smartTrade Technologies, a multi-asset electronic trading solutions pioneer, announced today that Sucden Financial, a leading London based institutional FX and derivatives broker, has implemented LiquidityFX, smartTrade’s fully hosted FX solution.
Sucden Financial acts as an FX liquidity provider to a wide variety of clients, including retail brokers, banks and hedge funds throughout the world. Their challenge was to find an experienced and proven technology provider with an in-depth understanding of their ambitions within e-FX and its technicalities. Achieving a quick time to market was another prerequisite which required a provider with out-of-the-box connectivity to tier-one banks, non-bank market makers, prime brokers and ECNS.
Sucden Financial selected smartTrade Technologies for their capacity to deliver a sophisticated and complete solution within a challenging timeframe. smartTrade's LiquidityFX solution covers their needs for connectivity to multiple liquidity providers, aggregation, order routing, pricing and distribution as well as a fully integrated order management system. smartTrade is also providing Sucden Financial with its LiquidityFX credit margin module, which allows their end clients to trade larger amounts and leverage their cash margin while enabling Sucden Financial to monitor and manage their risk coverage in real time.
“SmartTrade were well placed to provide us with the necessary tools to help us accomplish our expansion plans.” commented Wayne Roworth, co-Head of eFX, at Sucden Financial. “Their ability to provide specific features such as an LD4 matching engine and ECN connectivity for our non-bank prime products were critical milestones for us,” he added.
“Our consultative approach enables us to understand clients’ requirements and is key to a successful implementation and delivery.” commented David Vincent, Chief Executive Officer of smartTrade Technologies. He added; “We believe that our strong experience in providing solutions for the FX brokers is a key asset in helping Sucden Financial achieve their growth objectives.”
smartTrade Technologies, a pioneer in multi-asset electronic trading solutions, delivers innovative and intelligent technology enabling you to focus on your trading and grow your business while lowering total cost of ownership and allowing you to quickly adapt to changing market requirements.
smartTrade Technologies provides agile end-to-end trading solutions supporting Foreign Exchange, Fixed Income, Equities and Derivatives asset classes with connectivity to over 95 liquidity providers, aggregation, smart order routing, order management, pricing, distribution, risk management capabilities and a HTML5 user interface. We work with a variety of clients ranging from banks, brokers and hedge funds to proprietary trading desks. LiquidityFX for FX and smartFI for Fixed Income, are solutions available as software only or as a fully managed and hosted service, collocated in all the main market places globally.
Sucden Financial has appointed Noel Singh as Head of eFX Business Development, where he will lead the firm’s development of its non-bank FX prime brokerage business.
Singh will specifically target institutional firms, including asset managers, hedge funds and prop trading houses. His appointment comes as part of a significant investment plan to expand the company’s FX business. This includes the introduction of Cobalt DL, utilising new blockchain derived technology, which can significantly cut post-trade costs and mitigate risk when trading across multiple venues.
Joining from ABN Amro Clearing Bank, where he managed their OTC FX clearing business, Singh has over 25 years’ experience in banking and currency trading. Other past positions include Head of FX Prime Brokerage for SEB and senior roles at Integral Development, Dresdner Kleinwort, EBS and also Dai-Ichi Kangyo Bank, prior to its merger.
Singh said; “I am excited to join such an established and innovative firm, which has seen a rapid growth in FX and is already a key supplier of eFX liquidity. Given the developments in the market over the past two years and the company’s financial strength and its ability to invest, we are well positioned to reach broader markets and offer the benchmark non-bank FX prime brokerage service for institutions.”
Wayne Roworth, Co-Head of e-FX, commented; “I am delighted to welcome Noel to our team. He is very well regarded in the industry and will play an important part in building our institutional client base. His expertise will help us reach new institutional clients requiring market access with lower entry requirements, the latest technology and a fully transparent service.”
Sucden Financial has been offering FX services for over 30 years, with established prime brokerage relationships and liquidity from a variety of sources, including tier 1 banks.
Sucden Financial, a leading institutional FX and derivatives broker, has launched a new OTC FX options service. The new offering provides users with the ability to price their own option structures online and benchmark those prices against independent data for greater transparency.
“Having identified client requirements regarding liquidity, cost and the availability of independent pricing data, we realised that we could build a transparent service that offers our clients wider access to a range of products, with innovative features at lower technology costs.” said Pritesh Ruparel, Sucden Financial’s Head of FX Options Origination & Structuring. He continued; “We now offer over 120 OTC FX option types, unlimited live streaming quotes for deliverable and non-deliverable FX pairs, as well as more advanced technology including time saving multi-period hedging functionality, pre-trade analysis, risk controls and independent data feeds. We believe we have a sophisticated first-to-market offering that appeals to our target clients.”
Clients, including asset managers, hedge funds, corporations and FX brokers looking to manage their FX exposure with more flexibility and customisation, have the choice of trading via an online trading platform or traditional voice methods. The new service ultimately means OTC FX options provided through Sucden Financial are now viable hedging tools for a broader range of users than ever before.
“Our new FX options offering is part of a significant investment plan to expand our firm’s institutional FX services and provide improved distribution of products to key clients.” commented Marc Bailey, Managing Director, Sucden Financial Limited. He continued; “We are in a strong position, especially given our market knowledge to find accurate and highly competitive option pricing, to be the non-bank FX service of first choice.”
Sucden Financial has been providing FX services for over 30 years, with established prime brokerage relationships and liquidity from a variety of sources, including tier 1 banks.
By Susan Heavey
WASHINGTON (Reuters) - President Donald Trump began talks with Republican senators on Tuesday to try to build consensus for proposed tax cuts in a meeting that was overshadowed by an exchange of insults between the president and one of the lawmakers.
Trump has asked his fellow Republicans who control Congress to pass a package of tax cuts, including a deep reduction in the corporate income tax, by year's end.
But hours before he was to promote the tax plan at a weekly lunch for Republican senators on Capitol Hill, Trump engaged in a distracting tussle with one of those lawmakers: Bob Corker, a leading fiscal hawk and the head of the Senate Foreign Relations Committee.
"Bob Corker, who ... couldn't get elected dog catcher in Tennessee, is now fighting Tax Cuts," Trump wrote on Twitter, later adding that the senator is "incompetent."
Trump arrived at the Capitol building with Senate Majority Leader Mitch McConnell for the lunch and gave a thumbs up to waiting reporters.
A protester threw a handful of small Russian flags toward Trump and shouted comments about accusations of collusion between his presidential campaign and Moscow. Both Trump and Russia deny colluding but a special counsel appointed by the U.S. Justice Department and congressional committees are looking into the matter.
Alienating any members of his own party could be costly for Trump's legislative initiatives in the Senate because Republicans control the chamber by just a slim 52-48 margin.
Corker warned Trump in television interviews against interfering in congressional efforts to finalize the legislation to cut taxes and called the president's visit with Senate Republicans "a photo op."
"Hopefully, the White House will step aside and let that occur in a normal process," the Tennessee Republican told NBC's "Today" program. "That's the best way for us to have success."
Corker also described Trump in a Twitter post as "an utterly untruthful president," and in television interviews accused Trump of debasing the United States.
House of Representatives Speaker Paul Ryan urged reporters to ignore the Trump-Corker spat and concentrate on the tax plan.
"Put this Twitter dispute aside. The fact is we have an historic chance of fixing this tax code," Ryan said.
Ryan added that he knows Corker well and predicted that the senator is "going to vote for tax reform."
Ryan said he wants the House to pass the Republican tax cut bill by the Nov. 23 U.S. Thanksgiving holiday, echoing Trump's call to speed up the party's efforts to get the measure approved before year's end.
CNBC reported that Republicans plan to release their tax bill on Nov. 1 after an expected House vote on Thursday on a Senate-approved budget plan.
House leaders are eager to get a tax bill voted on before the Dec. 8 deadline for a possible government shutdown comes into view, as it is likely to distract from the tax overhaul, financial firm Cowen and Co. said in a research note.
"The Senate time-frame on taxes remains much more of a mystery with a Senate Finance draft likely in the late November/early December time frame," Cowen analyst Chris Krueger said.
Securing congressional passage of his tax plan is critically important to Trump, who has yet to get major legislation through Congress since taking office in January, including a healthcare overhaul he promised as a candidate last year. Tax cuts were another of Trump's campaign pledges.
The White House argues that tax cuts are needed to boost economic growth and create jobs, but has shown sensitivity in recent weeks to arguments that it is endangering America's long-term fiscal health.
Trump said he believed the tax overhaul would help bring in $4 trillion in foreign profits from U.S. companies. "It's going to bring back, I would say, $4 trillion back into this country," Trump told reporters in the Oval Office. "Nobody even knows the amount," Trump said.
Market analysts estimate that about $2.6 trillion in profits is being held offshore by U.S. multinationals to avoid the current 35 percent U.S. corporate income tax. Trump's tax plan would require multinationals to bring in, or repatriate, those profits at a sharply reduced tax rate payable over several years.
One of the key elements of the proposal is to slash the corporate income tax rate to 20 percent from 35 percent. While the broad parameters of the tax proposal have been made public, detailed legislation has not yet been unveiled.
Democrats have painted Trump's plan, with its $6 trillion in tax cuts, as a gift to the rich and corporate America that would balloon the federal deficit.
Trump promised on Monday to protect a popular retirement program as Republican lawmakers seek ways to pay for the proposed cuts.