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April 2012


Manfred Wiebogen Foreword


FX Regulation & Taxation


Nicholas Pratt Leader


FX e-services


contents


FOREWORD 20. From FX Regulation to FX Taxation


Manfred Wiebogen highlights why Regulation and Taxation may no longer be real news to us, but the frequency and attention given to the topic in public discussion is nevertheless still increasing.


LEADER


22. Strengthening client relations with FX e-services


Peter D’Amario Industry Report Growth in e-FX


Richard Willsher


Regional e-FX Perspective Africa


Nicholas Pratt explores in what ways electronic FX services can help improve and engender more productive client relationships.


INDUSTRY REPORT


28. Electronic trading tops 60% of Global FX trading volume


Jeff Ward


The e-Forex Interview ICAP Electronic Broking


Frances Maguire Focus


FX Prime Brokerage


Peter D’Amario reports on how strong growth in electronic trading activity last year pushed electronic foreign exchange volumes above 60% of the overall global FX market for the first time.


FEATURES


32. Social Forex Awards 2011 – The winners


Roger Aitken


Complex Event Processing A disruptive technology


Joe Morgan


Managed Network Services FX Market Data delivery


Roger Aitken reviews the ‘2011 Social Forex Awards’ held this February in central London which were the first of their kind.


A


Absa Capital ACI


ACT Forex


ADS Securities Aite Group


Axicorp Financial Services B


Barclays Capital Bloomberg L.P.


David Hastings In The Chair


Liquidity Connectivity


Andrew Ralich Fast Track


oneZero Financial Systems


Bloomberg Tradebook BNP Paribas Boston Prime British Telecom


C Caplin Systems


Catena Technologies Celent


CFH Markets CFTC


page 134 page 126 page 114 page 52 page 21


Cloud Trading Technologies page 107 Commerzbank CME Group


page 8 page 32 D


Deutsche Bank DF Markets


Heather McLean Social Investing


Reshaping Retail FX


Philippe Bonnefoy Tradertalk


Eleuthera Capital AG 4 | april 2012 e-FOREX


Divisa Capital Dukascopy


page 15 page 166 page 34


Outside Back Cover page 7


page 22 page 91 page 38 page 140 page 123


page 75 page 20


page 97 page 160


E


Eleuthera Capital AG eSignal


page 64 ESMA page 2


E*TRADE Eurobase


F Fair Trading Technology FC Stone


Financial Software Systems FlexTrade FXall


FX Architects FX Bridge FXCM FXDD FxPro


G Gold-i Greenwich Associates H


Hantec Markets Hotspot FX


I Icap


IG Group Interxion IPC


page 81


page 151 R page 119


REGIS-TR page 117 Royal Bank of Scotland


page 51 page 24


page 133 page 28


page 184 page 37 page 20


page 103


>>>


42. Streamlining and simplification of FX trading operations with more unified post trade architectures


Mandatory clearing of NDFs via CCPs is expected to be implemented this year and with clearing of FX Options to follow, Frances Maguire looks at whether the changes to the back office will bring more joined-up processing for FX.


56. Visualisation – achieving real time perspectives of the FX liquidity landscape


Nicholas Pratt examines how a new generation of liquidity aggregation technologies and liquidity management toolsets can now assist high performance FX sell-side and buy-side firms to visualise liquidity and optimise their trading strategies.


REGIONAL e-FX PERSPECTIVE


66. Africa


Richard Willsher discovers what factors shape the current foreign exchange market in Africa as a whole and why we can expect to see growth in e-FX taking place in many countries within the continent over the next few years.


THE e-FOREX INTERVIEW


76. e-Forex talks with Jeff Ward, Global Head of FX Sales at ICAP Electronic Broking


L LetstalkFX Lloyds bank page 8 M


MarkitSERV MB Trading


MetaQuotes Software


page 177 MIG Bank page 19


MNI page 13


Inside Back Cover page 11 page 145 page 61 page 125 page 25 page 157


My-Channels N Nordea O


One Market Data One Zero


Option Computers P PFSoft Philip Futures


page 17 Portware page 5


Q QuantHouse page 16


page 27 page 41 page 109


page 101 page 137 page 47


page 9 T


360 Treasury Systems ThinkForex


Thomson Reuters TMS Brokers Tradency TradeTech TraderTools Tradeweb


Tradition-ICAP Traiana


page 54 page 170 page 68


Inside Front Cover page 175 page 92 page 63 page 16 page 18 page 45


Transaction Network Services page 121 U


UBS Investment Bank


V Varengold


page 87 page 142


page 43 page 168 page 189 page 93 page 12 page 129


Page 32 page 23


S Savvis Saxo Bank


SmartTrade Technologies Social-Markets.net Solace Systems Squared Financial Standard Bank


Standard Chartered Bank SunGard


SuperDerivatives Sybase


page 115 page 149 page 59 page 32 page 131 page 89 page 69 page 68 page 138 page 82 page 99


Companies in this issue


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