Our CTO Tim Carmody contributed to a Reuters story today looking at the dramatic shift to institutional voice trading from traders’ homes during the crisis, and the challenges it brings for firms in terms of regulatory compliance. He highlighted our role in an unprecedented exercise to shift traders to home trading, with over 10,000 new soft clients installed over six weeks by IPC across North America, Europe and APAC, saying that “we have seen which customers were prepared for this and which ones scrambled a bit,” and adding that “working patterns will change now that the Rubicon has been crossed.”
Wall Street’s disaster playbook never included work-from-home trading. Insiders explain how banks rapidly adjusted during one of the most chaotic markets in history
First Published: Business Insider/ April 2020
It was unthinkable a little over a month ago: Legions of Wall Street traders navigating the most chaotic market in their lifetimes from the comfort of their living rooms.
With the spread of the novel coronavirus and increasing restrictions from governments to enforce social distancing, they’re doing exactly that. Wall Street firms — which only weeks before were reluctant to encourage trading from home for security and compliance reasons — migrated most of their markets operations to remote work in March.
At Citigroup, more than 91% of the firm’s 2,200 North American markets employees are working from home, including even some of the firm’s essential risk takers, according to people familiar with the matter. Goldman Sachs’ four trading floors in New York typically house thousands of employees during normal business times but by March 19 that had fallen to the low hundreds, according to a person briefed on the numbers.
‘It was not part of our playbook’
This was, quite literally, never in playbook.
Financial giants have long had plans in place to keep operations running in the event of a terrorist attack like 9/11 or a natural disaster, like Hurricane Sandy. But those largely focused on moving key personnel to backup sites. The shuttering of a single trading floor or office would have been unfortunate but manageable — every bank has sites scattered in the suburbs of trading hubs in New York and London, not to mention offices around the world to temporarily relocate staff.
But those continuity plans didn’t take into account a situation that would render nearly all trading floors around the globe unusable and force large numbers of trading staff to work from their homes.
Amid the rapidly spreading Covid-19 outbreak, which has hit New York City especially hard, even splitting employees among backup sites quickly proved untenable. One bank trading executive, who was helping plan his firm’s remote-work migration, likened their contingency site to the set of “The Wolf of Wall Street” — a “cavernous,” boiler-room type facility stacked with desks that “ran afoul of all social distancing guidance.”
Banks were quickly forced to ditch their disaster gameplan and trying something brand new, testing and deploying remote-working capabilities to their vast trading ranks.
“Trading from home has never been done,” a trading at executive at one of the biggest banks told Business Insider, referring to the company’s business continuity plans. “It was not part of our playbook.”
That’s because trading remotely comes with disadvantages and headaches. Some are tangible, while others are harder to grasp for the uninitiated. We spoke with more than a dozen insiders to understand the massive undertaking to enable remote trading, and which qualities of a trading floor are hardest to replicate from home.
“Prior to five or six weeks ago, not only were they not talking about working from home, they were talking about not supporting it for compliance and security reasons,” Tim Carmody, the chief technology officer of IPC, one of the primary suppliers of the trading hardware and software that connects Wall Street, told Business Insider. “And that rapidly changed.”
Overnighting supplies by UPS
The efforts at Citigroup provide a window into how one bank responded. The bank’s North American markets division started to test-drive WFH capabilities for traders the first week of March, when the scope of disruption from the pandemic had yet to fully materialize, according to sources familiar with the preparations.
That Wednesday the bank selected a representative group of 20 traders from across the division and sent them home in Ubers with all the supplies they’d need — such as computers, monitors, VPN phones, network cables, monitors.
After the pilot group proved it could work without incident, several days later, the bank identified its most critical staff in sales and trading — the top 10% of the 2,200-person group — and began assembling kits to have installed in their homes. They overnighted the supplies via UPS, though in many cases it took a couple days for the packages to arrive.
The bank meanwhile required every employee in the division to acquire and set up a token that provides remote access to the company’s systems, the sources said, transforming the reception area of one of its newly renovated trading floors into a makeshift Apple Genius Bar, staffed with technologists to troubleshoot any snafus.
Three weeks later, fewer than 200 the division’s employees are still reporting to company offices.
But that number won’t get down to zero any time soon. At Citi and elsewhere, top execs have decided that scores of top traders will need to continue reporting to work.
“Making decisions on key trading situations, how to manage certain books — you still need some decision makers to be on site and to be able to communicate very swiftly,” a senior Wall Street executive told Business Insider.
Turrets are critical mission-control centers for traders
That communication is often enabled by trading turrets — mini-mission control centers that allow traders’ split-second, rapid-fire voice connection to dozens of colleagues, brokers, and clients — that connect directly to a financial institution’s phone systems.
One of the initial hang-ups of moving to remote work was the lack of turrets, said one senior trader, a sentiment echoed by several others. That made trading slower and more likely to take place over chats.
While stocks largely moved toward electronic trading in recent years, other asset classes, such as bonds and options, are still heavily traded person-to-person, over the phone.
“They need to instantly be able to call people to make trades,” a derivatives trader said, noting that before the exchanges recently closed their in-person venues, direct-line turrets were routinely used to communicate with floor index traders.
“Direct lines to other desks, sales, and clients is faster,” added a former sell-side equities trader who now works at a hedge fund. “Also, some might have recording requirements depending on a product, i.e. CFTC rules, so can’t just use cell phones at home.”
Regulators have relaxed some of these rules in recognition of these unprecedented challenges. The CFTC is offering relief on things like record-keeping and time-stamping for market players including futures commission merchants, introducing brokers, swap dealers, retail foreign exchange dealers, and floor brokers.
And while some traders have been set up with VPN phones connecting their turret lines to their home lines, many people don’t have landlines anymore. Given the crisis at hand, the CFTC has allowed traders to create an email record of a conversation with a client, a reprieve that has expedited the transition, according to Wall Street execs.
Solving the turret headache
In rare instances prior to the coronavirus crisis, traders had turrets installed in their home offices.
“There were very isolated cases, particularly heads of desks with a lot of power, who wanted turrets in their Hamptons home so they could work from home on Fridays,” Carmody said.
Banks in the past month have tried to deploy that once-privileged perk to many more traders. IPC has gotten orders for several thousand turrets in March, an exceptional uptick for a single month, Carmody said. Most of the 1,000-employee global tech company is working remotely, though it has kept open manufacturing facilities in Fairfield, Connecticut.
JPMorgan Chase is among the banks to outfit more of its traders with physical home turrets in recent weeks, according to people familiar with matter. Firms are also testing software turrets.
Software turrets that mimic the same functionality but on a trader’s computer screen have seen an even greater surge of demand, Carmody said.
These soft turrets lack the velocity and facility of traditional turrets — there are fewer speakers, moving between buttons and channels is slower, there’s no push-to-talk or push-to-mute function — but the upfront costs are smaller and the software can be rolled out far more quickly.
“There’s a lot of functionality that the physical turret brings that will always be the gold standard,” Carmody said. “The soft turret gives you a workable environment for this, but probably not a direct replacement.”
Citigroup was testing the functionality of one IPC soft turret last week, sources said, and has secured hundreds of refurbished laptops installed with the software that it plans to send out to personnel.
Soft turrets are also likely to figure prominently in new protocols as banks tear up their old disaster-response plans, according to the bank trading executive who has been helping with his firm’s remote-work migration.
Nothing to replicate real-time interaction
Still, a former trading executive at one of Wall Street’s largest banks said it’s hard to replace in-office intuition.
In normal times, traders, particularly those that transact across asset classes, must be able to see which desks on a large trading floor are busy, call around within the bank at a moment’s notice and in some cases, quickly walk over to a colleague for a simple answer about risk positions or inventory.
“There’s nothing to replicate a salesforce and you talking and interacting in real time,” another trader told Business Insider. “But we’re in strange times.”
Working from a home office or spare bedroom deadens those touch points, the former executive said. While traders might be able to connect by video conference, electronic message, and phone, it can be hard to replace the other intangibles, the small bits of information a trader ingests.
That’s particularly true for some of the markets that have been slower to adapt electronically, he said, citing off-the-run Treasuries, foreign-exchange options, corporate debt, and structured commodities. Imagine the desk is working 10 inquiries simultaneously, and they are coming over voice, and negotiations are ongoing with all of them. In the office, a trader can see and hear and almost feel that activity, he said.
“I want to know where risk is being accumulated, where it might start accumulating, what types of clients are calling or not calling,” he said. “There’s an element of intuition that’s hard to replace.”
The downside to being out of touch is getting flat-footed, accumulating a large position that suddenly suffers losses or letting risky positions build up in some corner of the firm. In such an environment, activity has to slow so that traders can get comfortable with their exposures.
“You can’t be as tactical with a book without that in-person presence,” he said.
Goldman Sachs is trying to approximate the feeling of being in the same room with colleagues by exploring special videoconferencing setups, according to Atte Lahtiranta, the chief technology officer. The setup would have specially arranged cameras and large dedicated screens, and run all day so that traders could seamlessly stay in visual contact with colleagues. Some are already using Zoom in this way, he said.
“You could just put small monitors next to your desk, five of them, and you would see people eye-to-eye, and just turn your face toward them to talk,” Lahtiranta said, describing a future solution. “Those to me are the kind of next steps that, if this really becomes long lasting, you will need to do because people will need that sort of interaction.”
There are real world implications if Wall Street can’t get back to the office. Some have indicated the remote-work dynamic has exacerbated some challenges, including market liquidity. An ETF trader who also worked through the 2008 crisis said this is “the least liquid period I’ve ever traded in.”
Another trader said markets are more uncertain and harder to price, and he worries more about competing algos.
“I don’t think everyone’s at full speed,” the trader said. “Brokers are having a tough time with liquidity and the wide markets make it even harder to price.”
Trading FX On Exchanges: Reaching new peaks of trading activity
First Published: e-Forex Magazine 95 / FX on Exchanges / March 2020
Digital version here.
Globally, market volatility and regulatory pressure are causing new customers to look at the hedging products exchanges have to offer them. At the same time, better connectivity and improved and refined technology tools are continually aligning exchange offerings with those familiar to OTC market participants. These themes characterise recent developments at the exchanges we spoke to from Europe, Asia, Middle East, Africa and Latin America. While each has its own specialist offerings and geographical advantages, all are continually bringing new products and services to market and seeking to encourage wider market participation as on-exchange FX moves to the next level.
Paul Houston
“Over the period December 2019 – March 2020, we have seen our FX complex reach all-time records across open interest single day volume and large open interest holders with asset managers now representing 49% of our open interest in EURUSD FX futures.”
CME
In February, CME’s 24 currency pair listed FX options suite averaged USD8.2 billion per day. “Over the past 12 months, we have made a number of enhancements to our FX options aligning them more closely to the OTC market,” explains Paul Houston, CME Group’s Head of FX Products. “Our options are now all European style, with auto-exercise, and we are using the 10am New York cut for expiries. We have reduced strike increments to 25 pips, included Monday expiries alongside the existing Wednesdays and Fridays, and are working to extend the offering to additional currency pairs.”
On the futures side, CME continues to work on optimising its 40+ currency pairs of FX futures, in terms of cost and trading. “We’ve continued to invest in our FX Link service, as this provides another mechanism for entering the listed FX futures marketplace,” Houston continues. “FX Link is a tradeable spread between the OTC spot FX and listed FX futures markets, allowing users to simultaneously buy/sell FX futures vs sell/buy OTC spot.
“Over the period December 2019 – March 2020, we have seen our FX complex reach all-time records across open interest single day volume and large open interest holders with asset managers now representing 49% of our open interest in EURUSD FX futures. This provides a very strong indication of genuine growth in the adoption of FX futures as a mechanism for managing FX risk.”
Looking ahead to the rest of 2020, CME is working on a number of key initiatives across its FX complex including its core G7 FX futures, FX options, emerging market futures, and use of our products as a proxy for FX swaps.
“The first half of the year is focussed on delivering two further minimum price increment reductions (for CAD & AUD) in order to deliver cost efficiencies ahead of the March calendar roll, adding Monday expiries alongside the existing Wednesday and Fridays in our FX Options complex as well as extending the offering to additional currency pairs. For the second half of the year,” Houston concludes, “we will continue to work with our clients to understand which further enhancements and additions we need to make in order to help deliver further capital, margin and operational efficiencies to the FX marketplace.” He encourages clients to keep engaging with the exchange directly with requests or feedback as to how it can help them optimise their FX activity.
Joshua Hurley
“Clients have to take strategic decisions on how to mitigate the impact of regulations and listed FX is a ready-made solution that is relatively simple to implement.”
EUREX
The Deutsche Borse owned exchange offers FX derivatives on 12 currency pairs: EUR/USD, EUR/GBP, EUR/CHF, USD/CHF, GBP/CHF, GBP/USD, EUR/AUD, EUR/JPY, USD/JPY, AUD/USD, AUD/JPY and NZD/USD.
Demand for these are products is being driven by some big themes according to Joshua Hurley, Eurex head of FX ETD Sales and Business Development. “Regulation is a key driver,” he says, “most notably uncleared margin rules are pushing clients near the uncleared thresholds. Affected clients have to take strategic decisions on how to mitigate the impact of these regulations and listed FX is a ready-made solution that is relatively simple to implement. Even unaffected counterparties are taking this opportunity to review their existing FX trading arrangements and add listed FX to gain greater flexibility in terms of execution and counterparty management.”
Hurley explains that with pressure from counterparties to minimize the impact of their trading footprints on bank balance sheets, and bank prime brokerage a constantly shifting environment, big clients are looking to listed FX to minimize counterparty impact and their counterparty risk. “Asset Managers that trade in the name of segregated funds can ensure that all funds receive the same transparent execution and the physical delivery is managed by an EFP. Hedge funds and algorithmic traders can rely on a deterministic quote history and prefer the futures for that reason.”
Having launched FX futures in 2019, Eurex has seen marked increase in volumes through Q4 2019 and into 2020. “Our offer of deliverable FX products and an innovative rolling spot contract, with good pricing in all time zones, plus our off-book liquidity providers are supplementing this on-screen liquidity, it’s a safe route to take. Rolling spot offers the OTC FX market an alternative to the current available liquidity pools.”
Eurex has designed its products to be familiar to OTC audiences. Among the ways it has done this is by partnering with 360T. “This is a joint DB1FX offering to enable clients to receive electronic OTC futures liquidity. We believe this helps clients make the transition from OTC trading into futures as an underlying product.”
In summer this year DB1FX plan’s to complement its futures products with listed options.
Igor Marich
“MOEX is planning to acquire an FX trading platform, NTPro, with ADTV of approximately USD 4 billion across multiple currency pairs. This acquisition will allow MOEX to offer its domestic and international clients a full range of traditional on-exchange and modern OTC FX trading solutions.”
Moscow Exchange
Spot FX turnover on MOEX doubled in March from December 2019. Average daily trading volume (ADTV) on MOEX’s FX spot market is now USD 8.3 billion. International clients and Russian individual clients are the most active growth groups on MOEX, accounting for 42% and 9% of turnover, respectively. ADTV in FX futures in March was USD 5.2 billion, an increase of 57.6% year-on-year, notional ADTV in FX options is USD 200 million.
Igor Marich, Member of the Executive Board at MOEX, said: “Delivering a quote feed from major international liquidity providers has helped MOEX to strengthen its appeal. MOEX has successfully launched new products to better match liquidity providers and takers. We have also created new speed-bump order books for spot FX trading in large amounts and new RFS instruments in spot FX and derivatives for trading even larger amounts.”
Innovation has been a big focus for MOEX this year. The Exchange is considering launching the new FIFO FIX Gateway technology on the FX market, which will improve system predictability and ease of use while reducing latency and jitter for MOEX co-location clients. This will improve market efficiency.
MOEX offers a uniquely diversified platform where spot FX and swaps, all types of derivatives, money market, equities and bonds are traded within a single CCP clearing infrastructure. The Exchange continues to promote the benefits of access to its FX Market internationally through the development of its Remote Clearing Memberships coupled with a Unified Collateral Pool option, thus providing cross-margining efficiencies alongside feature-rich net settlement post-trade facilities.
These are especially important for international clients, given that MOEX has the dominant liquidity pools for deliverable spot FX and cash settled FX derivatives trading. MOEX’s local FX market has become global by attracting trading participants from over 125 countries and became the recognised international benchmark for all RUB instruments traded around the world.
“As part of our efforts to enhance MOEX’s matching facilities and promote its FX benchmarks, last year the Exchange launched the Weighted Average USD/RUB 11:30 Matching Service in which the FX rate is the Bank of Russia’s official rate. We have also extended the time for submitting orders in the instrument and MOEX USD/RUB 12:30 FX Fixing. In 2019, the fixing turnover increased by 1.5 times. On 17 December 2019, the MOEX fixing achieved a record high turnover of USD 369 million,” says Marich.
“In line with other exchanges, which have added OTC e-FX platforms to their business, MOEX as part of its longer-term strategy is seeking to enter the OTC FX spot market segment, which is adjacent to its existing CLOB business. MOEX is planning to acquire an FX trading platform, NTPro, with ADTV of approximately USD 4 billion across multiple currency pairs. This acquisition will allow MOEX to offer its domestic and international clients a full range of traditional on-exchange and modern OTC FX trading solutions,” says Marich.
Les Male
“2019 was our most successful year since inception.”
DGCX
“2019 was our most successful year since inception,” says Dubai Gold and Commodities Exchange (DGCX) CEO Les Male. “Trading across the DGCX’s G6 currency pairs has been strong this year. The products recorded overall year-to-date volume growth of 526% compared to the same period last year. The EUR/USD contract was the most prominent, trading 130,881 contracts, up 41% M-O-M in February and 541% Y-T-D. We have also recently revised the product specification of our offshore Chinese Yuan Futures contract in line with member demand. We are now beginning to see the early signs that this was the right decision to make with a number of new members and participants attracted to the DGCX because of the opportunities that have arisen from the contract.”
DGCX has recently implemented a member-led approach to product development. “With this in mind, the rest of 2020 promises to be particularly busy for us in the FX space,” says Male, “as we prepare to launch new products in response to member demand. Subject to regulatory approval, we have plans to launch a number of new and innovative currency products, including FX Rolling contracts, which are expected to be particularly beneficial to our institutional investors.”
Meanwhile its drive to encourage greater participation has received a boost from the recent appointment of a head of outreach and engagement. The aim is to promote and educate people across the wider GCC region. The Exchange’s promotion activities have included conferences, forums and other events, this appointment will enhance those efforts. Les Male concludes that geopolitics and global events are causing high levels of volatility across markets. “This will ultimately lead to higher volumes across numerous asset classes, including currencies, equities, metals and hydrocarbons, all of which are traded on the DGCX.”
Elaine Mabiletsa
“We migrated our currency derivatives market onto the MIT trading platform in April 2019 and now offer real time clearing through the Cinnober clearing system and make available historical tick data via the Data Mine platform.”
JSE
Currency derivatives have been traded on the Johannesburg Stock Exchange (JSE) since 2007. They track the ZAR versus USD, EUR, GBP, AUD, JPY, RMB, CHF, BWP (Botswana pula) NZD and CAD. In recent years new products have been added to track a basket of currencies and contracts that allow for the selection of a preferred expiry dates. In 2019, the total volume traded was over 69million contracts and average daily traded volume is around ZAR4billion.
“We have 6 product suites,” explains Elaine Mabiletsa, JSE’s Manager Currency Derivatives. “These include futures, options and quanto futures, anyday futures and anyday options. We also have the ability to list an exotic option on demand. These include cash settled single barrier knock-in/out options; cash settled strike-resetting options (maximum of five reset events allowed) and out of currency settled options on certain currency pairs.”
JSE continues to upgrade both its technology platforms and its data offerings. “We migrated our currency derivatives market onto the MIT trading platform in April 2019,” says Ms. Mabiletsa. “We now offer real time clearing through the Cinnober clearing system and make available historical tick data via the Data Mine platform.”
Education around currency derivatives is an on-going programme for Mabiletsa and her team. This includes presenting at trade shows and local exhibitions at home and abroad. This year she says that there will be roadshows in Cape Town, Durban and Johannesburg. They will also appear at BOCA, LeaderEX, NAMPO, JSE SheInvests, TradeTech Europe and FIA Chicago Options & Futures Expo.
As the continent’s largest FX derivatives exchange with more stable and advanced infrastructure than its African peers, JSE looks well set to gain from the increased interest in African FX.
Mario Palhares
“Privatisation plans have been announced that can attract international investors and may bring positive effects directly to the local FX market.”
B3
In December 2016 the Bank for International Settlements had this to say in its BIS Quarterly Review: “Owing to its depth and high level of development, the Brazilian derivatives market has been innovative and resilient to financial distress, during many episodes of financial turbulence… The Brazilian derivatives market arguably helped prevent more serious financial distress or a credit crunch. It did so by providing low-cost, transparent and liquid trading vehicles for a wide range of customers.”
Mario Palhares, Brasil Bolsa Balcão S.A.’s (B3) Listed Products Director says
that B3 has a complete FX portfolio which includes FX Futures Contracts, Options, Forward USD Rate Contracts (FRC) and DI Rate x U.S. Dollar Spread Contract (DDI). The U.S. Dollar Futures Contract is one of the most traded financial derivatives listed on B3. Standard and Mini U.S. Dollar Future Contracts are in Top10 FIA Global Ranking, 2019 in FX Instruments.
Aiming to develop the market and delivering more efficient ways to the FX strategies, B3 has recently added new products: 16 FX Futures Contracts (Currencies against USD) to generate efficiency once all players are used to build their portfolios against USD.
Additionally, B3 launched Mini U.S. Dollar Options (weekly and monthly expiration) the instrument allows negotiation with shorter maturities, bringing flexibility and precision to the market. Moreover, the mini options were designed to allow the participation of individuals in this market.
“Since last year,” says Mr. Palhares, “Brazil has been undergoing structural reforms, the interest rate is at the lowest historical level. More recently, a reform package has been approved, also there are privatisation plans that can attract international investors and may bring positive effects directly to the local FX market. B3 continues to upgrade its technology platform. It has consolidated its data center and implemented a new pre-trade risk tool called Line 5, to improve risk controls and increase speed of response. B3 has also recently launched new data products named UP2DATA, UP2DATA ON DEMAND and DATAWISE which offer the following services: reference data for all listed and OTC derivatives, on-line store of historical data and analytics tools that enables market participants to better understand their trading behaviours. Mr. Palhares points out how important education is for B3 in reaching new and existing customers. “Education, for B3, is a path for the continuous development of the capital markets. This work is done by B3 Education and its activities are guided by three main drivers:
- Boost knowledge about our products and services and support our customers in their strategies.
- Disseminate knowledge among market professionals and other interested parts through training programs.
- Establish partnerships that contribute to improving the training of financial market professionals and promote knowledge for the society in general
This content is now available on B3’s website, but we are working on an educational platform in which we will offer courses from B3, our clients and other partners. We intend to launch this platform in April.”
INDIA INTERNATIONAL EXCHANGEIndian regulator SEBI has recently sanctioned the launch of Currency Futures and Options Contracts on IFSC Exchanges. Commenting on this approval, India INX MD & CEO – V Balasubramaniam said, “We welcome the SEBI move to allow IFSC Exchanges to launch the Currency Futures and Options Contracts involving Indian Rupee. India INX is delighted and very excited about this development and is fully geared up to launch the same. We will be submitting our detailed product specifications to SEBI for approval on the INR-USD Futures and Options contracts on India INX which will be cash settled in US Dollars and cleared by India ICC our Clearing Corporation which shall act as Central Counterparty to these trades and offer settlement guarantee.” |
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K.C. Lam
“Because of the scale of our liquidity, SGX remains the primary venue that most people look at for trading CNH and RMB.”
SGX
Growth in trading FX products on the Singapore Exchange (SGX) continued its ever-upward march in 2019. “Because of the scale of our liquidity, SGX remains the primary venue that most people look at for trading RMB,” says K.C.Lam, Head of FX and Rates, SGX. SGX reported the following big numbers for the year:
- Aggregate FX volume at US$1.3 trillion in 2019, up 44% from US$914 billion in 2018
- Trading volume at 23.5 million contracts in 2019, up 28% from 18.4 million in 2018
- Year-end aggregate open interest at US$7.89 billion, up 90% y-o-y
- For December, volume exceeded US$114 billion, with over 2 million contracts traded
The New Year has started strongly. The average daily volume in January of its headline USD/CNH futures contracts increased to USD4.21 billion. Its INR/USD futures trading volume for the month totalled USD 41 billion, 29% up year-on-year.
SGX is set to introduce a new TWD futures contract. These will be full sized contracts compared to the existing mini USD/TWD offering, resulting from customer demand, according to K.C. Lam.
“Our market feedback suggests that we have participants, especially those who are not currently trading futures but wanting to trade them, asking for a bigger size contract. On the back of Uncleared Margin Rules, real money customers have come to us and said, “We really need your help. If you can design something bigger, we can trade in bigger clips, and combine that with FlexC FX features, it would help us if we have a bigger contract similar to what we get in the OTC world.”
At the same time SGX’s investment in BidFX, a specialised trading platform for global FX markets, is enabling customers who are used to trading OTC FX to access multiple pools of FX liquidity. Customers now have the option to have bilateral counterparty and/or centrally cleared FX exposures, all in one platform. Added to SGX’s continued education and engagement efforts, K.C. Lam concludes, “All this is part of the things that we’re doing to encourage people to look at trading FX futures on SGX, understanding the impending cost implications and their options. All very relevant as the UMR looms.”
 Jeffrey Britell“Market participants and exchanges are in an arms race to adopt the next generation speed of data dissemination and execution”CONNECTIVITY AND PATHWAYSThe essential key to the growth of electronic FX markets and platforms in general and to on-exchange trading in particular, is connectivity.“We’re seeing new regions and new players catching up with the more developed markets”, says Jeffrey Britell, Senior Vice President, Global Network Services at IPC, a technology provider that offers cloud-based connections to exchanges and other liquidity venues. Emerging markets are leapfrogging some of the more well-entrenched players in developed markets and using technology to do that while improving their institutional capacity and accumulating enhanced physical and human capital. They’re able to establish themselves and get to market quickly. “For example, look at any of the crypto exchanges. They went from zero to dozens in a short space of time, say a year, two years. We see similar trends in equities. Look at MEMX, the Members Exchange in the United States, which just came up. They were able to launch in a period of six to nine months. It was probably slower from the regulatory perspective than it was from the technological one. Long Term Stock Exchange and MIAX PEARL Equities Exchange are other examples.” Britell points to the Shanghai Futures Exchange and around China in general. He outlines the increased demand for connectivity across Asia such as in Malaysia, the Philippines, and the Ho Chi Minh City Stock Exchange and Hanoi Stock Exchange in Vietnam. Singapore is a leading player in FX due to expansion of matching engines now located in Singapore and Monetary Authority of Singapore promoting economic growth. Where exchanges go live, on-exchange FX trading is likely to follow. He also sees growth in Eastern Europe and in Latin America. New exchanges come with regulation as a pre-requisite, encouraging greater transparency, market stability and trust. A significant consideration is the location of data centres for markets and their participants. Britell notes that generally the trend is for datacentres to situate themselves as close to the city centre as possible. “However, the NY2, NY4, and NY5 datacentres are out in Secaucus, New Jersey. A similar situation exists in London, where Slough isn’t in the city centre, but if you look at Tokyo it is. Meanwhile traders, especially those at hedge funds and high frequency shops are seeking lower and lower latency. Market participants and exchanges are in an arms race to adopt the next generation speed of data dissemination and execution,” Britell adds. He concludes by saying the trick is teaming up with the most suitable technology partner. “Be smart about how you pick your partners and who you’re looking to connect with, to make sure that you’ve got the most appropriate route to market depending upon where you’re based and the product that you trade.” |
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Conclusion
This roundup of developments in on-exchange FX points clearly to greater convergence between exchange and OTC trading. Spot OTC remains dominant by some margin and any suggestion that all FX trading will one-day be conducted on-exchange still seems fanciful. However, what we are witnessing is the steady emergence of a range to FX trading and hedging choices open to real money and speculative market participants alike.
This growing diversity can only be beneficial in the long time in providing the products and services that meet the needs of an ever-growing and more diverse global FX market.
IPC Expands Connexus Cloud Ecosystem with Integration of Best Execution Solutions (BXS)
NEW YORK – March 18, 2020 – IPC, a leading global provider of secure, compliant communications and networking solutions for the global financial markets community, announced today that its award-winning Connexus Cloud platform is integrating Best Execution Solutions, LLC (BXS), a premier provider of Best Execution analytics and trade surveillance software. Now, BXS’s unparalleled toolkit can be accessed via the secure, high-performance Connexus Cloud platform.
“Many firms find execution analytics quite daunting, particularly for compliance – and understandably so,” said Mike Smith, Director of Global Exchange Relations Management, IPC. “It can be an opaque task with myriad challenges, which is why we sought to incorporate BXS’s offerings into our flagship Connexus Cloud ecosystem.”
BXS has developed a reliable set of products that provide market centers, broker-dealers, and institutions the most cost effective solutions that fulfill their compliance reporting obligations, such as SEC Rule 605, Rule 606, and Best Execution reviews, along with a comprehensive set of trading surveillance modules and transaction costs analysis tools.
“We’re thrilled to be partnering with IPC and its global Connexus Cloud financial ecosystem,” said Mike Post, Vice President, Business Development and Strategy, BXS. “We will be able to provide our rapid and seamless solutions to an even wider set of market participants, and further exemplify why BXS is the go-to firm to help clients not only to comply, but compete.”
Connexus Cloud is an unparalleled multi-cloud platform for the global financial markets, an ecosystem that interconnects more than 6,600 diverse capital market participants across 750 cities in over 60 countries. Market participants interested in speaking to IPC subject matter experts about Connexus Cloud can schedule a meeting with us. We also encourage you to learn more at www.ipc.com.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to help make them secure, productive, compliant and connected. Visit ipc.com and follow us on LinkedIn and Twitter (@IPC_Systems_Inc).
About BXS
Best Execution Solutions, LLC (“BXS”) is a privately owned company which focuses on providing Best Execution solutions, regulatory reporting, trading analytics, and surveillance software across multiple asset classes. BXS was founded in 2015 by industry veterans and is operated by a management team with extensive experience in the financial industry. BXS has developed a reliable set of cost effective products and services that provide Broker Dealers, Institutions, Market Centers with solutions that fulfill their Compliance reporting obligations such as SEC Rule 605, Rule 606, and Best Execution reviews, along with a comprehensive set of peer-to-peer comparison and transaction cost analysis tools that provide a competitive edge and enhance profitability.
Certain statements contained in this press release may be forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will” or similar terminology. Any forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
IPC’s Connexus Cloud Wins 2020 FinTech Breakthrough Award for Best Cryptocurrency Information Source
NEW YORK, March 11, 2020 – IPC, a leading global provider of secure, compliant communications and networking solutions for the global financial markets, today announced that its Connexus™ Cloud platform has won the 2020 FinTech Breakthrough Award for “Best Cryptocurrency Information Source”. The FinTech Breakthrough Awards program recognizes the top companies, technologies and products in the global FinTech market.
“Digital transformation is a chief concern for IPC’s robust community of global financial institutions, which is why we’ve always endeavored to offer the latest innovations, including cryptocurrencies,” said David Brown, Chief Operating Officer, IPC. “Today, institutional investors can access real-time data and transact on a wide array of crypto-assets as well as traditional asset classes through our flagship Connexus Cloud platform.”
IPC’s Connexus Cloud has been integrated with multiple cryptocurrency and digital asset information sources and trading platforms, such as:
- CME CF Cryptocurrency Pricing Products: CME’s CF Bitcoin Reference Rate and Real-Time Index, CME CF Ether-Dollar Reference Rate and Real-Time Index.
- Cboe Cryptocurrency Feed Summary and Feed Premium: Real-time data on three pairs — Ether to Bitcoin, Bitcoin to USD, and Ether to USD.
- ICE Data Services’ Cryptocurrency Data Feed: The ICE Cryptocurrency Data Feed streams real-time and historical data for many actively traded digital currencies globally.
- ZOOZBIT: ZOOZBIT combines a traditional licensed bank, multi-asset exchange, and a variety of advanced cryptocurrency services.
- Omniex: Institutional investors can access many cryptocurrency surveillance and trading tools through Omniex, an institutionally focused investment and trading platform for digital assets.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories including Banking, Personal Finance, Lending, Payments, Investments, RegTech, and InsurTech. The 2020 FinTech Breakthrough Award program attracted more than 3,750 nominations from across the globe.
“There has been much discussion about institutional investment in cryptocurrencies, and the secure, high-performance Connexus Cloud platform represents a ‘breakthrough’ milestone in the digital asset trading arena,” said James Johnson, Managing Director, FinTech Breakthrough. “We are thrilled to recognize Connexus Cloud as the ‘Best Cryptocurrency Information Source’ in the 2020 FinTech Breakthrough Awards program.”
Connexus Cloud is an unparalleled multi-cloud platform for the global financial markets, an ecosystem that interconnects more than 6,600 diverse capital market participants across 750 cities in over 60 countries. Market participants interested in speaking to IPC subject matter experts about Connexus Cloud can schedule a meeting with us. We also encourage you to learn more at www.ipc.com.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to help make them secure, productive, compliant and connected. Visit ipc.com and follow us on LinkedIn and Twitter (@IPC_Systems_Inc).
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit www.FinTechBreakthrough.com.
Certain statements contained in this press release may be forward-looking statements. Any forward-looking statements are based on current expectations, assumptions, estimates and projection and involve known and unknown risks and uncertainties. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
An Industry First: Cloud9 and IPC Launch Innovative Disaster Recovery as a Service Solution
NEW YORK – March 4, 2020 – IPC, a leading provider of communications and networking solutions for the financial markets, and Cloud9 Technologies (“Cloud9”), a leader in cloud-based communications, announce today the launch of Disaster Recovery as a Service (DRaaS). The introduction of this state-of-the-art cloud-based offering for financial firms transforms the industry with a complete turnkey solution for voice trading disaster recovery. DRaaS is a SaaS service that allows traders to have ubiquitous access to a custom-designed virtual trading desk from any global location during an emergency.
“Political unrest, natural disasters, pandemic threats and a litany of other unpredictable events frequently jeopardize the most critical operations of traders,” said Bob Santella, Chief Executive Officer, IPC. “Continuous innovation is in IPC’s DNA and the launch of DRaaS, an industry first, is an example of us pursuing partnerships and constantly solving for some of the most pressing challenges facing financial market participants.”
“DRaaS, developed by our award-winning partnership with IPC, can protect your business’ most vital trading functions during a disaster,” said Gerald Starr, Chief Executive Officer, Cloud9. “DRaaS is transformational for the industry as all market participants can be empowered with a complete disaster recovery plan that requires little or no capital expense or infrastructure investment.”
DRaaS is underpinned by two award-winning solutions – IPC’s Connexus Cloud™ multi-cloud platform, a global ecosystem that interconnects more than 6,600 diverse capital market participants across 750 cities in over 60 countries, and Cloud9’s C9 Trader™ voice communications and analytics platform. DRaaS is agnostic to the customer’s existing voice technology and is designed to work with all trading systems and other endpoints. The annual DRaaS subscription model affords firms the ability to support any number of trading positions for their business contingency requirements through a plan customized for each trader’s configuration.
The DRaaS solution unites the best of IPC and Cloud9 technologies to address an underserved market requirement. Traders have access to the following voice trading features from any location during an emergency:
- Full featured and customized soft turret interface on the user’s computer/laptop
- Access to all IPC trader voice services and trading counterparties
- Full voice recording and trading compliance
- Outgoing public switched telephone network (PSTN) calling
- Global intercom between all DRaaS users within the firm
- Global hoot & holler
Market participants interested in speaking to IPC and Cloud9 subject matter experts about DRaaS can schedule a meeting with us. We also encourage you to learn more at www.ipc.com and www.c9tec.com.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to help make them secure, productive, compliant and connected. Visit ipc.com and follow us on LinkedIn and Twitter (@IPC_Systems_Inc).
About Cloud9 Technologies
Cloud9 Technologies is the leading voice communication and analytics platform designed for the unique needs of the financial markets. Cloud9 developed a solution that harnesses the voice communication talk path for the trading floor of the future – offering more functionality and analytic insight than legacy hardware at a fraction of the cost. Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based solutions, with front-office focused data and transcription, purpose-built for the financial markets. For more information, visit: c9tec.com.
Certain statements contained in this press release may be forward-looking statements. Any forward-looking statements are based on current expectations, assumptions, estimates and projection and involve known and unknown risks and uncertainties. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
IPC and Cloud9 Win ‘Best Cloud-Based Trading Data Management Solution’ at the TradingTech Insight Awards Europe 2020
LONDON, February 26, 2020 — IPC, a leading global provider of secure, compliant communications and networking solutions for financial market participants, and Cloud9 Technologies, a leader in cloud-based communications, today announced that their integrated voice-trading platform has won the “Best Cloud-Based Trading Data Management Solution” category at the TradingTech Insight Awards Europe 2020. IPC and Cloud9 received the award at a ceremony on February 25, 2020 in London.
“We dedicate this award to our customers, who have rapidly embraced the transformative voice trading platform IPC has built in conjunction with Cloud9,” said Bob Santella, Chief Executive Officer, IPC. “We knew that by working together, the IPC and Cloud9 platform would become the number one choice for traders globally.”
“We had one goal with this partnership, and that was to empower financial firms to build smarter and more profitable trading strategies,” said Gerald Starr, Chief Executive Officer, Cloud9. “It’s immensely rewarding that the industry at large already recognizes the value delivered by the IPC-Cloud9 integrated trading solution.”
Rapidly being deployed around the world, the IPC-Cloud9 platform provides the global trading community with a unified solution for endpoint connectivity, mobility, advanced data analytics and business continuity planning. The integrated cloud-based service unites IPC’s Unigy™ trading communications platform and Connexus™ Cloud global financial ecosystem with Cloud9’s C9 Trader™ voice communications and analytics platform.
Produced by A-Team, the TradingTech Insight Awards Europe emphasize operational and product excellence in financial trading technology and reflect the different challenges facing market practitioners and suppliers as they seek to develop trading and data solutions in the rapidly changing European marketplace. The shortlist was selected by the TradingTech Advisory Board, as well as A-Team’s editorial team, with the winner voted for by the TradingTech Insight readership.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to help make them secure, productive, compliant and connected. Visit ipc.com and follow us on LinkedIn and Twitter (@IPC_Systems_Inc).
About Cloud9 Technologies
Cloud9 Technologies is the leading voice communication and analytics platform designed for the unique needs of the financial markets. Cloud9 developed a solution that harnesses the voice communication talk path for the trading floor of the future – offering more functionality and analytic insight than legacy hardware at a fraction of the cost. Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based solutions, with front-office focused data and transcription, purpose-built for the financial markets. For more information, visit: www.c9tec.com.
Certain statements contained in this press release may be forward-looking statements. Any forward-looking statements are based on current expectations, assumptions, estimates and projection and involve known and unknown risks and uncertainties. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
IPC’s Global Financial Community and Connexus Cloud Ecosystem Expands Into Energy Markets
LONDON – February 4, 2020 – IPC, a leading global provider of secure, compliant communications and networking solutions for the global financial markets community, announces today its expansion into the European Energy Exchange (EEX), Europe’s leading energy exchange. The world’s top financial institutions rely on IPC’s Connexus Cloud platform for trade execution, order routing, market data delivery, and accessing influential marketplaces like EEX. Meanwhile, EEX provides access to the biggest power market worldwide, but it is far more than simply a power-trading platform, as continuous diversification has led to EEX Group becoming a global commodity exchange.
“There might not be a more complex market than energy,” said Jeffrey Britell, Senior Vice President, Global Network Services, IPC. “From the global breadth of power creation and trading, to the amazing advances we’ve seen in recent years regarding ‘smart’ energy, such as solar and wind, providing our customers access to the dominant energy marketplaces is a must. And the European Energy Exchange is without question one of the most important energy marketplaces worldwide.”
Headquartered in Leipzig, Germany, EEX Group reconfirmed in 2019 its position as the top exchange group in power trading worldwide for the third year running, with growth of 30% from the previous year. Globally, energy consumption market overall is projected to continue to rise to 650 million terajoules by 2035*.
IPC’s Connexus Cloud is an unparalleled private, secure cloud solution for the global financial markets. By providing and integrating private and hybrid clouds, and enabling secure access to over 550 public clouds, Connexus Cloud empowers the use of cloud for secure, high-performance data and voice communications. This includes enhanced deliveries for blockchain, market data and transactions. The Connexus Cloud multi-cloud platform links together the global capital markets with sell-side and buy-side firms, inter-dealer brokers, liquidity venues, energy firms, trade lifecycle providers, and market-data vendors as well as clearing and settlement firms. They are interconnected in an ecosystem of more than 6,600 capital market participants across 750 cities in over 60 countries across the globe.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, through industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning a breadth of asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to help make them secure, productive, compliant and connected. Visit ipc.com and follow us on LinkedIn and Twitter (@IPC_Systems_Inc).
Certain statements contained in this press release may be forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will” or similar terminology. Any forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
IPC to Sponsor and Attend IBEX India Conference 2020
Mumbai – January 23, 2020 – IPC, a leading global provider of secure, compliant communications and networking solutions for the financial markets community today announced it will be sponsoring IBEX India’s 8th international trade fair and conference on banking technology equipment and services. The conference is scheduled to take place from February 13-15, 2020 at the Bandra Kurla Complex in Mumbai.
IBEX India is an integral part of the banking ecosystem bringing together technology providers, banking professionals and regulators from various countries under one roof. Organised alongside a large exhibition format the conference provides an opportunity for stakeholders to come together to explore understand and deliberate on the challenges and opportunities in adapting innovative & future-focused banking technologies. Featuring over 36 speakers with special presentations and panel discussions on topics such as the future banking landscape, government policies for security in a hyper-connected world, accelerating cloud adoption in financial services and RegTech to ensure compliance. The conference will also feature case studies focusing on some of the latest technologies adopted to increase customer experience amongst the digital banking generation.
The broad range of market participants relying on IPC’s solutions has become an integral part of one of the world’s largest and most diverse financial ecosystems comprising buy-side firms, sell-side firms, inter-dealer brokers, listed and OTC liquidity venues, trade lifecycle service providers, market data vendors and clearing/settlement firms. All regulated users in a firm, including traders, researchers, portfolio managers, risk managers, compliance professionals, technologists, settlement personnel and operations staff, can leverage IPC’s portfolio of solutions for mission-critical external communications and internal workflows.
In addition to Mumbai, IPC has offices throughout the Asia-Pacific region, including Beijing, Hong Kong, Kuala Lumpur, Melbourne, Seoul, Shanghai, Singapore, Sydney, and Tokyo.
Market participants interested in speaking to IPC’s subject matter experts can schedule a meeting with Sandip Pal at the event. We also encourage you to follow IPC on Twitter @IPC_Systems_Inc and LinkedIn.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to make them secure, productive, compliant and connected. Visit ipc.com and follow us on Linkedin and Twitter (@IPC_Systems_Inc).
Certain statements contained in this press release may be forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will” or similar terminology. Any forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
IPC to Attend ICMA Switzerland and Liechtenstein Region’s Winter Event 2020
January 22, 2020 – IPC, a leading global provider of secure, compliant communications and networking solutions for financial market participants, will be attending ICMA Switzerland and Liechtenstein Region’s Winter Event in Zermatt, Switzerland, from 24th-26th January 2020.
The annual winter gathering is open to ICMA’s entire global membership, as well as to non-members, and brings together over 150 regional representatives from across Europe. This makes it an ideal opportunity to exchange views and experiences with peers in the cross-border bond market and the Switzerland and Liechtenstein capital market community.
IPC will be attending the long-standing annual event to share our insights and discuss our wide range of products and solutions for the bond and capital markets. These offerings include Unigy and Connexus Cloud. Unigy is IPC’s latest game-changing, state-of-the-art, SOA-based platform for trading communications and applications. It is flexible, secure, robust and simple. Unigy uses the latest standards-based technology and architecture to help drive flexibility and scalability and is designed specifically to make the entire trading environment more productive, compliant, intelligent and efficient.
Connexus Cloud is an unparalleled private, secure cloud solution for the global financial markets. By providing and integrating private and hybrid clouds, and enabling secure access to over 550 public clouds, Connexus Cloud empowers the use of cloud for secure, guaranteed, high-performance data and voice communications. This includes optimised deliveries for blockchain, market data and transactions.
The Connexus Cloud multi-cloud platform links together the global capital markets with sell-side and buy-side firms, inter-dealer brokers, liquidity venues, energy firms, trade lifecycle providers, and market-data vendors as well as clearing and settlement firms. They are interconnected in an ecosystem of more than 6,600 capital market participants across 750 cities in over 60 countries across the globe.
Event attendees interested in speaking with IPC can schedule a meeting with Denis Waechter. We also encourage you to follow us on Twitter @IPC_Systems_Inc and LinkedIn.
About IPC
IPC is a technology and service leader powering the global financial markets. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With a customer-first mentality, IPC brings together one of the largest and most diverse global financial ecosystems spanning all asset classes and market participants. As the enabler of this ecosystem, IPC empowers the community to interact, transact and react to market changes and challenges, and we collaborate with our customers to make them secure, productive, compliant and connected. Learn more at ipc.com.
Certain statements contained in this press release may be forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will” or similar terminology. Any forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
