e-Forex-May-23

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DIGITAL CURRENCIES Institutional digital assets: What are the evolutionary lessons from e-FX? A mature market for institutional digital assets is already a matter of when not if. Many are drawing parallels with the evolution of FX but predicting far faster progress. Andy Webb, editor of the Institutional Digital Assets portal, talks to three prominent industry practitioners to gain their insights on how institutional digital assets will evolve. Andy Webb EVOLUTION AND SHAPING FACTORS: MIRRORING FX? Digital assets are already emulating the evolution of FX in the institutional context. Perhaps the main difference is speed, with many commentators expecting the transition to an electronic market for institutional digital assets to be considerably quicker than it was for FX. “For vanilla spot trading of digital assets such as crypto we are already there,” says Lars Holst, CEO and founder of GCEX. “However, for derivative instruments and fractionalisation we may see a period of manual or voice negotiation.” Despite the similarities, an important distinction between digital asset trading and FX is the way that credit and settlement are handled. At present, digital exchange trading is conducted on a pre-fully-funded basis, which is not feasible for long-term sustainable institutional-scale market activity. If an institution wants to trade on ten different venues today, it has to try and predict its notional exposure on each one and pre-fund them all, which is simply untenable. The emergence of specialist credit intermediaries to address this is also potentially problematic, because they are unlikely to want to assume all the operational settlement risk associated with digital assets. Where we see a lot of similarities between the two markets is the role of 58 MAY 20<strong>23</strong> e-FOREX
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transforming global foreign exchang
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Welcome to e-FOREX transforming glo
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Order Management System Supercharge
Page 7 and 8: Institutional EMBARK POWERFUL LIQUI
Page 9 and 10: Evolving with the Market Added Func
Page 11 and 12: TRADE SMARTER, FASTER AND SAFER Ref
Page 13 and 14: Next level financial markets A new
Page 15 and 16: MARKET COMMENTARY Image by Shutters
Page 17 and 18: MARKET COMMENTARY “P2P liquidity
Page 19 and 20: YOUR PIONEERING PARTNER FOR INSTITU
Page 21 and 22: MARKET COMMENTARY BRINGING BANKS IN
Page 23 and 24: REGIONAL E-FX PERSPECTIVE The Nordi
Page 25 and 26: Exotic to some. Home market to us.
Page 27 and 28: REGIONAL E-FX PERSPECTIVE THE STATE
Page 29 and 30: REGIONAL E-FX PERSPECTIVE Nordic co
Page 31 and 32: We calculate net FX payments. You c
Page 33 and 34: PLATFORM REVIEW volatile markets, a
Page 35 and 36: EXPERT OPINION DIFFERENTIATORS Not
Page 37 and 38: THE e-FOREX INTERVIEW A new chapter
Page 39 and 40: THE e-FOREX INTERVIEW Our London of
Page 41 and 42: THE e-FOREX INTERVIEW FXSpotStream
Page 43 and 44: THE e-FOREX INTERVIEW THE CORE MODE
Page 45 and 46: RISK MANAGEMENT extended effort tha
Page 47 and 48: PRODUCT DEVELOPMENT Rum reped qui d
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Page 51 and 52: SPECIAL REPORT Nicholas Pratt exami
Page 53 and 54: Your gateway to the global FX ecosy
Page 55 and 56: NDF trading at Euronext Markets Sin
Page 57: VIEWPOINT frameworks are robust, ef
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e-Forex-May-23

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