FX Trading and Technology Survey 2014
|
|
- Adrian Gilbert
- 8 years ago
- Views:
Transcription
1 FX Trading and Technology Survey 2014 EXECUTIVE SUMMARY Regulation is a top concern and major catalyst for change in the FX market. This view reflects the uncertainties and pressures placed on businesses as a result of the sheer volume of new regulation introduced over the last year and still to come over the following twelve months and beyond. Regulation has narrowed spreads, forcing firms to seek out operational efficiencies while promoting new market structures. Market participants must adapt, adopting new technologies and adjusting business models to operate in the future paradigm. This is not necessarily a negative, as many who anticipate impact from regulation see it as a genuine opportunity rather than a threat.
2 REPORT 2 KEY FINDINGS Significant concern and focus on improving market surveillance and compliance capabilities, auto-hedging, and risk management. General satisfaction with existing liquidity aggregation systems. Higher satisfaction with single bank trading platforms than multi-bank platforms. Indications that multi-bank platforms need to focus on pricing issues above all else. Barclays Capital, Deutsche Bank, and Citi are the most used single bank platforms, with Goldman moving up a few places to take fourth position. Bloomberg saw a surge in popularity this year among the multi-bank and independent platforms, with a clear lead of around 60 percent of buy-and sellside firms voting it their favorite. Coming in far behind were FXall, Thomson Reuters, Currenex, CME, ICAP, and Hotspot, all of which featured among the most used multi-bank platforms. INTRODUCTION Each year since 2009, StreamBase has conducted a survey of trading and technology trends in the global foreign exchange market. Now acquired by TIBCO Software, we continue our strong interest in the FX market with our latest annual survey. AUDIENCE PROFILE A total of 147 qualified respondents who actively engage in currency trading participated in the study. Some 63 percent identified themselves as buy-side firms, 29 percent as sell-side, with the final eight percent being platform providers, consultants, and others. (See Figure 1.) Over half of respondents are from North America, with a third from Europe, some 10 percent from Asia, five percent from Latin America, and one percent from Africa. (See Figure 2.) Figure 1. Survey Respondents by Type of Firm
3 REPORT 3 Figure 2. Survey Respondents by Region Our survey results were the subject of an online roundtable discussion moderated by Sang Lee, Co-founder and Managing Partner of Aite Group. Participating in the discussion were James Sinclair, CEO of MarketFactory; Patrick Miles, CTO of Caplin Systems; Derek Sammann, Senior Managing Director, FX, Metals and Options Solutions for CME Group; and Richard Tibbetts, CTO of Event Processing at TIBCO Software. This report incorporates commentary from the discussion in addition to the survey results. Similar to our survey results and report last year, FX trading volumes and volatility remain somewhat depressed, coming under pressure from the slowness of global economic recovery and regulatory uncertainty. Cost cutting continues to be an important priority for firms in an environment of intense competition. At the same time, the search for liquidity is also a priority as FX markets continue to fragment among a wide variety of different liquidity pools. FX PRODUCTS AND CURRENCY MANAGEMENT Figure 3. FX Instruments Traded by Survey Respondents
4 REPORT 4 There is little change in trading currency pairs; some 97 percent of respondents trade the majors, some 59 percent trade crosses, and some 27 percent trade emerging market currencies. (See Figure 4.) Figure 4. Currency Pairs Traded by Survey Respondents HEDGING STRATEGIES The usage of different hedging strategies remains the same in comparison to last year; 71 percent of respondents claim to apply active management strategies, 45 percent use dynamic approaches, and about half of all respondents use passive strategies. There is a 13 percent rise in the use of active strategies among sell-side firms. (See Figure 5 and Figure 6.) Figure 5. Hedging Strategies Used Among Buy-Side Respondents
5 REPORT 5 Figure 6. Hedging Strategies Used Among Sell-Side Respondents ELECTRONIC FX TRADING The use of electronic trading has remained at around 80 percent in the past two surveys. Although the industry agrees that the adoption of electronic trading will continue to grow, the use of voice trading is still common among certain participants, such as corporate treasurers, particularly during stressed market conditions. (See Figure 7.) Figure 7. Execution Methods In this year s study, we have updated our categories for execution methods inline with new definitions from a research paper authored by Aite Group. We now break down the electronic FX market execution venues into five subcategories including 1) Direct Single Bank Platforms, 2) Direct Non-bank Operated Electronic Broking Systems, 3) Indirect Electronic Broking Systems, 4) Indirect Multi-bank Platforms, and 5) Others. Direct signifies FX trades are executed over an electronic medium but not intermediated by a third-party platform. Indirect connotes that FX transactions are intermediated by a third-party electronic platform, such as a matching system.
6 REPORT 6 Approximately half of all respondents use single bank platforms to execute their FX trades electronically, which is very similar to the numbers in our prior surveys. Some 51 percent trade through non-bank operated electronic broking systems directly, with 36 percent trading through electronic broking systems indirectly and 53 percent trading through multi-bank matching systems. (See Figure 8.) Figure 8. Electronic FX Trading Platforms According to our latest survey, Barclays Capital continues to be the most used single bank platform, closely followed by Deutsche Bank and Citi. These were the top three ranked single bank platforms last year as well. (See Figure 9 and Table 1.) This year, Bloomberg has moved into a strong leadership position as the most used multi-bank and independent platform among respondents, followed by FXall, Thomson Reuters, Currenex, and Hotspot (see Figure 12). Bloomberg s strong performance is in no small part due to the existing infrastructure of screens on client desks, enabling expansion beyond core areas. At the same time, Bloomberg appears to be attracting entirely new players into the market such as asset managers wanting to take more responsibility for their FX trading enlarging the pie for everyone but taking much of the new business for itself.
7 REPORT 7 Figure 9. Primary Single Bank Platforms Used by All Respondents Figure 10. Primary Single Bank Platforms Used by Buy-Side Respondents Figure 11. Primary Single Bank Platforms Used by Sell-Side Respondents
8 REPORT RANKING 2013 RANKING BARCLAYS CAPITAL 1 1 = DEUTSCHE BANK 2 2 = CITI 3 3 = GOLDMAN SACHS 6 4 ã JPMORGAN 4 5 UBS 5 6 CREDIT SUISSE 8 7 ã MORGAN STANLEY 6 8 HSBC 10 9 ã BNP PARIBAS ã RBS 9 11 Table 1. Proprietary Bank Platforms Used by All Respondents
9 REPORT RANKING 2013 RANKING BARCLAYS CAPITAL 1 1 = DEUTSCHE BANK 2 1 ã GOLDMAN SACHS 4 3 ã JPMORGAN 4 4 = CREDIT SUISSE 8 5 ã CITI 3 6 UBS 4 6 MORGAN STANLEY 7 8 HSBC 10 9 BNP PARIBAS 11 9 ã RBS 8 10 Table 2. Proprietary Bank Platforms Used by Buy-Side Respondents
10 REPORT RANKING 2013 RANKING CITI 5 1 ã BARCLAYS CAPITAL 2 2 = DEUTSCHE BANK 1 3 GOLDMAN SACHS 8 4 ã JPMORGAN 3 4 MORGAN STANLEY 3 4 UBS 6 4 ã HSBC 10 8 ã BNP PARIBAS 9 9 = CREDIT SUISSE 6 9 RBS 10 9 = Table 3. Proprietary Bank Platforms Used by Sell-Side Respondents
11 REPORT 11 Figure 12. Primary Multi-Bank and Independent Platforms Used by Respondents Figure 13. Primary Multi-Bank and Independent Platforms Used by Buy-Side Respondents Figure 14. Primary Multi-Bank and Independent Platforms Used by Sell-Side Respondents
12 REPORT 12 CUSTOMER SATISFACTION In general, respondents indicate slightly higher satisfaction towards single-bank platforms than multi-bank platforms, but it is clear that neither type of platform can rest on its laurels because a significant number of clients see serious room for improvement. Over 60 percent of respondents are satisfied or very satisfied with the service they receive from single bank platforms, which may reflect additional investment that the banks have put into improving user experience and service. Banks have devoted a lot of energy to building relationships with clients and branding their services, all of which contributes to client satisfaction. Nevertheless, it is notable that eight percent of buy-side respondents are dissatisfied with the single-bank platforms they currently use. High costs are likely the culprit. (See Figure 15 and Figure 16.) While multi-bank platforms have a substantial segment of satisfied users, it is striking that some 80 percent of survey respondents believe prices can be improved. This is a significant increase in dissatisfaction since last year, suggesting that multi-bank platforms need to focus on pricing issues above all. Figure 15. Satisfaction Towards Single Bank Platforms
13 REPORT 13 Figure 16. Satisfaction Towards Multi-Bank Platforms ALGORITHMIC TRADING IN FX There is little change in the use of algorithms for FX trading; about 47 percent of all respondents currently use algorithms, 27 percent currently do not use algorithms but plan to do so, and 27 percent don t plan on using algorithms at all. Among those who use algorithms, the percentage of those using in-house developed algorithms and bank-provided algorithms both increased, especially on the buy-side. (See Table 4.) The rather surprising number of respondents claiming to develop their own in-house algos is likely to be at least in part the result of a difference in terminology. In the FX market algo often seems to mean almost any kind of electronic execution process rather than quantitatively based trading execution as in the equities market. However, the fact that it has become significantly cheaper to develop algos through the use of technology platforms such as TIBCO StreamBase rather than via custom coding has likely contributed to the growth of in-house development. On the sell-side, the most used FX algorithmic functionalities are liquidity aggregating and VWAP, with half of sell-side respondents applying these two strategies. On the buy-side, the most used FX algorithms are floating and liquidity aggregation. (See Figure 17.)
14 REPORT YEAR-OVER- YEAR IN-HOUSE DEVELOPED FX ALGOS All 75 Percent 81 Percent ã Buy 75 Percent 85 Percent ã Sell 74 Percent 74 Percent = BANK PROVIDED FX ALGOS All 23 Percent 30 Percent ã Buy 19 Percent 34 Percent ã Sell 31 Percent 22 Percent THIRD-PARTY PROVIDED FX ALGOS All 18 Percent 19 Percent ã Buy 17 Percent 20 Percent ã Sell 18 Percent 17 Percent Table 4. Internal or External Algorithmic Development Both buy- and sell-sides care most about liquidity aggregation, but it is a far higher priority for sell-side firms. In a noticeable change from last year, buy-side firms claim to be much higher users of other common execution algorithms than prior.
15 REPORT 15 Figure 17. Primary FX Algorithm Functionality Only 40 percent of respondents currently have benchmarks in place to measure the quality of execution. This is slightly below last year s result, suggesting the market has made no progress in the development and deployment of benchmarks. Among those with benchmarks in place, 74 percent developed such tools inhouse, an 11 percent increase from last year. There is no change when it comes to determining the quality of execution. The ability to obtain tight spreads and minimize market impact is still top of the list, followed by speed of execution and fill rates. Respondents seem less concerned about the explicit fee charged. On the sell-side, speed of execution is named the most important criteria to measure execution quality. FX MARKET DATA Given the fragmented nature of the FX market, it is not surprising to find among survey respondents a deep concern for accurate information after all, an algorithm is only as good as the information fed into it. Reliability and Consistency of Sourced Data is viewed as the biggest challenge for algorithmic trading this year (Figure 18). This narrowly surpasses Access to Low Latency Sources for Algorithmic Trading, which was last year s top concern, and Integrate Feed/Data Formats from Different Liquidity Providers. Tying these concerns together is the underlying structure of disparate liquidity sources and types of trading platforms in the modern FX market.
16 REPORT 16 Figure 18. Biggest Data Challenge for Effective Algorithmic Trading in FX FX TRADING SYSTEMS The majority of both buy- and sell-side participants are satisfied/neutral with their current Liquidity Aggregation capabilities, which does not differ from last year. This is just as well, considering the fragmented liquidity of today s markets and the efforts firms have made to find ways to maximize liquidity. On the other hand, given the rapidly changing regulatory structure, it is perhaps expected to find Market Surveillance and Compliance as an important area of concern for all respondents. Auto Hedging and Risk Management ranks low in satisfaction (Figure 19 and Figure 20), with Algorithmic Order Execution and Auto Hedging ranking top priority for improving FX trading capabilities over the next year. (See Table 5 and Table 6.)
17 REPORT 17 Figure 19. Satisfaction Towards Existing FX Trading Capabilities Among Buy-Side Respondents TOP FX CAPABILITIES TO BE ADDED/IMPROVED BY THE BUY-SIDE 1 Algorithmic Order Execution and Management 2 Algorithmic Signal Generation 3 Auto Hedging and Risk Management 4 Time Series Modeling 5 Connectivity to More Venues Table 5. Top FX Capabilities to be Added/Improved by Buy-Side Respondents
18 REPORT 18 Figure 20. Satisfaction Towards Existing FX Trading Capabilities Among Sell-Side Respondents TOP FX CAPABILITIES TO BE ADDED/IMPROVED BY THE SELL-SIDE 1 Pricing and Rates Engines 2 Algorithmic Order Execution and Management 3 Auto Hedging and Risk Management 4 Liquidity Aggregation 5 Connectivity to More Venues 6 Algorithmic Signal Generation Table 6. Top FX Capabilities to be Added/Improved by Sell-Side Respondents
19 REPORT 19 ONGOING REGULATIONS IN FX Change in the regulatory environment has been a high priority in FX for some time but with key legislation such as Dodd-Frank, EMIR, and BASEL III coming into effect, survey respondents on both the buy- and sell-sides agree that Ongoing Regulation in the FX Market is the single most important factor for change in Buyside respondents are also concerned at the potential impact of increasing market volatility. Although High Frequency Trading dropped down the list of concerns last year, it is interesting to see it back up again this year in second place (Table 7). The Growth of Emerging Market Opportunity, which was the second most urgent concern last year, has dropped to fifth place in this year s list. RANKING 1 Ongoing regulation in the FX market 2 High frequency trading and increased adoption of algorithmic trading 3 Increasing market volatility 4 Increasing market fragmentation 5 The growth of emerging markets opportunity 6 The growth of retail market Table 7. Biggest Impact on FX Business Ranked by All Respondents None of the dire predictions about the disruptive impact that new regulations would have on the FX market have so far come true. However, one of the chief impacts of new regulation and the greater transparency it brings is likely to be narrowing spreads, which will result in a whole sequence of likely effects. Firms will be forced to implement significant operational efficiencies and ultimately adjust their business model to adapt to the new paradigm. Regulatory uncertainty, as the new rules take shape and are implemented, will also affect the way firms position themselves. This is likely to lead to a significant investment in software as technological flexibility and agility as well as an ability to scale to handle growing volumes of data will be prerequisite for successful adaptation. Technology that can easily and cost effectively be adapted to comply with changing regulations will provide a significant advantage. Many FX market participants have already started down this road, but it is clear from the survey responses that the process still has a long way to go.
20 REPORT 20 LOOKING FORWARD The move towards electronic trading in the FX market is being accelerated by new regulatory structures globally. This has led to a multiplicity of new trading platforms not just more of them, but many different types which, in turn, leads to greater competition. One important question for the market as a whole is how many of these new businesses will survive? Is the market large enough to accommodate all players? And, if not, which will last and which will go to the wall? It is easy to assume that the attrition rate will continue to be high because liquidity will be spread too thinly across too many platforms, but this may be too simple an explanation. With big banks being forced (by the Volker Rule, among others) to alter their business model and pull back from their traditional risktaking role, their place is being taken by a wider range of different risk-takers, which are often more specialized and therefore able to meet the unique needs of different kinds of customers. This may undermine the assumption that FX market liquidity is inelastic; though everyone pushes for more speed, speed for its own sake is not a business model. The trading platforms most likely to survive will be those that provide specific services to meet specific needs at lower cost to bring new participants into the market. Within reason, the market may turn out to be big enough for a large number of new players and platforms. For individual companies, increasing sophistication and complexity of the market will create new demands on technology capabilities and infrastructure. For example, the necessity for firms to accurately track their activities via quant analysis and trading, hedging, liquidity management, and performance monitoring will likely oblige them to bring a number of operations in-house. Roughly a third of survey respondents said they plan to do so, leveraging Excel as a primary method. This suggests a great need for solutions and platforms substantially more advanced than a spreadsheet, but not substantially more complex to implement. To use the information gathered effectively, businesses will need real-time visualization technology that is flexible, consistent, cost effective, and easy to build ideally, based on a single system able to support multiple front-end technologies. Global Headquarters 3307 Hillview Avenue Palo Alto, CA TEL FAX TIBCO Software Inc. (NASDAQ: TIBX) is a global leader in infrastructure and business intelligence software. Whether it s optimizing inventory, cross-selling products, or averting crisis before it happens, TIBCO uniquely delivers the Two-Second Advantage the ability to capture the right information at the right time and act on it preemptively for a competitive advantage. With a broad mix of innovative products and services, customers around the world trust TIBCO as their strategic technology partner. Learn more about TIBCO at , TIBCO Software Inc. All rights reserved. TIBCO, the TIBCO logo, TIBCO Software, and TIBCO StreamBase are trademarks or registered trademarks of TIBCO Software Inc. or its subsidiaries in the United States and/or other countries. All other product and company names and marks in this document are the property of their respective owners and mentioned for identification purposes only. 07/02/2014
FX Trading and Technology Trends 2012
FX Trading and Technology Trends 2012 FX algorithms for trade execution are on the rise and here to stay. With the rapid growth of electronic trading and proliferation of trading platforms, multi-bank
More informationFX Trading: A Changing Landscape FX Trading and Technology Trends in 2011
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011 OVERVIEW Rules of swap trading regulations in the Dodd-Frank Act are expected to be finalized in 2011. As the initial deadline
More informationSOLUTION BRIEF. TIBCO StreamBase for Foreign Exchange
SOLUTION BRIEF TIBCO StreamBase for Foreign Exchange Table of Contents 3 Venue Connectivity 4 Liquidity Aggregation 4 Market Data Visualization 5 Market Data Distribution 5 Algorithmic Trading, Signal
More informationFX Trading: The Next Generation FX Trading and Technology Trends in 2010
FX Trading: The Next Generation FX Trading and Technology Trends in 2010 Emily Fraser Voigt, Freelance Journalist Table of Contents 3 FX Trading and Technology Trends in 2010 Survey 5 Broker Systems 7
More informationFX Trading: A Changing Landscape
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011 1 This report is based on an online survey conducted by StreamBase Systems in 2011. Overview Rules of swap trading regulations
More informationHigh Frequency Trading in FX
High Frequency Trading in FX While regulatory scrutiny continues to Figure 2: Electronic Trading Adoption in FX build in the U.S. equity market driven by populist-led political pressures, High Frequency
More informationsmarttrade s FX trading system
TM smarttrade s FX trading system LiquidityFX Multi Platforms Single Dealer Platforms Distribution FIX API Platform Bridges White Label/HTML5 UI Pricing Skews & Spreads Liquidity Shaping Client Markups
More informationTIBCO StreamBase High Availability Deploy Mission-Critical TIBCO StreamBase Applications in a Fault Tolerant Configuration
TIBCO StreamBase High Availability Deploy Mission-Critical TIBCO StreamBase Applications in a Fault Tolerant Configuration Richard Tibbetts, CTO, TIBCO StreamBase Table of Contents 3 TIBCO StreamBase High
More informationHIGH VELOCITY VOLUME COMPLEXITY. Addressing the challenges of Big Data in FX
HIGH VELOCITY VOLUME COMPLEXITY Addressing the challenges of Big Data in FX The big data challenges that face traders in foreign exchange are the sheer volume of trading, amount of data and number of execution
More informationSOLUTION BRIEF. TIBCO StreamBase for Algorithmic Trading
SOLUTION BRIEF TIBCO StreamBase for Algorithmic Trading Table of Contents 3 TIBCO StreamBase for Algorithmic Trading 4 Attributes and Capabilities 5 End-to-End Connectivity 5 Integration with Existing
More informationAutomating the Back Office. How BPM can help improve productivity in the back office
Automating the Back Office How BPM can help improve productivity in the back office 2 TABLE OF CONTENTS 1 Introduction...3 2 Transformation of the Back Office...4 3 TIBCO Customer Examples...6 4 The Future
More informationForeign Exchange Contact Group The future of the e-forex. Macalli Louis. Frankfurt, 10th June 2009
Foreign Exchange Contact Group The future of the e-forex Macalli Louis Frankfurt, 10th June 2009 The future of the e-forex From the phone-based FX to the e-forex : main features and short term issues.
More informationLog Management Solution for IT Big Data
Log Management Solution for IT Big Data 1 IT Big Data Solution A SCALABLE LOG INTELLIGENCE PLATFORM FOR SECURITY, COMPLIANCE, AND IT OPERATIONS More than 1,300 customers across a variety of industries
More informationaccess convergence management performance security
access convergence management performance security 2010 2009 2008 2007 WINNER 2007 WINNER 2008 WINNER 2009 WINNER 2010 Log Management Solution for IT Big Data 1 IT Big Data Solution A SCALABLE LOG INTELLIGENCE
More informationHow To Understand The Trading Environment In Russia
ACI Russia Global Trends in FX ecommerce Ben Ernest-Jones Solution Architect, Capital Markets Progress Software 17 Oct 2012 Progress Apama Background Progress Software (NASDAQ: PRGS), $500M+ Revenue Apama
More informationIntegration Maturity Model Capability #5: Infrastructure and Operations
Integration Maturity Model Capability #5: Infrastructure and Operations How improving integration supplies greater agility, cost savings, and revenue opportunity TAKE THE INTEGRATION MATURITY SELFASSESSMENT
More informationPredictive Straight- Through Processing
Predictive Straight- Through Processing 2 TABLE OF CONTENTS 1 Introduction...3 2 The Benefits of Solving the STP Problem...7 3 How Can TIBCO Help?...7 4 How TIBCO s Solution Works...9 5 Summary...11 6
More informationwhitepaper Five Principles for Integrating Software as a Service Applications
Five Principles for Integrating Software as a Service Applications Table of Contents 4 Integrate Quickly 5 Ensure Real-Time Data 5 Control Costs 6 Integrate More and Faster 7 Build Mature Integration Capabilities
More information36 South Breakfast. Profile of the U.S. Listed Equity Options Market. Zurich October 23, 2013
36 South Breakfast Profile of the U.S. Listed Equity Options Market Zurich October 23, 2013 The Options Industry Council (OIC) Gary Delany www.optionseducation.org Disclaimer Options involve risk and are
More informationPartner Collaboration Blueprint for ICD-10 Transition
Partner Collaboration Blueprint for ICD-10 Transition 1 ICD-10 Transition Framework ESTABLISH A COLLABORATIVE BUSINESS PROCESS TRANSITION PLATFORM FOR ICD-10 AND BEYOND Migrating to the ICD-10 coding system
More informationIntegration Maturity Model Capability #1: Connectivity How improving integration supplies greater agility, cost savings, and revenue opportunity
Integration Maturity Model Capability #1: Connectivity How improving integration supplies greater agility, cost savings, and revenue opportunity TAKE THE INTEGRATION MATURITY SELFASSESSMENT The TIBCO Integration
More informationCFH Clearing. The Complete Trading & Technology Solution
CFH Clearing The Complete Trading & Technology Solution CFH Clearing CFH Clearing is one of the most respected and reputable liquidity venues and Prime of Prime clearing providers in the world, having
More informationSOLUTION BRIEF. Granular Data Retention Policies
SOLUTION BRIEF Granular Data Retention Policies Table of Contents 3 State of Affairs 3 The Problem 4 The Solution 4 How it Works 6 Summary Granular Data Retention Policies State of Affairs The number of
More informationTIBCO Cyber Security Platform. Atif Chaughtai
TIBCO Cyber Security Platform Atif Chaughtai 2 TABLE OF CONTENTS 1 Introduction/Background... 3 2 Current Challenges... 3 3 Solution...4 4 CONCLUSION...6 5 A Case in Point: The US Intelligence Community...7
More informationCompliance, Security & Control : How Business Drivers Killed FTP
Compliance, Security & Control : How Business Drivers Killed FTP 2 TABLE OF CONTENTS 1 Driving Business Processes with Enterprise File Transfer... 3 2 File Transfer Management: The Need for Reform... 3
More informationPredictive Customer Interaction Management for Insurance Companies
Predictive Customer Interaction Management for Insurance Companies An architecture that enables insurance carriers to leverage realtime events to accurately target products and services 2 TABLE OF CONTENTS
More informationSetting the Scene. FIX the Enabler & Electronic Trading
Setting the Scene FIX the Enabler & Electronic Trading Topics Overview of FIX and connectivity Direct Market Access Algorithmic Trading Dark Pools and Smart Order Routing 2 10,000+ firms use FIX globally
More informationEnd-to-end Processing with TIBCO Managed File Transfer (MFT) Improving Performance and Security during Internet File Transfer
End-to-end Processing with TIBCO Managed File Transfer (MFT) Improving Performance and Security during Internet File Transfer 2 Abstract: File-transfer technology has become increasingly critical to the
More informationThe Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2013. Federal Reserve Bank of New York
The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2013 Federal Reserve Bank of New York The Foreign Exchange and Interest Rate Derivatives Markets: Turnover
More informationWHITEPAPER. Beyond Infrastructure Virtualization Platform Virtualization, PaaS and DevOps
WHITEPAPER Beyond Infrastructure Virtualization Platform Virtualization, PaaS and DevOps Table of Contents 3 Business Demands and IT Challenges 6 State of the Art 6 Use Case: Large Bank 7 Use Case: Large
More informationFixed Income Industry Benchmarking Survey 2014
Fixed Income Industry Benchmarking Survey 2014 Executive Summary: The fixed income market is on the verge of going through a radical industrial change with regulatory drivers pushing electronification
More informationPredictive Customer Interaction Management
Predictive Customer Interaction Management An architecture that enables organizations to leverage real-time events to accurately target products and services. 2 TABLE OF CONTENTS 1 Introduction...3 2 Architecture...5
More informationImplementing TIBCO Nimbus with Microsoft SharePoint
Implementing TIBCO Nimbus with Microsoft SharePoint 2 TABLE OF CONTENTS 1 INTRODUCTION...3 2 UNDERSTANDING MICROSOFT SHAREPOINT COMPONENTS...3 3 WHY SHOULD WE BE INTERESTED IN MICROSOFT SHAREPOINT AND
More informationIsolating the real merits of fully outsourced hosting and FX connectivity services
Isolating the real merits of fully outsourced hosting and FX connectivity services Opportunities in FX trading are enormous, but the risks are also considerable. In the current low volatility environment,
More informationThere is a shortening time cycle in the
Nicholas Pratt Everything is getting faster, it seems. And the faster things get, the shorter they last. Whether this relatively unrefined truism can be applied to FX algorithmic trading remains a moot
More informationctrader: The New Standard in FX Trading 18 February 2013, London
ctrader: The New Standard in FX Trading 18 February 2013, London Table Of Contents ctrader Platform as a Service (PaaS).. 3 Fast & Easy to Integrate... 4 Why ctrader?.. 5 What s in the box?.. 6 ctrader.
More informationValdi. Equity Trading
Valdi Equity Trading Valdi EDA Orders VALDI SOLUTIONS FOR EQUITY TRADING Traders on electronic markets face enormous challenges in maintaining and growing their profitability. The drive for greater efficiency
More informationwhitepaper Build vs. Buy: Pros and Cons of Four Log Management Strategies
Build vs. Buy: and of Four Log Management Strategies Table of Contents 3 Background: Logs Are Not an Option 3 The Log Management Process 4 Log Management Strategies 6 iderations for Choosing a Log Management
More informationIn August 2007, Credit Suisse Advanced Execution
Liquidity, price and timing - engineering more client centric FX algorithms William Essex Foreign exchange may be almost as old as commerce itself, dating back to the days when commodities were sold off
More informationMobility for Me. When used effectively Contextual Mobility can:
Mobility for Me Over 250 communications providers around the world trust TIBCO with the management of their products, services and the customers that use them. 2 Mobility for Me Create a communications
More informationThe Next Generation of Execution Consulting Services: Leveraging Technology to Build Relationships
The Next Generation of Execution Consulting Services: Leveraging Technology to Build Relationships Early access to this report is provided with the compliments of StreamBase Systems TABLE OF CONTENTS EXECUTIVE
More informationHow To Understand The Evolution Of Foreign Exchange Trading
Electronic Trading and the Australian Foreign Exchange Market Alexandra Heath and James Whitelaw* The introduction of electronic broking to the foreign exchange market in the early 199s signalled the start
More informationTIBCO Nimbus Cloud Service
TIBCO Nimbus Cloud Service TIBCO Nimbus TIBCO Software Inc. (NASDAQ: TIBX) is a provider of infrastructure software for companies to use onpremise or as part of cloud computing environments. Whether it's
More informationSOLUTION BRIEF. How to Centralize Your Logs with Logging as a Service: Solving Logging Challenges in the Face of Big Data
How to Centralize Your Logs with Logging as a Service: Solving Logging Challenges in the Face of Big Data Table of Contents 3 What is Logging? 3 Logging Challenges in the Face of Big Data 4 What is Logging-as-a-Service,
More informationService Mediation. The Role of an Enterprise Service Bus in an SOA
Service Mediation The Role of an Enterprise Service Bus in an SOA 2 TABLE OF CONTENTS 1 The Road to Web Services and ESBs...4 2 Enterprise-Class Requirements for an ESB...5 3 Additional Evaluation Criteria...7
More information2015 GLOBAL ASSET MANAGEMENT SURVEY
2015 GLOBAL ASSET MANAGEMENT SURVEY It's not what happens to you, but how you react to it that matters." -Epictetus A survey carried out globally by Linedata. INTRODUCTION It's not what happens to you,
More informationUntil recently, the majority of
Identifying the real value of algorithms in a fragmented market Charlie Susi* Until recently, the majority of algorithmic trading strategies used in the global marketplace have been created to address
More information2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity Frequently asked questions and answers
20 January 2016 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity Frequently asked questions and answers Table of Contents A. Risk categories... 3 1. Foreign exchange
More informationCONSULTING SERVICES Financial Systems Implementation Support
CONSULTING SERVICES Financial Systems Implementation Support Financial Systems Implementation Support Corporate finance organizations are facing unparalleled pressure to implement technology and improve
More informationDavid Ogg Launches Electronic Forex Trading Service
David Ogg Launches Electronic Forex Trading Service By Jessica Mead May 23, 2011 Electronic trading specialist David Ogg Monday launched Ogg Trading, which aims to provide traders with the technology to
More informationActive Currency Trading Model Product Guide for Individually Managed Discretionary Accounts (MDA)
Active Currency Trading Model Product Guide for Individually Managed Discretionary Accounts (MDA) A high growth alternative investment for private and institutional investors wanting exposure to macro
More informationFollow-On Analysis to the Report on Trading of OTC Derivatives
Follow-On Analysis to the Report on Trading of OTC Derivatives TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS OR02/12 JANUARY 2012 Copies of publications are available
More informationTIBCO Live Datamart: Push-Based Real-Time Analytics
TIBCO Live Datamart: Push-Based Real-Time Analytics ABSTRACT TIBCO Live Datamart is a new approach to real-time analytics and data warehousing for environments where large volumes of data require a management
More informationwhitepaper The Evolutionary Steps to Master Data Management
The Evolutionary Steps to Master Data Management Table of Contents 3 Introduction 4 Step 1: Implement a Foundational Service Layer 6 Step 2: Choose a style 11 Summary The Evolutionary Steps to Master Data
More informationThe Future of Algorithmic Trading
The Future of Algorithmic Trading Apama Track Dan Hubscher, Principal Product Marketing Manager, Progress Apama Progress Exchange Brasil 2009 Progress Exchange Brasil 2009 21 de Outubro São Paulo Brasil
More informationPredictive Analytics with TIBCO Spotfire and TIBCO Enterprise Runtime for R
Predictive Analytics with TIBCO Spotfire and TIBCO Enterprise Runtime for R PREDICTIVE ANALYTICS WITH TIBCO SPOTFIRE TIBCO Spotfire is the premier data discovery and analytics platform, which provides
More informationExtending the Benefits of SOA beyond the Enterprise
Extending the Benefits of SOA beyond the Enterprise 2 TABLE OF CONTENTS 1 SOA The Right Approach for Application Integration...3 2 SOA outside the Firewall: An Opportunity to Improve Collaboration...4
More informationSynthetic Financing by Prime Brokers
yale program on financial stability case study 2014-1e-v1 november 1, 2014 Basel III E: 1 Synthetic Financing by Prime Brokers Christian M. McNamara 2 Andrew Metrick 3 Abstract Hedge funds rely on prime
More informationFOREIGN EXCHANGE JOINT STANDING COMMITTEE. BBA, 105-108 Broad Street, London, EC2M 1EX MINUTES. Assoc. of Corporate Treasurers
FOREIGN EXCHANGE JOINT STANDING COMMITTEE Tuesday 6 th July 2010 at 4pm BBA, 105-108 Broad Street, London, EC2M 1EX MINUTES In Attendance Brian Welch Christopher Bae Rob Loewy Richard Gill Cassandra Kenny
More informationService-Oriented Integration: Managed File Transfer within an SOA (Service- Oriented Architecture)
Service-Oriented Integration: Managed File Transfer within an SOA (Service- Oriented Architecture) 2 TABLE OF CONTENTS 1 Increased Demand for Integration: The Driving Forces... 4 2 How Organizations Have
More information2016 Simulation Training Courses
2016 Simulation Training Courses ABOUT THE BIBF DEALING ROOM The BIBF Dealing Room is the first of its kind in the MENA region, and powers technology-enabled experiential learning, allowing students to
More informationEquities Dealing, Brokerage and Market Making
Equities Dealing, Brokerage and Market Making SEEK MORE Fully informed and ready to trade A whole world of information affects the equity markets economic data, global political events, company news and
More informationPACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING)
PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING) 1 INTRODUCTION 1.1 This policy is not intended to create third party rights or duties that would not already exist if the policy had
More informationTRADING & TREASURY MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM
TRADING & TREASURY MANAGEMENT SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training platforms. CapitalWave
More informationValdi for Equity Trading High performance trading solutions for global markets
Valdi for Equity Trading High performance trading solutions for global markets EDA Orders SunGard s VALDI: SOLUTIONS FOR Equity Trading Traders on electronic markets face enormous challenges in maintaining
More informationRetail FX Margin Trading. Hjalmar Schröder / Reto Stadelmann
Retail FX Margin Trading Hjalmar Schröder / Reto Stadelmann August 2007 Agenda for today 1 What is Retail FX Margin Trading? 2 Size and Growth of Retail FX 3 Views on trends in Retail FX and their Implications
More informationAVANTGARD Treasury, liquidity risk, and cash management. White Paper FINANCIAL RISK MANAGEMENT IN TREASURY
AVANTGARD Treasury, liquidity risk, and cash management White Paper FINANCIAL RISK MANAGEMENT IN TREASURY Contents 1 Introduction 1 Mitigating financial risk: Is there an effective framework in place?
More informationMedusa. A new alternative.
Liquidity Simplicity Transparency Medusa. A new alternative. Multi-bank FX Options Trading Platform Digital Vega Backed by 2 major financial institutions; State Street Banking Corp and Deutsche Boerse;
More informationAFME LIQUIDITY CONFERENCE FX MARKET STRUCTURE
AFME LIQUIDITY CONFERENCE FX MARKET STRUCTURE 25 FEBRUARY 2015 FINANCIAL SERVICES CONFIDENTIALITY Our clients industries are extremely competitive. The confidentiality of companies plans and data is obviously
More informationPURE ALGORITHMIC TRADING SOLUTIONS
PURE ALGORITHMIC TRADING SOLUTIONS WHEN TACTICS OVERWHELM STRATEGY Technology and sophisticated trading tools help traders find the best trading venues. In a fragmented environment, however, traders risk
More informationThe 2015 Algorithmic Trading Survey
The 2015 Algorithmic Trading Survey hedge funds Recognising excellence in the delivery of algorithmic trading solutions Featuring n State of the market report n The 2015 broker roll of honour n the trade
More informationAlgorithmic Presentation to European Central Bank. Jean-Marc Orlando, EFX Global Head BNP PARIBAS
Algorithmic Presentation to European Central Bank Jean-Marc Orlando, EFX Global Head BNP PARIBAS 1 What s all the BUZZ about Algorithmic Trading /efx? 2 Why is Algorithmic Trading Exploding in the industry?
More information1 st Annual European Covered Bond Investors Survey
1 st Annual European Covered Bond Investors Survey May, 2009 European Covered Bond Dealers Association an Affiliate of SIFMA ECBDA Investor Survey Overview European Covered Bond Dealers Association (ECBDA)
More informationNEW TO FOREX? FOREIGN EXCHANGE RATE SYSTEMS There are basically two types of exchange rate systems:
NEW TO FOREX? WHAT IS FOREIGN EXCHANGE Foreign Exchange (FX or Forex) is one of the largest and most liquid financial markets in the world. According to the authoritative Triennial Central Bank Survey
More informationADS Securities interbank access and etrading opportunities for Russia October 2014
ADS Securities interbank access and etrading opportunities for Russia October 2014 Presentation for second UAE - Russia investment roadshow Abu Dhabi, UAE 29 October 2014 by Valery Bartashevich, senior
More informationHow Deals Get Done. New research shows the growing influence of deal sourcing networks and social computing on the M&A industry
How Deals Get Done New research shows the growing influence of deal sourcing networks and social computing on the M&A industry Executive Summary In September, 2013 Intralinks conducted a global survey
More informationMobile App Integration - Seven Principles for ZDNet
Seven Principles for a Superior Mobile Integration Strategy ZDNet estimated that by the end of 2013, 62 percent of companies would be supporting bring-your-own-device (BYOD) connectivity. Of those who
More informationAggregation of an FX order book based on complex event processing
Barret Pengyuan Shao (USA), Greg Frank (USA) Aggregation of an FX order book based on complex event processing Abstract Aggregating liquidity across diverse trading venues into a single consolidated order
More informationPower, Gas, Coal & Carbon Production, Trading and Brokerage
Power, Gas, Coal & Carbon Production, Trading and Brokerage SEEK MORE Discover profitable insights on the world s energy markets Changing energy markets create new opportunities. Are you going to see and
More informationFOR FOREIGN EXCHANGE PROFESSIONALS
FX & MM Views...2 Reuters FX Buzz...3 Economic Events Monitor...4 FX Polls...5 FX Options...6 Non-Deliverable Forwards...7 Calculators... 8 FX Heatmap...9 Charting...10 FOR FOREIGN EXCHANGE PROFESSIONALS
More informationA Roadmap to Defining an Optimal FX program
A Roadmap to Defining an Optimal FX program Investment managers are faced with increased pressure to assess whether their foreign exchange programs deliver value to their stakeholders and achieve optimal
More informationUnderstand the business, understand the risk Managing risks in Banking IT
Stefan Arn Session specific usage Understand the business, understand the risk Managing risks in Banking IT 15 November 2013 UBS An unrivaled franchise with compelling growth prospects WM businesses Retail
More informationLIBOR EXPLAINED. Understanding the LIBOR Scandal
Understanding the LIBOR Scandal LIBOR, which stands for London Interbank Offered Rate, is one of the most widely-used benchmarks or reference index rates for determining short-term interest rates globally.
More informationn Buy-side trader Sören Steinert, Quoniam Asset Management Photos: Thorsten Jansen
Photos: Thorsten Jansen 30 n the trade n issue 21 n jul-sep 2009 Approaching two thirds of your trading is selfdirected and you stand out amongst your peers as a prolific user of algorithms. What drove
More informationSOLUTION BRIEF. Simplifying FISMA and NIST 800-53 Compliance with the TIBCO LogLogic Compliance Suite
SOLUTION BRIEF Simplifying FISMA and NIST 800-53 Compliance with the TIBCO LogLogic Compliance Suite Table of Contents 3 Challenge 4 Solution 6 Why LogLogic Compliance Suites? 6 The TIBCO Advantage 7 Conclusion
More informationGlobal Corporate Risk Management
Global Corporate Risk Management Survey July 2012 Contents Barclays/ACT Corporate Risk Management Survey 3 Interest rates pre-hedging 21 Survey findings Hedge accounting 22 Risk management objectives and
More informationSOLUTION BRIEF. TIBCO LogLogic A Splunk Management Solution
SOLUTION BRIEF TIBCO LogLogic A Splunk Management Solution Table of Contents 3 State of Affairs 3 The Challenges 5 The Solution 6 How it Works 7 Solution Benefits TIBCO LogLogic A Splunk Management Solution
More informationwhitepaper Predictive Analytics with TIBCO Spotfire and TIBCO Enterprise Runtime for R
Predictive Analytics with TIBCO Spotfire and TIBCO Enterprise Runtime for R Table of Contents 3 Predictive Analytics with TIBCO Spotfire 4 TIBCO Spotfire Statistics Services 8 TIBCO Enterprise Runtime
More informationTIBCO Managed File Transfer Suite
TIBCO Managed File Transfer Suite TIBCO Managed File Transfer Suite TIBCO Managed File Transfer Solution connect people, processes and information, thereby promoting and strengthening the value chain among
More informationDynamic Claims Processing
Dynamic Claims Processing 2 TABLE OF CONTENTS 1 Dynamic Claims Management... 3 2 TIBCO s Dynamic Claims Management... 7 3 Why TIBCO?...13 4 ABOUT TIBCO...14 3 Claims processing is one of many equally critical
More informationEnterprise Risk Management
Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s
More informationHigh Frequency Trading Volumes Continue to Increase Throughout the World
High Frequency Trading Volumes Continue to Increase Throughout the World High Frequency Trading (HFT) can be defined as any automated trading strategy where investment decisions are driven by quantitative
More informationINTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group
David M. Battan Executive Vice President and General Counsel INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group 1725 EYE STREET, N.W. SUITE 300 WASHINGTON, DC 20006 TEL (202) 530-3205 July
More informationTIBCO StreamBase High Availability Deploy Mission-Critical TIBCO StreamBase Applications in a Fault Tolerant Configuration
TIBCO StreamBase High Availability Deploy Mission-Critical TIBCO StreamBase s in a Fault Tolerant Configuration TIBCO STREAMBASE HIGH AVAILABILITY The TIBCO StreamBase event processing platform provides
More informationDoes trading at the Fix fix FX?
By: Michael DuCharme, CFA, Head of Foreign Exchange JUNE 2013 Does trading at the Fix fix FX? Foreign exchange transactions are significant components of millions of daily financial transactions, yet most
More informationIntroduction to TIBCO MDM
Introduction to TIBCO MDM 1 Introduction to TIBCO MDM A COMPREHENSIVE AND UNIFIED SINGLE VERSION OF THE TRUTH TIBCO MDM provides the data governance process required to build and maintain a comprehensive
More informationSimplifying the Complex:
Algo Execution ISSN: 1467-2650 2014 P&L Services Ltd. All Rights Reserved. This article first appeared in: Profit & Loss Magazine, April 2014 issue 150 vol. 15 Simplifying the Complex: Making Algos More
More informationRISK MANAGEMENT OF INVESTMENT & TREASURY PORTFOLIOS SIMULATION TRAINING@THE DEALING ROOM
RISK MANAGEMENT OF INVESTMENT & TREASURY PORTFOLIOS SIMULATION TRAINING@THE DEALING ROOM Leading Excellence in Banking & Finance OUR PARTNERS CapitalWave provides truly dynamic educational simulation training
More informationTIBCO Partner Network Program Guide
TIBCO Partner Network Program Guide Partners are an important part of TIBCO s business model. Partnering with innovative providers in their areas of expertise provides outstanding value and a broader range
More information