03.08.2019

BlueCrest To Trade In CurveGlobal Products

BlueCrest, the independent investment firm and a global leader in interest rate trading, has confirmed that it intends to trade in CurveGlobal products in order to improve efficiency and create a more competitive interest rate futures market. The move comes after a record start to the year for the industry-backed platform, with month on month average daily trading volumes up more than 100% in 2019.

The support of BlueCrest is a key development for CurveGlobal as it works with market participants to disrupt the global futures market, which has seen sharply increased data and execution fees in recent years. Customers have also been hampered by the inability to trade and clear at venues of their choice.

Michael Platt, CEO and Co-Founder, BlueCrest said:
“We plan to trade in CurveGlobal products because it makes business sense. Increased competition translates to improved trading economics, which can only be good news for the end-user. We’ve already seen positive changes from existing infrastructure players as a response to CurveGlobal’s innovation. This, coupled with the ability to offset CurveGlobal futures risk with cleared OTC swaps at LCH, makes the value proposition impossible to ignore.”

Andy Ross, CEO, CurveGlobal commented:
“BlueCrest’s move is a reflection of the growing volumes in CurveGlobal products and the benefits of competition.  Offering choice to customers, better execution, lower transaction costs and efficient margin makes clear the economic advantages we offer.”

Among the benefits that CurveGlobal offers are:

  • Lower transactional costs
  • No market data fees
  • Trading closer to mid in the block market
  • Ability to cross margin futures with futures and futures with OTC swaps cleared at LCH

Since launch in 2016, CurveGlobal has led the way in innovation, introducing the first 3M SONIA contract in April 2018 and the first native intercommodity spread between SONIA and Libor contacts. It was also the first to move Sterling futures to ½ a tick across the whole curve.

CurveGlobal is an interest rate derivatives venture between London Stock Exchange Group, Cboe, and a number of leading dealer banks – Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Goldman Sachs, J.P. Morgan and Société Générale.

Source: London Stock Exchange Group

Related articles

  1. Temporary equivalence is set to expire on June 30 2022.

  2. Parsing 'Best Ex' for Options Trades

    Clients want short-dated options to hedge or trade with more flexibility around market-moving events.

  3. Margins Raised Ahead of Brexit Vote

    IRS trading volumes have fragmented without an equivalence agreement.

  4. KCG Expands in Europe with Neonet Buy

    The World Federation of Exchanges published its first-half highlights. 

  5. Foyston Practices 'All-Weather' Investing

    ICE Connect customers can see how changing weather forecasts influence live market prices.