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Rants & Raves

360T GTX Maker

360T GTX Maker, formerly run by Gain Capital, has a FIX API that allows liquidity providers to price sweepable or full amount streams in NY4, LD4, and TY3. Their FIX API for market makers includes a non-standard feature where inbound orders contain a clOrdID (client order ID) value that’s the same identifier as the quoteID generated by […]
Rants & Raves

The Importance of Adjusting LMAX Market Data by Region

LMAX Exchange offers FIX APIs for FX market making and taking in New York, London, and Tokyo. However, the data and the way it should be consumed differs depending on the region it’s taken from. Let’s take an example where a client is interested in seeing a 1,000,000 price in all three regions. In London […]
Erkin as Charles Baudelaire
Rants & Raves

Pizza & Disclosed Venues

Here’s our final FX Poem to kindly ask for your vote for the P&L Readers’ Choice Awards…          Pizza & Disclosed Venues          by erustamov@marketfactory.com Everything got put to test, challenging our ability Some passed with flying colors, some lacked connectivityYou picked up new skills in your home facilityEven boosted […]
Eugene dressed as the famous poet John Milton
Rants & Raves

The Ides of Covid

         The Ides of Covid          by emarkman@marketfactory.com As covid lead to volatility,It put a short on our mobility. We social distanced and joined zoom meetings,For work calls, happy hours, and family greetings. Yet FX remained resilient,And volumes hit levels that were brilliant. As markets move to Bull from Bear,It is now time to prepare. […]
Christian as the famous poet alexander pope
Rants & Raves

An Ode to our New Mode

For the last five years, you elected us “Best in Connectivity.” To say thank you, I want to offer you a poem which will hopefully induce a chuckle.          An Ode to a New Mode          by creiss@marketfactory.com Pajamas, bathrobes, online meetings, Kids at home, please stop screaming,Oops, my laptop […]
Rants & Raves

An explanation on this year’s flash events

Twice this year (and its only February 25) the FX press shouted, “flash crash!”. Both events merit explanation as they were vastly different. We offer ours. Yen Flash Event – Did the Tail Wag the Dog? What caused the yen flash event? Could it really have been retail-led following a negative revenue announcement by Apple? […]
Rants & Raves

10 FX Predictions for 2019

Each year James Sinclair, executive chairman and FX veteran, shares his top 10 predictions for foreign exchange. Read this years predictions below:  Fragmentation will continue – and do so in four dimensions. Individual venues are fragmenting and offering additional models of trading, such as full amount. They are also experimenting with clearing, enabled by new […]
Rants & Raves

2018 FX Predictions Report Card

In December 2017, I published 10 Foreign Exchange Predictions for 2018. Now that 2018 has come to a close, it is time for me to grade myself! Overall, I’m giving myself an A-, only receiving two bad grades! Bitcoin: the truth will be told. Grade = A Bitcoin is now trading at $3,800, about 75% […]
Rants & Raves

“Monitoring of Fast-Paced Markets” – some thoughts from the BIS paper

The Bank for International Settlements (BIS) published a new paper “Monitoring of fast-paced electronic markets” in September 2018. Whilst oriented to central banks’ own needs, it contains fascinating nuggets for us all. Among them are some of their observations on the role of “primary venues”, principally EBS and Thomson Reuters Matching (now a service of […]
Rants & Raves

Takeaways from Chris White, hostage negotiator, talk at TradeTech FX Barcelona

First a confession: motivational speakers rarely motivate me. I often find their message shallow and too general to apply in practice. Chris White the hostage negotiator did, however, impress me. It may seem almost irreverent to compare a hostage negotiation with issues we encounter in our daily life, but by looking at the extreme situations […]
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