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Tech Talk

What’s Next For Wall Street’s FinTech Czars? Bitcoin Exchanges!

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MarketsMuse.com FinTech update profiles Wall Street’s trading system technology push into the next frontier: Bitcoin Exchanges. Below is courtesy of March 24 column “Legacy Exchange Players Rush To Aid Bitcoin Exchanges.”

Following news that Nasdaq will offer trading technology to Noble Markets, legacy exchanges and executives are helping to make the trading of the virtual currency very real indeed.

Phil Albinus, TradersMagazine
Phil Albinus, TradersMagazine

Another day, another step forward to Bitcoin’s road to legitimacy. Yesterday, the Wall Street Journal reported that market maker Nasdaq will provide trading technology to Noble Markets, the start-up firm that aims to allow hedge funds to trade bitcoin and “related digital-currency assets.”

[Is the Buyside Ready to Trade Bitcoin?]

Earlier in the day, news broke that former NYSE CEO Duncan Neiderauer had joined Tera Group, a  bitcoin derivatives trading platform and virtual currency bourse. The former head of the Wall Street trading floor will serve as an advisory director for the newish bitcoin firm.

Wall Street is seeing real opportunities in the virtual currency. As the Wall Street Journal cites, “The New York Stock Exchange’s investment in bitcoin exchange Coinbase; regulatory approval of public trading in the Digital Currency Group’s Bitcoin Investment Fund; former J.P. Morgan Chase & Co. executive Blyth Masters’ appointment to a lead new digital-asset settlement service…” Continue reading →

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Euro-based Bond Platform Offers RFQ Trading for ETFs; US-based OMEX Trades Ahead

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etf-strategy-header-940-92  Courtesy of ETF Strategy

“..MTS, one of Europe’s largest electronic fixed income trading venues, is to launch request-for-quote (RFQ) trading for exchange-traded funds (ETFs) via its multi-dealer-to-client MTS BondVision platform.

The new service will offer liquidity providers access to a diverse community of global institutional investors.

The platform will support ETF products listed on the Borsa Italiana and London Stock Exchange, both of which are owned by the London Stock Exchange Group PLC.

By offering RFQ as a new execution method in addition to the order book trading functionality currently offered by the two exchanges, MTS is seeking to improve the efficiency of executing these products and increase trading opportunities for all market participants..”

John Houlahan, OMEX Systems
John Houlahan,OMEX Systems

Observed John Houlahan, COO of US-based OMEX Systems, the broker-neutral OEMS platform used by leading ETF, option and futures market participants, and provides direct market access to multiple exchanges and liquidity centers, “Hats off to MTS. Even if RFQ is a functionality that fixed-income players as well as institutional equity trading desks are long-accustomed to, and that some of us are already well into next-generation request functionality, from a trading technology industry “business model” angle, the underlying story is clear: niche players offering single-asset class products are kidding themselves if they think that is a sustainable model.”

Added Houlahan, a 20-year veteran of the trading technology space, “MTS certainly seems to recognize that electronic trading for all but the most liquid fixed income products is still at the early stages of evolution and large-scale user adoption. It makes sense to leverage their technology, just as equities systems vendors are now attempting to step into the bond and futures arenas. Those who can overcome not just the technological and regulatory issues, but the political and cultural nuances that distinguish the ways  various assets actually trade in secondary markets will be remembered as real pioneers.”

For the full article from ETF Strategy, please click here