Monday, May 11, 2015
by LMAX Exchange
LMAX Exchange CEO, David Mercer, gave a speech at the World Exchange Congress 2015, on global capital markets and specifically about the FX market, the world’s largest asset class. David argues the practice of ‘Last Look’, which is a price with an option to reject or re-quote an order by market makers, that further drives down the level of transparency in the market and reduces the certainty of execution.
He continues, ‘last look’ is a relic of history and with it you can never prove best execution, it’s a one way option, to the benefit of a few but to the detriment of the many. FX should benefit from the transparency we see at every other asset class, there is no level-playing field in FX and the customer is beginning to react.
David states that the future of FX is on exchange and that the challenge is to create an exchange for the benefit of all, rather than the few. LMAX Exchange is a testament that the exchange style execution works and is the most efficient way to trade FX. Having the world’s top tier global banks and leading HFTs as Liquidity Providers, LMAX Exchange has been leading the FX industry’s evolution towards exchange style trading for the past 4 years. And unlike the ECNs, LMAX Exchange is authorised and regulated by the FCA as an MTF and has stringent regulatory requirements. LMAX Exchange is establishing the new exchange benchmark in FX trading and is addressing two main issues faced by clients trading FX 1) lack of price transparency and 2) lack of certainty of execution.
Friday, May 29, 2015
by Research & Analytics
End of month flows are always something to watch, particularly when those flows fall on a Friday. Overall, the US Dollar has reasserted over the past several days as market participants respond to the recovery in US economic data and hawkish Fed comments. US GDP ahead.
Chart Talk - Technical Overview of the Major Markets
Technical & Fundamental highlights
- Greece deal
- UK GDP
- month end
- Swiss GDP
- Aussie data
- OIL rebound
- RBNZ cut
- US GDP
- more attractive
This week’s performance v. US dollar (6:30GMT)
- Kyle Bass Reveals Best Trade 2015 Idea, J. La Roche, Business Insider (May 26, 2015)
- Japan’s 10-Day Wonder — Time To Jump?, J. Mackintosh, Financial Times (May 28, 2015)
Friday, May 22, 2015
by Andy Harrison
USDJPY 121.022 | EURUSD 1.11122 | AUDUSD 0.78946 | NZDUSD 0.73356 | USDCAD 1.22005 | USDCHF 0.93664 | GBPUSD 1.56609 |
Interbank Ranges as of 6am London time
USD/JPY 121.095 | 120.71
EUR/USD 1.1153 | 1.11005
EUR/JPY 134.70 | 134.45
AUD/USD 0.7928 | 0.7891
NZD/USD 0.7396 | 0.7341
USD/CAD 1.2203 | 1.2173
EUR/CHF 1.04225 | 1.04065
USD/CHF 0.9378 | 0.93485
GBP/USD 1.5680 | 1.5657
EUR/GBP 0.7112 | 0.70905
- EUR: moving from the [...]
Monday, May 18, 2015
by Beyza Sakir
My colleague Chris Gollop and I are taking our talk on the road and heading to the innovative Belgium Testing Days Conference taking place in Brussels, 18th-21st May where we will be giving an updated version of “Testing within an agile environment”.
Our talk describes how we view testing at LMAX Exchange and how different concepts, from biology and evolution through to behavioural economics, have influenced the process meaning we are not only happy to experiment with new ideas but positively encourage it. We review some of the adaptations we have implemented as our testing has matured and give [...]
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