FNM Also Suspends Foreclosures Thru January
::
FRE Suspends All Foreclosures, Evictions of Occupied Homes Thru January 9, 2009
::
S&P/TSX Down 765 Points, a 9% Decline to 7724 at Close
::
10yr Yield Drops to 3.05% (Lowest Ever)
::
Dell Beats in Q3 - 37 Cents/Share vs. 31 Estimated
::
BoNY Cutting 4% (1,800 Jobs)
::
Citi: Strong Capital Position, Liquidity --CNBC
::
TSY - no other funds in TSY's temporary money mkt guarantee program rec'd a similar liquidation notice from the SEC
::
TSY's Exchange Stabilization Fund will buy any remaining securities in The Reserve Fund at amortized cost
::
TSY is helping The Reserve Fund to ensure "order and timely" liquidation
::
Office of Thrift Supervision says 225 banks seeking funds are pending Agency Review
::
OTS says 1/3 of Thrift Banks have sought bailout funds
::
TSY - The Reserve Fund's securities are s/t Gov't paper and FNM, FRE securities
::
TSY will serve as 'buyer of last resort' for The Reserve Fund's securities
::
30yr Yield Drops to 3.61% (Lowest Ever) on Biggest Day Drop Since Sep-01
::
TSY had taken The Reserve Fund into the Temporary Guarantee for Money Market Funds program
::
TSY says they agree to help liquidate fund due to "extraordinary and unique" circumstances
::
TSY agrees to help liquidate The Reserve Fund's U.S. Gov't Fund
::
Long Bond Up 5 Handles in Panic-Buying
::
S&P Down 5.1% to 765, Lowest Since Apr-97
::

Username: Password: Forgotten your Password? Create an Account

Feb 15th 2007 - ICAP Enhances EBS Prime Brokerage Service for FX Trading Banks with NetLink, Powered by Traiana

ICAP Enhances EBS Prime Brokerage Service with NetLink

Bill Moran, Head of Product, EBS

Bill Moran: "The growth of e-trading and program or algorithmic trading has led to a significant rise in transaction volumes..."

ICAP's global currency and metals e-trading platform, EBS, has launched an automated ticket netting service for prime broking banks to help them manage more efficiently with the increasing numbers of foreign exchange dealing tickets.ICAP has worked with FX post-trade specialist Traiana, provider of the Harmony network for FX prime brokers, to create a netting system called NetLink, which enables prime banks to net their customer's FX trades by currency pair at pre-defined points throughout the day.Daily traded volumes in FX are increasing, while the market has also absorbed hundreds of new participants from both emerging and developed markets through prime brokerage relationships. Counterparties using the EBS platform transact average daily volumes in excess of USD 145 billion (single count), compared with USD 100 billion three years ago.

In addition to rising volumes, more FX organisations are trading smaller ticket sizes, but in greater numbers, through algorithmic trading, putting pressure on the back offices of the FX banks offering prime brokerage.

NetLink solves this issue as it receives deals from the EBS dealing platform or any other electronic platform and determines whether or not each deal is netting-eligible based on customer-defined parameters.

The majority of FX trades are then processed and netted by NetLink, and then electronically confirmed to the prime broker bank's back office either as deal tickets or simply as payment records.

During a recent pilot, NetLink achieved a 95% reduction in ticket volume, effectively netting dozens of prime customer traders into single tickets.

Bill Moran, Head of Product, EBS, said: "The growth of e-trading and program or algorithmic trading has led to a significant rise in transaction volumes and this is causing some concern for the middle and back-offices of the prime brokers.

"The main issue this creates is the sheer volume of tickets. By streamlining the process through netting we can provide the banks with a more efficient, cost effective FX trading platform.

Gil Mandelzis, CEO, Traiana said: "NetLink helps the FX-trading prime banks to net their customer trades efficiently and effectively and thus perpetuate the growth of liquidity. This in turn frees up prime broker back office capability to service additional customer business and contributes to cost reductions through effective straight-through-processing.

"This is a major benchmark for the FX market, enabling FX prime banks to net their customer trades efficiently and effectively and thus perpetuate the growth of liquidity."

click here to return to the top of the page