Tullett Prebon and Integral launch spot FX platform
Tullett Prebon, a global inter-dealer broker, has launched a beta version of tpSPOTDEAL, a new spot FX platform developed with trading solutions provider Integral Development.
tpSPOTDEAL aims to offer offer straight-forward, reliable execution as well as anonymous trading with a prime broker as a central counterparty for all trades. The platform will have 10 liquidity providers that will make a two-way price resulting in liquidity on the bid and offer regardless of market conditions.
“tpSPOTDEAL has been specifically designed to enhance our existing spot FX business model for our existing clients conducting wholesale transactions,” said James Potter, managing director of treasury at Tullet Prebon.
Separately EBS, ICAP’s electronic FX platform has published new dealing rules for its customers, containing enhancements such as increased quote fill and hit fill minimum targets and an updated ‘out-of-region’ quoting policy.
The document includes a new AI policy and guidelines section, combines the EBS prime rules, spot rules, NDF rules and incorporates counterparty support obligations. The rules are focussed on incentivising liquidity enhancing behaviours while eliminating behaviour that could be considered disruptive.
ENYX increases US market coverage
ENYX, a financial hardware vendor, has built a FPGA- based trading platform, to simplify and speed up market access to US markets.
The new service is available for connecting to CME Group, Nasdaq OMX, BATS, Direct Edge and NYSE Arca and integrates full-hardware networking, decoding, filtering and normalisation features with a wire-to-software solution.
Customers benefit from a single API offering access to an increasing number of markets, as well as the ability to enter orders on US exchanges in under 150 nanoseconds.
“We were able to analyse, decode and build the feeds as standard on our devices within one month. This has allowed ENYX clients to enter and trade on new markets in an ultra-low latency manner, using our fast track development approach,” said Brice Vincent, CTO at ENYX.
Poland’s bank Pekao selects SunGard’s Valdi
Bank Pekao, a Polish banking subsidiary of UniCredit Group, has selected SunGard’s Valdi trading suite for connecting to the Warsaw Stock Exchange.
The banking group’s traders will use Valdi to help improve and monitor order flows and provide a sales trading service. It will also implement Valdi’s getaways to link its core banking system and online retail trading platform to the exchange.
Piotr Teleon, deputy head of Pekao Brokerage House, said, “Valdi will help us move to the next stage of our development, support business strategies we may choose in the future and help us leverage the opportunities available on other developed trading venues.”
Equinix links to BATS’ US markets
Equinix, a provider of global data centre services, now offers customers connectivity to BATS Global Markets’ secondary data facility in Chicago.
BATS will accept connections from the Chicago data centre to all three of its US markets – comprising the BZX Exchange and BYX Exchange equities venues, and its equity options platform, BATS Options.
The secondary facility will provide both disaster recovery for BATS’ markets and live market data, which can be accessed via an Equinix cross connect.
“Our experience with global exchange deployments enables Equinix to anticipate and serve the unique needs of the electronic trading community, and we’re excited to support BATS as it seeks to provide best-in class performance and customer support,” said John Knuff, general manager, global financial services at Equinix.
SunGard and Advent Software offer integrated trading solution
Technology vendors SunGard and Advent Software have partnered to introduce an integrated trading solution that helps wrap managers conduct business more efficiently.
Using the new service, wrap managers can link with their sponsors directly via the SunGard Global Network and Advent’s Moxy order management system (OMS).
Wrap managers – also known as separately managed account (SMA) programmes – oversee an investor's portfolio for a flat quarterly or annual fee, offering an effective way for institutional investors to grow assets and capital.
Using the SunGard and Advent solution, firms benefit from a central and automated system, enabling them to expand their SMA business more quickly, increase efficiency and reduce costs and errors. The solution provides centralised trading and connectivity tools and automates the flow of data from multiple sponsors into and out of the Moxy OMS.
“The growth of separately managed account programs is fueling the demand for integrated tools that provide efficiency as account volume increases,” said Ralston Roberts, senior managing director for the SunGard Global Network business unit.
Reporting by Sophie Pallier