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welcomee t-oForex Spring 2005 One of the growing challenges we face in publishing this magazine is trying to provide the latest and most Susan Rennie Alan Southam comprehensive eFX business and technology information [email protected] [email protected] Managing Editor Subscriptions Manager for an increasingly diverse readership amongst the global FX market. Ranging from banks and the inter-bank market, from Charles Jago Louis Riley corporate treasurers to private retail FX traders, from the [email protected] [email protected] Editor (FX & Derivatives) Features Manager professional trading community (PTC) who include fund managers, CTA’s and hedge funds to trading technology and OMS Charles Harris Anthony Bannan [email protected] [email protected] vendors. The list seems to go on and represents a quite Advertising Manager Commercial Manager astonishing number of different participants. Helen Rochford Helen Murray [email protected] Photography In his article in this edition, Peter D’Amario picks up on this Production Manager diverse nature of the eFX market when remarking that it is the unique needs of FX customers which is serving to explain why ASP Media Ltd the eFX market has yet to witness a long-predicted consolidation, Wing of the Hill, Northend, Batheaston BA1 8EN and why, by contrast, the ranks of electronic trading service United Kingdom providers continue to expand. He believes we are now witnessing Tel:+44 1225 851 345 (Main) Tel:+44 1225 858 132 (e-Forex) in the FX market what should probably be termed a redefinition, Fax:+44 1225 858 393 as opposed to consolidation. This is evidenced by new providers customizing their business models to serve segmented markets Design and Origination: Phill Zillwood Design Works such as hedge funds and retail customers. [email protected] Printed in the UK by Broglia Press Certainly there was talk of consolidation last month after the e-Forex (ISSN 1472-3875) demise of Centradia, but it’s interesting that contrary to industry is published quarterly in opinion, Celent believes there is room for all the existing multi- January, April, July and October www.e-forex.net dealer platforms. Their sustainability and growth would be driven not only by increasing trading volumes and e-trading but also Subscriptions Subscription rates (including postage) due to the many different types of FX customer for the platforms UK & Europe: £120 per year to target which therefore reduces the head-to-head competition Overseas: £150 per year which is seen in other markets. Who could say what would Please call our subscription department for further details: happen however, if a centralised, market-wide trading system Subscriptions hotline: +44 (0) 1225 858 132 were to become properly established. Although every effort has been made to ensure the accuracy of the information contained in this publication We look forward to meeting you at the forthcoming 44th ACI the publishers can accept no liabilities for inaccuracies that may appear. The views expressed in this publication World Congress in Stockholm and as usual hope you enjoy this are not necessarily those of the publisher. edition of the magazine. The entire contents of e-Forex are protected by copyright and all rights are reserved. Charles Jago Editor Godfried De Vidts Edward Pla 50 years of ACI Underpricing Liquidity Companies and organisations in this issue: A I ABN AMRO page 127 IFX Markets page 19 ACI page 22 INDATA Systems page 103 ACM page 81 Integral ACT page 20 Development Corp page 11 Advanced Financial Engineering page 103 J Advent page 103 J.P Morgan page 73 AIG Trading page 18 Peter D'Amario David Mallinder Apama page 73 Avecia Ltd page 7 L e-Forex growth FX e-commerce & beyond Latent Zero page 72 B Lava Trading page 87 Bank of England page 20 Linedata Services page 103 Banc of America Securities page 73 M Bank of Tokyo-Mitsubishi page 8 Macgregor page 103 Barclays Capital page 6 Mellon Financial page 7 Baxter Solutions page 27 McElhannon Group page 12 BIS page 80 MG Financial page 14 Bloomberg page 57 Microsoft page 62 BNP Paribas page 9 Miletus Trading page 103 British Bankers Misys page 10 Association page 20 Brown Brothers Harriman page 41 N C NFA page 14 Calyon page 45 Nordea page 21 Celent Communications page 32 Centradia page 32 P Charles River Portware page 103 Development page 106 PriceWaterhouseCoopers page 20 Peter Harwood Brian Maccaba Chicago Mercantile Principal Search page 48 FX Recruitment Price distribution Exchange page 84 Citibank page 6 R CFTC page 14 Radianz page 64 CMC Inside RBS Financial Markets page 110 Back Cover Refco Capital Markets page 75 Cognotec page 33 Reuters page 34 Commerzbank page 58 Currenex page 15 S D SAP page 42 Danske Bank page 67 Saxo Bank Inside Deutsche Bank page 28 Front Cover DST International page 103 SEB page 18 SmartTrade page 79 E Standard Chartered Bank page 31 EBS pages 4 & 5 State Street Global eSignal page 115 Markets page 17 eSpeed page 52 Stentra page 60 Eurobase Systems page 38 Summit Systems page 97 Euromoney page 8 SuperDerivatives page 16 Eze Castle Software page 103 SWIFT page 66 Mitchell D. Mittman Katrin Lütjens F Swissforex page 16 FX Algorithmic Trading White Labelling Surgery FFastFill page 16 Synthesis Bank page 118 Financial Models page 103 Flextrade page 103 T FXall page 23 Telerate page 51 FXCM page 89 360T Treasury Systems page 90 FX Concepts page 98 Towergroup page 72 FX Engines page 12 TNS page 76 Tradertools page 46 G Tradingscreen page 72 GAIN Capital page 105 Traiana page 18 Global Forex Trading page101 Townsend Analytics page 88 GL Trade page 103 TWIST page 66 Greenwich Associates page 28 U H UBS Outside Handelsbanken page 71 Back Cover Heidelberger Druckmaschinen AG page 42 W HotspotFX page 13 Wachovia page 63 Scott Owens Andrew Kidd HSBC page 92 Wall Street Systems page 14 Historical Testing e-Forex Interview 2 april 2005 e-FOREX contents April 2005 Foreword 72. Algorithmic trading – FX market perspectives Heather McLean gathers some industry views on the 22. Looking forward to the next 50 years of ACI future of Algorithmic trading in the FX markets. Godfried De Vidts, President of the ACI, looks at why 2005 is an important year for the ACI as it celebrates 76. Extranets: Providing a secure framework for eFX its 50th anniversary. Alan Schwartz considers the two basic network Leader options for electronic FX trading, the standard Internet and secure Extranets. 24. Underpricing Liquidity – ePlatforms increasing systemic risk 80. SPOTLIGHT - Automating FX Give-Ups in an Edward Pla talks about the debate surrounding FX Electronic Age Liquidity and why it’s heating up. Features 84. CME FX on Reuters - Combining the best of two worlds 28. Could the expansion of EBS Prime unleash a new Rick Sears examines the potential impact of bringing phase of e-Forex growth? the two largest pools of buyers and sellers into one While EBS Prime is some way from establishing itself unified trading environment. as a true buy-side system, the implications of its possible success cannot be overstated argues Peter 88. VIEWPOINT- Open Access and unbiased flexibility D’Amario. for Forex Traders sets RealTick® apart Underpricing Liquidity 32. Trends in the electronic cash Foreign Exchange 90. SURGERY– FX White Labelling – questions from markets the sell-side Jodi Burns outlines how the forex market is going through many of the exciting market trends seen in 98. IT Integration of FX Electronic trading platforms: more developed asset classes such as equities and the impact on the buy-side fixed income. Kelly Adams looks at the proliferation of buy-side electronic FX platforms and how this is creating some 34. How the FX e-commerce shopping basket is major integration challenges on the IT side . changing Mark Redwood describes how banks are now faced 120. Historical Testing – Leveraging online tools for with a new set of decisions that will have significant more consistent FX Trading impact on their future position in the marketplace. Scott Owens examines how automated trading systems now allow the trader to construct custom 38. FX-e Commerce & beyond – Providing Treasurers strategies for attacking the market with consistency with more than just execution tools and discipline. For corporate treasurers, e-commerce is moving E-commerce shopping basket towards providing a holistic set of products and 124. LOG-OFF - Improving connectivity between the services. David Mallinder shows how this isn’t limited trader and the market to just FX price discovery and execution. The e-Forex Roundtable 42. Case Study- e-Forex talks with Bernd Hampele, Senior Project Manager, and Bernd Bublies, 92. Single bank platforms – offering clients innovative, Head of Front Office, at Heidelberg-based multi-product capabilities Heidelberger Druckmaschinen AG. 5 major FX banks debate questions on this key topic 48. Global FX Recruitment: How is e-Commerce FOCUS – eFX & Asset Managers shaping the future? Peter Harwood examines how e-business is affecting 102. Trading Technologies: Competition drives decline the pattern of Global FX recruitment. in prices Denise Valentine looks at how technology vendors are 54. Real-time transactions, real life issues targeting asset managers and the resulting impact Brian Maccaba looks at how banks are approaching that greater access to automation and external FIX and FX trading the challenges and opportunities of price-distribution connectivity is having on more of them. in a new foreign exchange trading environment. 106. FX Automation: It’s not about “electronic” it’s 60. API’s boosting access to eFX solutions about “workflow” James Kemp takes a look at the growing importance The key is for asset managers and technology of API’s and the benefits that both buy and sell-side providers to partner and leverage technologies says derive from them. Richard Enfield which will help create an implementable workflow. 64. FIX – aiming to improve the FX Trading process Chris Pickles discusses how FIX will enable change 110. FORUM: eFX – adding value to the investment and increased efficiency within the FX industry. management process 4 major players discuss the main issues 68. e-FX paves the road for FX Algorithmic trading The advent of e-FX has made Algorithmic trading The e-Forex interview possible in the FX world. Mitchell Mittman highlights the increasingly important role Algorithmic trading 127. With Andrew Kidd, Executive Director, European Extranets versus the Internet will play in FX. Head of FX eClient Development at ABN AMRO. april 2005 e-FOREX 3 EBS®™ Prime The level playing fi eld just got wider. Are you part of it? Greater liquidity, wider community and better rates – exclusively through the growing network of EBS Prime banks. EBS®™, EBS®™ Prime and the EBS logo are trademarks of EBS Group Limited and are registered in a number of countries with applications pending in others. EBS Prime banks: Find out more about EBS Prime. Go to www.ebs.com news Citigroup releases enhanced CitiFX® White Label Barclays Capital Citigroup have announced the release of a new version of CitiFX® introduces White Label. This latest version will provide enhanced liquidity routing for forward outrights, a new credit limit API and new additional decimal places functionality to manage trade breakouts and spreads. The bank has also expanded their customer management functionality. Barclays Capital has introduced additional decimal places across its e-FX products. Precision pricing is a pioneering move designed to reflect prices more accurately and will give clients more flexibility on pricing decisions. Where previously all banks were making the same spread, Barclays Capital will now be able to shade prices by increments of a pip. The extra decimal place will be represented as a small figure for clarity. The firm will also be using these prices on multibank portals and FIX API connections which will be switched on as and when the channels allow this format. The Citigroup White Label solution offers a host of benefits including a very extensive range of currencies available 24 hours a day; a functionally-rich and very flexible technology platform that can be customised to meet different partner bank requirements; The currency pairs included in Precision pricing include EUR/USD, pricing into multi-bank portals; specially designed screens and GBP/USD, EUR/GBP, USD/JPY, EUR/JPY, USD/CHF and EUR/CHF. functionality for end clients, sales teams and traders. Trading models now live on Asset Managers’ volume on BNP Paribas FX Portal FXall grows by 146% BNP Paribas FX Strategy Technical Trading Models are now available live on the BNP Paribas FX Dealer Portal, providing FXall has revealed that trading by asset managers in 2004 had customers with live trading signals on 19 currency pairs, including increased 146% to $1.036 trillion. FXall’s overall volumes in 2004 emerging market currencies as well as the majors and euro reached $4.9 trillion, up 104% from 2003. The company also reports crosses, 24-hours a day. The trading models can be used for that its total number of asset manager clients has risen to 135. hedging, overlay or trading purposes. Extensive statistical performance analysis has also been recently added, providing the capability to track the performance of individual currency pairs or a portfolio - detailed performance history since 2001 is available on the FX Dealer website. The These clients manage estimated total funds of $15 trillion, performance statistics can be examined on a monthly or annual representing a high proportion of the funds under management in basis and provide not only detailed analysis of returns, but also risk the global investment industry. The average trade size on FXall has analysis information. Automatic e-mail notification of changes to risen 83% in the last year as asset managers push higher volumes the trading model positions and signals is also available. through the platform. 6 april 2005 e-FOREX news Global Link releases Competitive Swaps module RBS Major deal using FiX Global Link, the e-finance platform of State Street Global Markets, has recently released a Competitive Swaps enhancement to their The Royal Bank of Scotland Financial Markets (RBS Financial Markets) award winning eFX execution platform, FX Connect. This new in conjunction with RBS Structured Finance has transacted a € 495 release is now being rolled out to the FX Connect user community million foreign exchange deal for Avecia Ltd, a leading fine and which includes buyside clients as well as 45+ liquidity providers in speciality chemicals company, using the bank’s RBS FiX electronic over 130 dealing locations worldwide. trading system. Avecia was undertaking the sale of its main business unit, NeoResins, based in Holland, generating euro receivables. The module allows clients to request a single or two-way price from up to 4 banks simultaneously. Consistent with other trading on FX Connect, clients can enter swaps of any currency pair or size, and also any style, such as Fwd\Fwds or mismatches. In keeping with Avecia decided to transact the deal using RBS FiX system, which market convention, banks can initially price using just the points, or generates foreign exchange benchmarks. This provided them with both spot and points. a transparent market benchmark price that is independently audited and published to the market. Calyon selects Reuters to Mellon deliver FX trading platform enhances IDeal Forex Calyon has selected Reuters, as its technology partner in delivering Mellon Foreign Exchange has recently unveiled the latest enhancements to its IDeal Forex online trading platform. IDeal its foreign exchange trading platform for its corporate and financial Forex can now process an unlimited volume of international customers. Calyon’s revamped service, called Aquarius, forms part transactions. It accepts desktop, Web file upload and file of its web-based range of services, which are used by a wide range transmissions, and now enables users to remit payments by of clients including corporate, financials and internal users serviced SWIFT, check and EFT. out of their London, New York and Hong Kong offices. These enhancements are intended to broaden a corporation’s FX The RET-AD ASP (application service provider or hosted) option’s capabilities and may be used for vendor payables, payroll/pension fast implementation and flexible technology has enabled Calyon to and beneficiary remittances for stock options and dividends. Extensive reporting features include payment tracking, access to extend its automated and other FX services to clients. With RET- more than 100 standard reports and custom reporting upon AD, the bank’s customers will see live streaming rates and be able request, at no extra cost. In addition, users can benefit from bulk to trade either directly with Calyon or with multi-dealer platforms pricing and bulk payment features. over a standard internet browser. april 2005 e-FOREX 7 news Nordea Analytics extended by IAS 39 tool IFX Markets launches Nordea is cooperating with PricewaterhouseCoopers to advise its new-look IFX Direct customers in the best possible way regarding implementation of the new IAS 39 accounting rules for financial derivatives. One result IFX Markets has launched a new-look release of its IFX Direct of this cooperation is a new tool, IAS 39 Hedge Effectiveness Tester, foreign exchange trading platform, incorporating a range of for calculating and evaluating hedge effectiveness. ground-breaking features. These include: • Simultaneous trading -In multiple currency pairs • Multi-account trading -Via amounts or percentages • Client-customiseable windows • Deal ticket incorporated into the quote window • Ability to create both simple and complex linked orders • Online account status – real-time back office access • Advanced, integrated charting and news packages Managing Director James Thornton said: “IFX Direct’s new The IAS 39 tool enables customers to perform hedge effectiveness state-of-the-art platform reflects tests in order to use the rules for hedge accounting. The user inputs our determination to capitalise on a hedge package which can for example consist of a commercial our IT strengths in providing our cash flow hedged with an FX forward. It can then be tested using customers with unmatched speed various IAS compliant methods (both prospectively and of execution, and transparent retrospectively). The Hedge Effectiveness Tester is offered as an online liquidity.” James Thornton integrated part of Nordea Analytics thus offering the customers the possibility of making analysis of hedging strategies, risk- and liability management etc in a coherent advanced analysis package. Nordea Analytics has more than 1000 unique active monthly users Hotspot FXi amongst corporates and institutions in the Nordic market. Streaming Prices Best in Euromoney Poll Hotspot FXi topped the 2005 Euromoney Internet Technology Awards as Best in Automated Streaming Prices. The Hotspot FXi marketplace BTM goes live with Cognotec's was also a top-five finisher in other key foreign exchange categories, including Best Non-Bank Foreign Exchange platform. “Automated Market Rate Manager streaming prices have always been an important component of Hotspot's market structure, we introduced live, streaming, executable Foreign exchange solutions provider Cognotec announced that The prices in 2001,” said John H. Eley, President and CEO, Hotspot FX Inc. Bank of Tokyo Mitsubishi (BTM) has gone live with the Market Rate "We were pioneers in streaming technology and we are continually Manager (MRM) solution. MRM is part of Cognotec's AutoDeal improving it to make it more efficient." range of solutions, already used by BTM to service its clients online. The bank is using MRM to provide a single source of bank-specific rates to various internal systems and global clients on FXall and FX@BTM its online service. In addition, MRM's time zone functionality gives the BTM's London and New York offices more Hotspot FXi’s executable streaming prices are supplied by 10 top- independence in providing their own rates to clients. "Historically, rated foreign exchange dealing banks. These streaming prices, together with the platform’s client bid/offer capability, full depth-of- eFX systems have relied heavily on generic rate feeds. The MRM market view and comprehensive anonymity form a robust implementation has allowed BTM's dealers to generate a 'bank rate' marketplace that is used by the world’s premier hedge funds, more accurately and with complete visibility, thus giving dealers institutional investors, and corporate treasuries. Volumes on greater confidence in quoting larger amounts automatically. This Hotspot FXi grew nearly 150% in 2004, putting it in the top rank of has integrated BTM dealers into the overall eFX workflow," spot trading venues. explained Denis Sweeney, MD of Cognotec Asia Pacific. 8 april 2005 e-FOREX