To ensure that trades and orders are reported correctly—in both client and broker accounts—real-time trade reconciliation is an absolute must. With this mind, CurrentDesk was founded and with it came the introduction of its first product— CurrentRisk, an independent reconciliation platform that lets traders automatically manage the entire lifecycle of a trade in real-time.
While JP Morgan Chase & Co. along with retailers Home Depot, Target and TJX Corporation get all the press attention when their systems are hacked, FX brokers, liquidity providers and traders are no less vulnerable. Cyber attacks are here to stay. That’s how delegates at SIBOS 2014 in Boston see it. During this annual bank technology conference organized by SWIFT, 80% of financial professionals polled during a session on cybercrime believe attacks are unavoidable.
It’s no secret; most companies contat at least three liquidity providecrs before making a final decision. In DivenFX’s case, for example, the company chose Boston Prime, a partner of Boston Technologies as its liquidity provider after an extensive review. Explained Roman Mernyi, director of DivenFX, “We are known as free EA and EA hosting providers [and] we’ll work only with cross-connected providers that pass our complicated execution verification tests.
When the equities and derivatives industries pioneered colocation eliminatte latency from order execution by locating their servers near, or within, the buildings of the world’s exchanges, they sparked a move toward colocation in Foreign Exchange (FX) markets as well. Notwithstanding, among the FX markets, colocation is not as straight forward, given the multitude of liquidity pools, execution venues and technology solutions from which to choose.
Since the credit crunch began in 2008, there has been a very large move of capital into trading the OTC FX markets from equities and futures. Regulation and mature, exchange-traded markets have pushed profitability to very small margins in futures and equities markets for FCMs, brokers and traders alike. As a result we are seeing a strong movement to not only trade the OTC FX markets, but also capitalize on the demand by opening OTC FX brokerages. By nature, the FX markets have shown a unique ab
Low latency lines and proximity hosting Proximity hosting bears the light for most traders, following the announcement by the Commodities Futures Trading Commission (CFTC) of the publication of rule specifying the various requirements for the contract markets and derivatives transaction execution facilities; as well as commercial markets exempted from the same rules listing price discovery contracts (prominently known as exchanges) and offering proximity hosting services or co-location to the va
Top 50 Safest Global Banks For banking safely, global citizens had better go to the local government. And pretty much avoid the U.S. At least that seems to be the take away from Global Finance Magazine’s ranking of the world’s safest banks. The top 9 banks in the magazine’s World’s 50 Safest Banks list are all state-backed institutions. The No. 1 bank on the list is Germany’s KfW, which doesn’t so much act as a traditional bank but as a government-driven lending machine, created in post-war Germ
The Fall of MF Global: Lessons for Futures and FX Traders Asset Protection In October 2011, the financial world woke up to the shocking news of the report of a quarterly loss of $191million by MF Global, a financial services firm which had widespread operations in the financial market. But the worst was still to come. A week later, it was reported that the company was seeking Chapter 11 bankruptcy protection after its $6 billion investment in speculative European bond trades went bad. Trading in
WHY IS THE FINANCIAL CLOUD SO CONFUSING? Cloud computing is one of the most mysterious enterprise technologies introduced in the past decade. It can mean many things to many people and rarely has a unified description. The term “Financial Cloud” which is becoming increasingly used by large financial institutions such as exchanges and banks has equally proven to be a mystery. Several large financial exchanges and financial services companies have recently launched their Financial Cloud offering
ECP Requirements – CFTC regulation making it hard for FX traders to find FCMs and prime brokers that accepts trader funds I will start by defining ECP requirements, this is basically a list of rules and regulations that are mandatory for any company or an individual that wishes to become a FX broker or to be involved in foreign exchange trading business; from futures, commodities, financial institutions, insurance companies, and even government institutions, all these are required to compl