CurveGlobal Markets Accessing The Trading Platform

Accessing the Trading Platform

Please join CurveGlobal Markets for a fireside chat with Andy Ross, CEO, Ralph Bird, CTO and Matteo Carminati, Product Development.

CurveGlobal Markets will be discussing the dark arts of the matching engine. The team will tell you what you need to know about how the market works, and how to get a better price and a better fill.

The questions/answers are listed below as chapters in the video. Read the questions and time slots of the chapters from the table and jump directly to your areas of interest using the chapter links embedded in the video...

Intro

0.00

Q1

What are the protocols and how do I connect to the market?

0.42

Q2

You mentioned HSVF and the process for receiving data, can you describe the data in a little bit more detail and the costing models associated with it?

3.20

Q3

Expanding on the data for a second, what do we put in this ASCII feed? Is it the top of the order book? Is it all of the trades? What is available to understand what is going on in our market?

4.27

Q4

You have just spoken about implied and synthetic prices; can you explain some of the unique points of the CurveGlobal markets infrastructure and the generation of those implied and synthetic prices? And perhaps why that might be a good thing for the users of the market?

5.27

Q5

Lots of markets in the world don’t seem to do implieds. How can Curve do these implieds between various legs and what’s the impact for a customer? Why would they care?

7.16

Q6

One of the things that a lot of customers talk to us about are what we describe as Inter Commodity Spreads and Inter Commodity Spreads are where you are buying one product and selling another product, not necessarily in the same curve. Could you describe that a little bit and again talk about the advantages for a customer around that?

9.35

Q7

In some of our Inter Commodity Spreads we have a smaller tick value, a tighter spread, than an outright market. If we have an implied market, how does that work?

11.08

Q8

Is it fair to say that, given the data we are providing in the HSVF feed, clients can effectively understand where those best prices are, both by our indication and by a calculation mechanism, to see where best execution may be in the market?

13.17

Q9

Because we can put everything on one platform then you can have these Inter Commodity Spreads, you can have these implied markets, and by the generation of those we are adding some value in terms of better prices and removing legging risk for people, does that come at a cost? Is the market really slow in comparison? How would you even measure the speed of the market?

14.50

Q10

We have mentioned vendors, ISVs, connectivity partners; do we have them all? Are they all available for clients to access our markets today?

16.32

Q11

There is one comment you made a few minutes ago about how we take orders and preference for outrights. So, we have a time-based pro rata market but there are obviously some nuances around that. Do you want to explain the details about those nuances in terms of what order would go first and how orders would be split?

17.38

Q12

So if I’m first and I set the best price or I set a new price but then someone comes in behind me with significantly more size, do I get that fill at that level or does the person behind me in the pro-rata get the fill?

20.34

Q13

We recently launched fly diffs, can you explain what a fly diff is, and why the functionality we have just been discussing is important?

22.03

Q14

What I think you are saying is that the market works on these butterfly differentials, these fly diffs, implying into that market but doesn’t work implying out into the outrights from the fly diff?

24.41

Q15

We have spoken about fly diffs and ICS, but if you think about the fly diffs specifically and the ICS, I understood that this was about legging risk and the removal of that, it was about building liquidity in additional products, so people could lean on them, it was about making sure that the market was as efficient as possible for the users. What’s the rational for this change for the customers, why have people asked us to make this change and what is the unique selling point that people should be aware of to explain why we have done that?

26.24

Final comments -  If I summarise, I believe you are saying that CurveGlobal Markets offers some interesting functionality around implied’s, some interesting functionality around inter commodity spreads (ICS) and what those functionalities do is allow people to connect to the market using standard industry protocols, but get a better execution, a better fill and a better price. Is that a fair summary? 

28.17