Regular readers of the Trading Gurus blog will be aware that we have been pondering the possible effects of additional regulation on markets on both sides of the Atlantic for some considerable time now. In this guest post Alex Krishtop of Edgesense Solutions speculates about what the future holds for the world's financial markets. In our view Alex's crystal ball is much clearer than those of the vast majority of market commentators.
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Betfair Group PLC made an announcement today via the London Stock Exchange's Regulatory News Service revealing their preliminary results for the year to April 30th 2012. They headlined with the opinion that:
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Earlier this week LMAX (who have now started to refer to themselves as LMAX Exchange instead of LMAX Trader) quietly started allowing existing customers to trade on their multilateral trading facility using MetaTrader 4, but they're not advertising that fact!
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Following on from last month's European attack on the City of London a new front has opened up in the war currently being waged to regulate away risk in the world's financial markets. However this time around Britain is fighting back in the courts! Bloomberg reports that:
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My attention has recently been drawn to an academic research paper entitled High Frequency Trading and The New-Market Makers. The author, who is from the VU University in Amsterdam, investigates the connection between high frequency trading and the emergence of new exchanges here in Europe:
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Fresh from having their UK subsidiary fined by the CFTC earlier this month, FXCM have now been fined $2 million by the National Futures Association. Once again the complaint against FXCM and their CEO Drew Niv and details of the agreed settlement have been published simultaneously. Once again FXCM neither admit nor deny the allegations in the complaint, which concern FXCM's failure to pass on positive slippage from their liquidity providers to their customers, and lapses in their anti money laundering procedures. However this time around FXCM's customers do stand to benefit financially since one of the agreed sanctions states that:
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Citi announced in a press release earlier this week that us poor souls from the UK would have to wait no longer to be able to use the CitiFX Pro platform. According to Citi’s Manager of Margin Foreign Exchange for Europe and the Middle East, Sasha Serebrinsky:
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Last week the NASDAQ listed TradeStation Group announced that:
With the launch of [its] new TradeStation Forex business, TradeStation will have transformed its forex offering from a fully disclosed operation, where it introduces customers to a third-party forex dealer, to one where its new subsidiary, TradeStation Forex, Inc., an approved Retail Foreign Exchange Dealer (RFED) and member of the NFA, acts as principal and directs aggregated pricing to its customers.
The third-party forex dealer referred to in the announcement is currently GAIN Capital, and TradeStation will shortly be cutting out that middleman and dealing directly with a number of liquidity providers. Retail forex traders will be able to use the recently introduced TradeStation 9.0 platform to access that liquidity, and the announcement also stated that:
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Yesterday I spoke at some length with MB Trading's Chris Mercer. Chris is in charge of various aspects of their business, including their MetaTrader 4 project. We started off by discussing MB Trading's recently announced "Get Paid for Limit Orders" initiative, then went on to talk about the intricacies of electronic communication networks. Finally I asked Chris about where the MetaTrader platform fits into all of this, both now and in the future.
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The latest edition of the Economist magazine has just landed on my doormat. The cover story is a 14 page special report on "Stopping Climate Change". I'll read that with interest later, but the first thing I turned to was one of several articles which mentioned Dubai's debt crisis. This one was entitled "The Repercussions of Dubai", and covers international reaction to the Dubai World announcement that it wanted to stop repaying its debts until "May 30th 2010 at the earliest".
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