Paul Blank

e-Trading Solutions at TradAir

Message Posts: 30 Comments: 1

Bio Commentator on all aspects of developments around eTrading solutions for banks, looking at the business needs and real-world trading problems of clients. Typically our clients are banks, and trading firms. Career History Many years spent trading for sell side banks. Most recently, involved in product management/marketing, and client consulting roles within Capital Markets and trading technology firms.

Blogs

Innovation in Financial Services

Understanding the quality of FX liquidity provision - why not all FX liquidity is created equal

15 Jan 2017

Global FX markets are in transition, the catalysts include tougher regulation, higher capital costs and reductions in leverage ratios. As a result, we are seeing continued fragmentation of liquidity across primary venues, and reduction in risk appetite by banks who are scaling back on market making, leverage and appetite for risk warehousing (posi...

Talk of ICE exchange to buy FX platform Fastmatch

20 Jul 2015

Interesting to see that Profit&Loss running a story that the US futures Exchange ICE may be preparing to buy our all three shareholders (Credit Suisse, BNY Mellon and FXCM) of FX platform Fastmatch for around $200m-$250m. As the FX market continues to fragment, and higher regulatory costs for bilateral trades start to bite, exchanges are no dou...

Why Dealer-to-client FX platforms should provide TCA tools for buy-side clients

13 Jul 2015

The majority of single-dealer platforms (SDPs) – especially those of regional banks, provide mainly principal (rather than agency) based pricing to clients. That’s where the bank takes the other side of the trade (even if the bank covers the trades by back-to-back hedging with their liquidity providers), making their money on the spread, rather th...

Why SDPs should provide TCA tools for buy-side clients

13 Jul 2015

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Paul is Commenting on

eFX volumes Single Dealer vs Multi Dealer Platforms

Normal 0 false false false MicrosoftInternetExplorer4 Hi David, I don’t have access to the full Greenwich survey, so cannot comment on how they break down the catagories, and was anyway only commenting on the ‘teaser’ article they published. But the full BIS Triennial survey is freely available, and their methodology (pg 44) has a category of FX execution method called “Electronic Trading Systems”, which is defines as “Executed via a single-bank proprietary platform (SDP) or a multi-bank dealing system (MDP) – and of course, includes FXAll along with Currenex and FXConnect. Another category of electronic method is Electronic Broking Systems, which covers EBS and Reuters Matching. Within the BIS survey summary (here), it states that electronic methods of execution accounted for 34% of all FX trading (across spot, fwds, swaps and options), of which: Broking Systems= 17% Multibank Trading Systems (MDPs) = 7% Single Bank Trading Systems (SDPs) =10% Total Electronic Trading = 34% So, that would mean that SDPs account for nearly 30% of all electronic trading, whilst MDPs accounted for 21%. I could provide a similar breakdown of the Bank of England data if needed. As I said, it will be interesting to see what the 2010 BIS survey results will show! Regards Paul

14 May 2010 Reply Read article