THETRADETECHFX DAILY
news update
FOREIGN EXCHANGE
Trading Technologies establishes new FX business unit
WITH AN INITIAL IMPLEMENTATION PHASE SCHEDULED FOR LATE 2023 , THE MOVE BECOMES TT ’ S LATEST EXPANSION INTO A NEW ASSET CLASS FOLLOWING ITS ACQUISITION OF FIXED INCOME TRADING SOLUTIONS PROVIDER AXETRADING .
Trading Technologies International ( TT ) has established a new foreign exchange business unit named TT FX .
TT FX becomes the latest expansion into a new asset class by TT , following its March acquisition of fixed income trading solutions provider AxeTrading .
Tomo Tokuyama has been appointed to manage TT FX with an initial focus on hiring FX industry product and technology experts , connectivity to major electonic communication networks ( ECNs ) and liquidity providers , alongside delivering advanced FX trading capabilities through TT ’ s execution management system ( EMS ).
Tokuyama joins TT from Los Angeles-based quantitative fund First Quadrant , where he served as head of trading .
Prior to that , he served at Goldman Sachs in Tokyo and Hong Kong , where he was a member of the macro asset sales team specialising in electronic FX .
The new business unit will be implemented in phases , with an initial phase scheduled for late 2023 , which will enable clients to trade spot FX through a variety of curated ECNs .
Early next year , TT will extend the offering to include liquidity from major banks , alongside the expansion of the product set to include forwards , non-deliverable forwards ( NDFs ) and swaps .
TRADING VENUES
Tradeweb and LSEG ’ s FXall launch new emerging markets FX swap workflow solution
NEW MULTI-ASSET DIGITAL SOLUTION LINKS TRADING WORKFLOWS IN LOCAL CURRENCY EM BONDS AND FX SWAPS ; MORGAN STANLEY ACTED AS A LIQUIDITY PROVIDER FOR THE FIRST TRANSACTION .
Tradeweb and the London Stock Exchange Group ’ s ( LSEG ) FXall have collaborated to launch a new FX swap workflow solution for local currency emerging markets .
The solution links trading workflows in local currency EM bonds and FX swaps through a single user interface ( UI ).
Mutual clients can now buy or sell an emerging markets bond via Tradeweb ’ s request for quote ( RFQ ) or request for market ( RFM ) protocols . Users can then hedge the local currency risk by executing an FX swap trade via direct connectivity to FXall .
Users can request prices from multiple dealers simultaneously on both legs of the transaction . They also benefit from existing straight-through-processing ( STP ) channels , Tradeweb said .
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