Friday 23rd February 2018
February 23rd 2018: John Hardy, head of FX Strategy at Saxo Bank says in today’s client note that: “The latest European Central Bank minutes showed a debate on leaving the door open to QE resumption if conditions warranted, ultimately leading to the dropping of this language in the forward guidance. The headlines have seized on the discussion of the volatility of the euro in the minutes and the phrase that this provided “a source of uncertainty that required monitoring". ECB president Draghi offered a stern rebuttal at the most recent ECB meeting to a (likely offhand) statement by US Treasury Secretary Mnuchin that a weak dollar is a benefit to the US economy. The expectations for ECB policy unwinding have gone into neutral over the last couple of weeks, even with the recent recovery in risk appetite, and this kind of language from the ECB, heavy EUR long speculative positioning, and a rather sharp deceleration in the most recent PMIs are making it tough sailing for EUR bulls. Speaking of positioning, the JPY short is shrinking but still very large. Often, when the JPY is on the move, it is directly traceable to something else afloat in the markets, whether from direct signals from the central bank, or large swings in risk appetite or bond yields. But this recent move feels qualitatively different and rather significant, as if the market is changing its mind about its underlying assumptions (that the BoJ will forever be the policy laggard and as long as we aren’t seeing a market meltdown, carry trades versus the JPY are a no-brainer) and this could lead to a broad-based repricing of the G10’s cheapest currency” -

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Trading Technology

Technology spend is crowding out trader pay on institutional trading desks. Overall, buy-side trading desk budgets are expected to hold relatively flat in 2018 at $17.3bon industry-wide. However, a new report from Greenwich Associates shows that within those budgets, institutional investors are shifting their spending from trader pay to technology.

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Ullink, a global provider of electronic trading and connectivity solutions to the financial community, announced its expansion into mainland China by partnering with two local businesses to establish a new entity based in Shanghai. The decision to further strengthen Ullink’s foothold in China is the direct result of recent business success in the region and growing demand for electronic solutions that can meet the latest regulatory requirements, as well as help elevate local businesses to international levels. Ullink already has an operation in Hong Kong, which currently services more than eight Qualified Domestic Institutional Investor (QDII) clients in mainland China.

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Vienna Stock Exchange and Deutsche Börse have agreed to extend their contract, covering trading technology, for another six years.  The co-operation partners of Vienna Stock Exchange will also use Deutsche Börse’s trading infrastructure. “The long-standing relationship has proven successful for both the Vienna Stock Exchange as well as other exchanges with whom we are cooperating in Central and Eastern Europe. We therefore decided to approach future technological developments and upcoming challenges within the financial industry jointly again with Deutsche Börse,” says Michael Buhl, member of the Management Board of Wiener Börse AG and its holding CEESEG AG.

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In the often Darwinian world of business, it’s not the strongest or biggest that makes it, it’s the one that can move with the times. From Blockbuster to BlackBerry, the commercial landscape is littered with former giants that failed to adapt to changes in their operating environment. Rob Woods, co-founder and managing director of training firm Certificate in Finance and Technology, holds that financial institutions constantly need to innovate. Whether by developing more sophisticated algorithms or implementing improved security systems, investment bankers, traders, asset and wealth managers now live or die by their technology, and effective training of technology staff in financial services is vital if firms are to leverage the best from market change and innovation.

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Wednesday, 16 September 2015

Liquidnet launches new algo technology

Liquidnet, the global institutional trading network, has launched new Algo Ranking Model technology, designed to enhance the way institutional traders make their execution decisions. The Algo Ranking Model, says the firm is built to complement Liquidnet’s recently launched suite of Next Gen Algos, using a multi-factor model to holistically profile for every order to rank execution strategies in real-time according to order characteristics, trading objectives, market conditions, and performance targets.

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Nasdaq) has announced a new partnership with Chain, a blockchain infrastructure provider to financial institutions and enterprises, to leverage the blockchain platform to facilitate the secure issuance and transfer of shares of privately-held companies. Chain, currently privately-held, plans to be the inaugural company to use the blockchain technology on Nasdaq Private Market.

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Ullink, a provider of electronic trading and connectivity solutions to the financial community, says Didier Bouillard will take on the role of Chief Executive Officer, effective from July 1st. Bertrand Sciard, Ullink’s current Interim CEO, will move to the role of chairman.

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Swedish trading technology major Orc, says its Orc Tbricks trading platform now offers a certified interface to the Chicago Board Options Exchange (CBOE), including the CBOE Futures Exchange (CFE). The new high-speed interface enables quoting and trading a broad range of products, including equity options and index options such as CBOE Volatility Indexâ (VIX Index) options.

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