank already provides valuation services for interest rate swaps and credit default swaps.
Vhayu, a provider of streaming tick processing and persistence software, yesterday launched Vhayu Velocity for Fixed Income, which delivers real-time analytics and storage of critical fixed income market data.