Fx data: How disruptive are the disruptors?*
Market data packages are often unbundled and sold separately to improve profit margins, further increasing costs for trading institutions, says ParFX CEO, Dan Marcus. “There is a realization that institutions are paying vastly different amounts for the data they receive. Large institutions are negotiating better prices and cutting special deals based on how much they agree to trade on a particular venue, which means smaller institutions with lower trading volumes and less bargaining power are struggling to get value for money.”
Unfair Deals and Unbundled Costs – Will Market Data Fees Stop Rising?*
Speaking to Finance Magnates, Dan Marcus, Chief Executive Officer of spot FX trading platform ParFX, noted that unbundling was a major cause of increasing market data costs.
Market data providers must end fee disparities – ParFX*†
According to Dan Marcus, chief executive officer of Tradition-owned spot FX trading platform ParFX, it has “come to light that some institutions are paying vastly different amounts for the data" they receive.
Exclusive: ParFX CEO – FX Industry Can Work Together for Ethical Reform*
Keeping a close eye on the proceedings was Dan Marcus, CEO of ParFX, a spot FX trading platform which shares much in common with the FX Global Code. ParFX was developed by a group of the largest FX trading institutions in the world, which had become frustrated with the deteriorating trading environment on public spot FX trading venues and wanted to reintroduce fair, equal and transparent behaviour to their day-to-day trading activities. This week, Finance Magnates spoke to Marcus about the outcomes of the GFXC’s annual meeting, the future of the organisation and ParFX’s plans for the future.
FX Global Code key to ethical debate on HFT – Tradition*†
According to Dan Marcus, global head of strategy at inter-dealer broker Tradition, some participants continue to benefit from operating with the highest frequencies and connectivity, fastest matching engines, and asymmetric access to data. “As the FX markets evolved, it became apparent that for some trading institutions, it was all about speed and having strategies that relied on speed,” Roger Rutherford, chief operating officer of Tradition’s spot FX trading platform, ParFX told FOW.
Traders still haunted by liquidity mirages in FX*†
Liquidity – the ability to buy or sell financial products on trading venues and exchanges at a given time and price – is the lifeblood of financial markets. Central banks, wholesale banks, corporations, investment, hedge funds, asset managers, pension funds and money managers all rely on access to firm, executable liquidity every day in order to exchange risk, fund their business operations, pay suppliers and staff, and hedge their exposures.
Bloomberg Markets: Rules & Returns*
Dan Marcus of Tradition and Philip Chapple of Monterone Partners discuss MiFID II. They speak with Bloomberg’s Nejra Cehic on "Bloomberg Markets: Rules & Returns."
CFTC’s concerns about FX industry annoys pros*
Busch’s views have garnered some sympathy, with ParFX CEO Dan Marcus describing phantom liquidity as a hindrance to traders that not only portrays an inaccurate picture of market depth but also results in a lack of confidence across the board as efficient price discovery and execution is unachievable.
Taking the first steps towards a new market structure*
“The execution principles and agreements that liquidity providers had in place with customers prior to the FX Global Code being published – many of them have already changed. We’ve already seen a difference in the market already. Some execution agreements have explicitly stated they will not use the information within the last look window for trading, and others have moved to zero hold time so participants can’t use that information to pre-hedge,” says Roger Rutherford, Chief Operating Officer at ParFX and ACI FX committee member.
ParFX is not for sale *†
ParFX was launched four years ago, with a group of 12 founding banks and the backing of broker Tradition. The plan was to introduce a completely new way of matching orders by applying randomised pauses of between 20–80 milliseconds in a bid to eliminate purely technology-driven advantages.