Electronic trading
Reg AT withdrawal could delay a Biden agenda for the CFTC
Democrats and some lawyers say Tarbert’s new principles don’t achieve same goals as Reg AT
AFM seeks to ‘level playing field’ for venues and vendors
Dutch regulator suggests some liquidity aggregators should be classified as OTFs
Ion forced to ditch Broadway rates business
Remedy satisfies UK competition watchdog – but “a big defeat” for acquisitive tech giant
UK watchdog has competition concerns over Ion-Broadway deal
Trading tech giant has five days to address issues, or face months-long investigation
FX traders sound alarm on tagging ‘abuse’
Front running and tag refreshing concerns abound on semi-anonymous trading platforms
Scrutiny and frictions follow EMS vendors into fixed income
Aggregators are facing resistance from venues and attracting the attention of regulators
Volatile FX markets reveal pitfalls of RFQ
Clients urged to mask trading intent; critics warn of subtle sell-side advantages
Electronic bond trading stalled in volatile markets
Bid/offer spreads on bond platforms spiked in March and the buy side struggled to trade
Ion rival TransFICC gets cash boost
HSBC, ING join £5.75m investment round, amid claims of shrinking tech choice
Ion’s wrists slapped in probe of Broadway deal
Competition watchdog extends initial investigation after Ion failed to comply with call for info
Fee fight: dealers take aim at brokerage costs
Old tensions have new edge as banks urge clients to bypass platforms
E-trading takes hold for FX swaps – sort of
Bulk of trades are being executed over screen, but bolder changes have stalled
Ion’s Broadway deal leaves banks in a bind
Barclays and Nomura among banks that had moved from Ion to rival it now controls
FX aggregators flirt with scrutiny over brokerage charges
Making dealers pay for trades raises ‘payment for order flow’ questions
Full stream ahead for bonds
Price streaming offers cost savings and operational efficiencies, but it could fragment liquidity
The corporate bond revolution will be streamed
Dealers are piping feeds of live, executable prices direct to select clients
Interdealer broker of the year: BGC Partners
Risk Awards 2020: Strong voice revenues are helping fund ambitious electronic projects
OTC trading platform of the year: Tradeweb
Risk Awards 2020: To keep volumes growing, platform had to confront “incumbent’s dilemma”
Tradeweb’s IPO shows how OTC markets are changing
RFQ pioneer is embracing new protocols and liquidity providers in a bid to connect the OTC markets
Derivatives house of the year: Bank of America
Risk Awards 2020: New home in Paris has brought more European clients to the Street’s most consistent markets franchise
Innovation in execution: Morgan Stanley
Risk Awards 2020: Odd-lot bot handles almost half of bank’s credit trades
Currencies flow market-maker of the year: Credit Suisse
Risk Awards 2020: Swiss bank shows block trading can still compete in the age of the algo
Banks team up for ‘Ion replacement’ project
Consortium weighs building fixed income software in potential threat to Ion, the dominant vendor
At bounding MarketAxess platform, a new CRO parses risk
Clarity and communication are basics to Oliver Huggins at one of the biggest US bond platforms