Trade Advisory and Execution Services

The COEX trade advisory business utilises both macro and relative value methodologies with the aim of generating profitable and original trade strategies which are then executed at the best possible price.

We also work with our clients to create trade implementation strategies that fit with their market views; optimising for market liquidity and carry and looking beyond consensus trade expressions.

Our highly experienced execution team use a blend of best in class trading software, cutting edge proprietary algorithms and off-screen liquidity to achieve unparalleled execution outcomes for our clients.

While listed derivatives are at the core of the COEX business model, our client offering now extends to cash fixed income, IRS, FX and equity markets.

Our team of over 40 salespeople combines a diverse blend of career futures brokers, former traders from hedge funds and investment banks as well as those from quantitative and programing backgrounds.

Teams based in London, New York and Paris offer 24-hour access to all major global futures exchanges. Our anonymous OTC pricing is sourced from both bank and increasingly non-bank liquidity providers.

We accept orders by all the industry-standard methods including voice and standard FIX/STP routes. For our non-FIX/STP clients we offer bespoke, fully automated trade confirmations in all formats including Bloomberg VCON.

Our Strategy team, led by Joe D’Alessandro, is divided into two parts:

Quantitative: The team has developed tools that currently focus on listed fixed income products and their inter-relationships by using big-data and AI techniques to identify mispriced trading opportunities in both a systematic and client-focused way.

Advisory: Joe also works in a consultative capacity with both start-up and established external independent research providers, helping them structure their businesses to achieve their commercial objectives and maximize their profits using COEX’s market resources.

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OTC Foreign Exchange

The COEX Foreign Exchange business combines best in class FX strategy, political analysis and FX execution services. Our team has many years of combined experience working in financial market institutions, including macro hedge funds, top tier investment banks and in prime brokerage services.

We believe that the FX market structure has changed in the wake of the financial crisis, and our business has been created with that in mind, focusing on a select client base, with the aim of helping both with routine FX transactions as well as special situations.

COEX FX have the depth of experience to handle the largest FX Transactions, yet we are nimble and flexible enough to react to individual client requests for FX strategy, political or economic analytical projects. We seek to decipher key Macro events before they are priced. We focus on scenario analysis, trade ideas and construction. We also host bespoke roundtable events and deliver one-to-one client meetings with external consultants and advisors.

COEX FX provide anonymous execution in Spot, forwards and FX options products in G10 and EM markets through an experienced trading and operations team. We access liquidity through traditional and non-traditional channels using smart technology to enhance our liquidity and price discovery and then clear trades through multiple top tier FX Prime Broker arrangements.

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FX Strategy and European Political Analysis

COEX FX strategy and European political analysis offers experienced in-house analysis of the underlying political trends affecting financial markets, tailored to the medium-to-long term investment community. Our analysis focuses on identifying likely event dates as early as possible, as well as attaching probabilities to different outcomes.

Currency markets have become more vulnerable to political events over the past several years. Elections, fiscal policy changes, treaty negotiations, and geopolitical shocks are all making their effects felt on the financial markets.

We use back testing and correlation studies to determine real time drivers of currencies, and to look for misalignments. We also analyse central bank reaction functions, and from that, help our clients anticipate policy surprises.

COEX also reaches beyond the traditional financial-market bubble by engaging with a wide network of informed, high-level contacts. These experts bring their own additional insights and perspectives to key themes and events, thereby ensuring that COEX delivers further value-added to its clients. This service is tailored to a limited number of discerning and successful macro investors and is focused in particular on European markets.

COEX European Political Strategy is run by Sarah Raine, and is based out of Berlin.

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Relative Value (RV) Execution

The COEX RV business is a 24/6 futures and on-the-run treasuries execution desk focusing on Fixed Income synthetic spreads. With co-located servers for ultra-fast network connectivity, the desk employs low latency & high frequency infrastructure with an open-ended approach. This allows real time enhancements and behavioral changes to suit ever changing market conditions, thereby providing faster execution and better prices on synthetic spreads with less legging risk. Our ultimate goal is to complement our client’s trading objectives with our execution services, market depth analytics and liquidity expertise.

The desk allows clients to build their own custom strategies with any supported listed security and trade it like an index or single package. Typical strategies include: Benchmark UST Basis and Flies; TEDs mimicking Invoice Spreads; TED Boxes; Futures’ Curves and Flies with PCA, duration or custom weightings; UST Calendar rolls risk and or curve adjusted.

Given the increasing demand for the ability to deliver trade confirmations and risk positions directly into client back office systems, our objective is to provide a fast, seamless solution for trade allocations. We offer Straight Through Processing (STP) via FIX for trade allocations and risk drops; FTP drop copy files for further position and trade management; N-trade split allocations to support multiple clearing houses and multiple customer end-accounts; Custom excel & email templates for back office systems to quickly load trade delivery; Overnight Order reconciliation trade blotters for each trader after session close; Automated trade matching for clearing clients.

We also offer several analytical reports: Weekly CFTC flow report; UST spline report; Quarterly calendar roll views; Daily calendar roll volumes & open interest vs historical data; Live calendar % rolled and intraday volume expectations; Volume monitor for UST calendars, outright futures, EFPs/EFRs, block trades or any other notable trades.

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