Cantor Fitzgerald is continuing its push to build its foreign exchange sales and trading team with the hire of two FX traders from Goldman Sachs. The two new hires will be responsible for building out Cantor's global FX business and increasing its market making capabilities, the firm said.
The investment management community's needs for accessing data may be beginning to shift, according to Broadridge Investment Management Solutions.
Hong Kong is reportedly working around the clock to meet the October go-live date for its link to the Shanghai Stock Exchange. As markets closely watch progress on the project that will for the first time open up Chinese capital markets to real-time trading by international investors, some details of trading through the new link are beginning to emerge.
UBS Futures Co. Ltd. officially launched Tuesday to provide futures brokerage services in China. The business represents an expansion of services for its parent company, UBS Securities Co. Ltd, which was the first foreign-invested securities firm with full licenses to conduct business in China.
CME Group's planned purchase of the technology assets of inter-dealer broker GFI Group, announced last week, raised some interesting questions about how brokerage operations are valued. Through a pair of strategic transactions, CME Group isn't just valuing GFI's Trayport and FENICS technology units more highly than GFI's inter-dealer brokerage, it is valuing them more than four times as high.
A consortium of Wall Street firms, led by Goldman Sachs, is reportedly close to buying a stake in an open source chat and instant messaging service called Perzo. The investment would be part of an effort by the firms to find an alternative to Bloomberg's messaging service, the costly service used by much of Wall Street.
Overstock.com, the first company with more than $1 billion in sales to start accepting bitcoin, is bringing the Bitcoin debate to the finance industry by exploring how the decentralized cryptocurrency approach might play out in securities markets. The company has launched a wiki page that seeks to start a crowd-sourced debate on whether it would be possible for companies to issue cryptosecurities and what an exchange system that would trade such securities might look like.
Thomson Reuters is focusing on speed in its latest data service release, introducing a direct feed data service aimed at firms that engage in algorithmic trading, smart order routing, or other trading styles for which subsecond time advantages can be essential factors in trading strategies.
In an unusually structured pair of transactions, CME Group announced plans to acquire inter-dealer broker and technology provider GFI in exchange for common stock. Immediately after the acquisition, an investor group will acquire GFI's wholesale brokerage and clearing business, leaving CME Group to retain only the Trayport and FENICS technology businesses.
In the search for alpha, asset managers are finding that the automated and quantitative trading strategies they increasingly rely on are portable--into new asset classes and new geographies.