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FXPB Head Leaves Deutsche Bank Jason Vitale has resigned from Deutsche Bank in London, ending a 12-year career at the institution. Vitale, who was global head of FX prime brokerage and co-head of listed derivatives and markets clearing EMEA, is believed to be leaving for a new position in the industry. He joined Deutsche Bank from State Street in June 2004 as client service and product development manager in its FX prime brokerage business, before being appointed to the European PB sales team. His role was expended in 2008 to include fixed income prime brokerage and in 2010 he was appointed global head of FXPB. He took on his current role in June 2012.
Benchmarks Under Increased Regulatory Scrutiny In a new whitepaper issued today, Thomson Reuters claims that regulators are requiring firms that contribute to financial benchmarks to face increased scrutiny of their record-keeping and information governance policies. The paper, “Information Governance Reform for Benchmark Submitters”, focuses on the global momentum for regulatory change following the Libor and FX benchmark scandals and examines the challenges submitters now face. It notes that, because most benchmarks are global and therefore cross jurisdictions, individual benchmarks may have multiple sources of regional regulations. As a result, firms are now required to ensure compliance with an expanded scope of guidelines and relevant jurisdictions.
Former Goldman Exec Joins Voltaire Capital Omer Suleman has joined Voltaire Capital in London, sources say. Prior to this, Suleman spent four years at Goldman Sachs, where he was an executive director, FX options trading. Before that, he worked at Citigroup as director, head of electronic FX options trading for two years, having joined the bank in 2010. Suleman also spent two years at Deutsche Bank as vice president, FX options trading, and two years at Lehman Brothers as a senior associate, FX options trading.
Euro to Weaken Following ECB’s Rates Decision? The European Central Bank (ECB) has decided to hold interest rates steady, with market participants predicting further euro weakness. At today’s meeting, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40%, respectively. The Governing Council says that it expects the key ECB interest rates to remain at present or lower levels for an extended period of time.
Browning Joins Rokos Capital Marcus Browning has joined Rokos Capital Management in London Chris Rokos, who had previously co-founded the London-based asset management firm, Brevan Howard, in 2002, started Rokos Capital Management last year. According to information available on the Financial Conduct Authorities’ (FCA) website, Browning was registered as an appointed representative of Rokos Capital Management on December 5, 2016. Prior to this most recent role, Browning was an FX portfolio manager at BlueCrest Capital Management, which announced last year that it would return $8 billion to clients in order to transition into a private investment partnership.
Ticking the Boxes - Efficiently A new software product seeks to help hedge fund managers digitise key aspects of their business eliminating the reliance on spreadsheets, calendar and an increasing paper trail. Colin Lambert takes a look. Although the banks have been in the eye of the compliance storm of recent years, the pressure on all participants in financial markets to better monitor and manage their business has grown inexorably over the same period. Money managers in particular are finding their margins squeezed yet further by the cost of compliance – an often unwanted problem in an already difficult investing environment.
Icap Hosts its Annual Charity Day Icap held its 24th annual global Charity Day today, with 100% of company revenues and commissions for the day being donated to a selection of over 200 charities around the world. Since the inception of Charity Day in 1993, Icap has raised over £127 million for more than 2,000 well-deserving causes worldwide. In 2015 alone, the company raised £7.5 million globally on Charity Day, the equivalent of approximately 3% of ICAP's full year pre-tax profit for the 2015/2016 financial year.
CFTC Hands SocGen Fine for FX Reporting Failure The US Commodity Futures Trading Commission (CFTC) has fined Société Générale $450,000 for failures in the reporting of certain FX transactions. The CFTC says that the French bank failed to properly report certain NDF transactions to a swap data repository (SDR), and failed to report to an SDR a large number of FX swap, FX forward, and NDF transactions in a timely manner, in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. herefore, the CFTC announced an order today requiring Société Générale to pay a $450,000 civil monetary penalty and to cease and desist from committing further violations of the CEA and CFTC Regulations.
CTAs Continue to Struggle in Tough Environment Data from Societe Generale Prime Services reveals that the majority of its CTA indices show that these firms continued to post negative returns during November. The SG CTA Index posted a negative return of -1.83% and is now down overall -3.38% YTD. The SG Trend Index fared slightly better, returning -1.25% in November, but remains the worst performing index for the year at -6.79% YTD. The SG Short Term Traders Index (STTI) was the only index to post positive performance in November, returning 0.43% for the month with six out of the 10 constituent CTAs contributing positive returns.
Report Targets Citi’s Role in Sterling Flash Crash A report in the Financial Times claims a Citi trader in Tokyo exacerbated the sterling flash crash on October 7. The FT report, citing bankers and officials involved in the inquiry, says the investigation into events on that day are focusing “heavily” on the actions of the Tokyo-based Citi trader who allegedly placed multiple sell orders via the bank’s aggregator and “panicked”. Sources familiar with the matter tell Profit & Loss that while Citi’s name was prominent in the market on that day it was by no means alone.