Our response is a package of solutions launched in May; DealHub Smart Reporting, which addresses all the key challenges posed by the new regulations. By abstracting all regulatory workflow and connectivity into a middleware layer, we protect core systems from disruptive change, establishing a flexible, rules-based framework to manage regulatory demands in 2012 and beyond. We’ve had a really positive response to the launch and are committed to making the transition to the new regulatory regime as painless for customers as possible.
In addition to your post trade services, DealHub has a growing reputation in the e-FX space. How are current market dynamics affecting demand for your price distribution backbone?
With two new ECNs launched in the last month alone, it’s clear that liquidity fragmentation is a trend that has some distance to run. It’s very hard for a bank to compete effectively for FX business without pricing into multiple trading venues, in addition to any single- bank offering they might have. Managing the different protocols, trading rules and market structures used by each venue can be incredibly complex and time consuming. Tis is certainly a key driver of demand for our Connectivity Manager solution, which handles all venue interfaces, while centrally managing pricing and orders in a normalised format. Te fact that we can offer these capabilities co-located with key venues makes it a very compelling proposition for banks looking for a fast and flexible leg-up in e-FX.
Have e-FX services become a simple commodity which every major FX provider must have in order to compete or can they actively help them gain market share by deploying more scalable and flexible platform infrastructures to facilitate improved price generation, order management, post trade services and risk management operations?
e-FX services are certainly close to becoming ubiquitous – but I don’t think they are in any way commoditised. In fact, in a market where spreads are ever tighter and it’s increasingly hard to compete on price, building stand-out e-FX services to wrap around your core pricing is an increasingly common source of differentiation. Customers of all sizes are coming to us now, because the first generation of ‘off the shelf’ ecommerce tools no longer give them a competitive edge. Whether they’re looking for ultra-low-latency proximity hosting to improve hit rates on an ECN, flexible margining tools to better manage their pricing, or a customer friendly credit system, our toolkit of e-FX services can help them craft a new infrastructure tailored to their unique goals. And because our solutions are modular and we understand complex
Peter Kriskinans
integrations, we can take a very flexible approach to implementation, replacing legacy components one step at a time, or dropping in a complete solution from liquidity aggregation though the pricing workflow to distribution and order management.
Where do you see the next round of technology innovation in FX being focused?
With the kind of competition we’ve just talked about, the smartest organisations are starting to use live data to drive decision making in real time. Tat could mean using latency monitoring tools to continually fine-tune performance across an ecommerce infrastructure, or it could mean real-time analysis of end to end profitability of customer flows, driving pricing and market participation strategy on a second by second basis. Te more you can automate those data flows and decision processes, the more competitive and profitable your business can be.
We continue to report on exciting growth in e-FX throughout many Emerging and Frontier markets. What steps are you taking to further increase the reach of DealHub within the global FX marketplace?
We’re continually looking at new opportunities, and it’s exciting to see how quickly emerging markets are catching up and competing with more established geographies. Te new DealHub office in Singapore reflects our commitment to the Asia-Pacific region, where banks want to catch up fast, but are often in a different regulatory environment which dictates the ways they interact with clients. We have the suite of products and experience from existing clients to help them leap-frog forward.
july 2012 e-FOREX | 93
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