FastMatch Launches Matching Engine in Equinix LD4 Data Center in London

FastMatch Launches Matching Engine in Equinix LD4 Data Center in London

Equinix, the global interconnection and data center company, together with FastMatch, an Electronic Communication Network (ECN) for foreign exchange trading, today announced the launch of a new ECN matching engine in Equinix’s London Slough International Business Exchange (IBX) data center campus.

FastMatch currently operates its FX Spot and metals ECN matching engine from the Equinix NY4 data center in New York. The additional matching engine in London will offer FastMatch clients in the European region access to real-time transparent quotes and trade information, as well as complete redundancy to the platform.

As trading markets become more interrelated, investors are seeking local access to a wider range of asset classes and instruments in order to effectively manage risk in an increasingly complex and competitive environment. By deploying among the growing financial ecosystem inside Equinix, FastMatch makes its systems directly accessible alongside a wide range of other venues, data providers and financial institutions, allowing investors greater choice and flexibility.

FastMatch clients can trade across an array of unique liquidity sub-pools each governed by its own distinct rules of trading. FastMatch also enables institutional clients to easily transact large sizes with minimum market impact by using order types like hidden pegged to midpoint, reserve and minimum quantity.

The FastMatch ECN is based on technology that underpins the world’s largest equities crossing system, the Credit Suisse Crossfinder matching engine, which has been re-tooled and tailored to meet the needs of global foreign exchange markets.

FastMatch launched in the summer of 2012 and is a joint venture of FXCM, Inc. and Credit Suisse Group AG, later adding Bank of New York Mellon as a third backer in 2013. The company strives to offer its customers access to large pools of diversified liquidity at unparalleled speed with complete transparency in an optimal location.

Dmitri Galinov, CEO, FastMatch: “London is an FX trading capital of the world, yet traders in Europe currently have no access to real-time quotations or trades from any major FX ECN. The prices are either intentionally delayed or coming from the United States. We are excited to deliver real-time transparency to this previously underserved region.”

Stewart Orrell, managing director, Global Capital Markets, Equinix: “As the Equinix financial ecosystem continues to globalize, we’re seeing more trading venues deploy multiple storefronts in various cities to extend their ability to reach market participants around the world. With the launch of its matching service in the Slough campus, FastMatch is certainly on the right track to gain a competitive edge in today’s global marketplace.”


Saxo Capital Markets enhanced offering includes new pricing structure–structure

First Published Monday, 15th April 2013 from Automated Trader : Automated Trading News

Target spreads for all FX spot pairs to be reduced, intended to be particularly attractive on EURUSD.

Saxo Capital Markets UK, the multi-asset online trading and investment specialist, has enhanced its offering witht the launch of a new pricing structure.

The new pricing structure will mean that the target spreads for all FX spot pairs will be reduced. Some of the key crosses that will see lower target spreads are:

  • EURUSD 2.0 to 1.5
  • USDJPY 2.0 to 1.5
  • USDCAD 4.0 to 1.5
  • AUDUSD 3.0 to 1.6
  • EURJPY 3.5 to 1.9
  • GBPJPY 7.0 to 3.1

Torben Kaaber, CEO of Saxo Capital Markets UK comments: “Two-thirds of our clients trade three or more asset classes using their own specific choice of market access. Whether via FX spot, forwards, futures, contract options, ETFs or CFDs; Saxo Capital Markets offers the choice to trade most asset classes over-the-counter or on exchange.”

He continued: “Saxo’s platform combines a reliable and flexible way to hedge and trade in a multi-asset environment with global market coverage. Since FX is still a major component of clients’ portfolios, we decided to lower target spreads for all FX spot spreads, including EURUSD and USDJPY, in order to further increase the competitiveness of our platform.”

The new lower spread is intended to be particularly attractive on EURUSD, as John Hardy, Head of FX Strategy, Saxo Bank explains, “It is expected that we will eventually head back to the 2012 lows near 1.2000 and possibly even lower, as Europe either pulls together with the help of huge ECB involvement or moves back into crisis mode in the wake of the German elections in September.”

Torben Kaaber, CEO, Saxo Capital Markets UK

Torben Kaaber, CEO, Saxo Capital Markets UK

“Saxo’s platform combines a reliable and flexible way to hedge and trade in a multi-asset environment with global market coverage.”

FXSpotStream reels in UBS as liquidity provider, now has eight global FX banks–now-has-eight–global-fx-banks

First Published Wednesday, 27th March 2013 from Automated Trader : Algorithmic Trading News

The Swiss bank giant joined seven other liquidity providers as the new FXSpotStream initiative gained momentum.

Jersey City, NJ – FXSpotStream said UBS has joined as a liquidity providing bank, bringing the total to eight global FX banks on the new service.

“The growth in liquidity providing banks since our initial launch and the increasing number of clients accessing the service globally confirms the service’s value proposition,” said Alan Schwarz, CEO.

“With the addition of UBS we continue to execute on our strategic plan, which will soon include additional functionality and products for our clients to access. We expect to have UBS live and available for trading in late Q2 of this year.”

FXSpotStream provides a multibank FX aggregation service to clients for executing spot FX trades. Other top banks offering liquidity include BofA Merrill Lynch, Citibank, Commerzbank, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley.

FXSpotStream is a subsidiary of LiquidityMatch and the majority of its shareholders are liquidity providing banks. It said it does not charge brokerage fees to clients or liquidity banks.

“As a leading FX market participant we are eager to play a role in initiatives that bring efficiencies to the market and reduce the cost of execution for our clients and for UBS,” said Chris Purves, managing director and global head of FX E-Trading at UBS.

He added: “Further, it is important for us that we preserve the transparent and bilateral trading relationship we have with our clients and FXSpotStream satisfies that requirement.”

Richard Anthony, global head of FX eRisk, GFX at HSBC, said the addition of UBS further validated the new offering. “FXSpotStream has accomplished a great deal in a very short period of time and we look forward to playing a role in the continued expansion of the service to address our needs and those of our clients,” he said

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