Christopher Giancarlo has been designated per seriatim as Acting Chairman of the US Commodity Futures Trading Commission (CFTC).
Commissioner Giancarlo succeeds Timothy Massad, who has served as Chairman since June 5, 2014.
Giancarlo joined the CFTC on June 16, 2014 after being unanimously confirmed by the US Senate on June 3, 2014, to serve as a Commissioner of the CFTC, the federal agency that oversees the commodity futures, options and swaps industry.
Before entering public service, Giancarlo served as the executive vice president of GFI Group.
360T has hired Sipho Simela to work in its real money sales team in New York.
Profit & Loss understands that in his new role Simela will be reporting in Jim Cochrane, who joined 360T as head of sales for the institutional real money client segment in May 2016.
Simela joins the firm from Charles River Development, where he had been working as a regional sales manager since 2015.
Prior to that, he spent six years at Bloomberg in a variety of roles, starting as a customer support analyst and then a trading solutions analyst before becoming an AIM hedge funds account manager and later an AIM global tier one sales and relationship manager.
Mizuho has integrated Thomson Reuters FX desktop, FX Trading (FXT), into its trading workflows.
FXT brings together all of Thomson Reuters FX transaction venues onto one platform to create a single point of access to its pool of FX liquidity.
“In light of market volatility, decreased risk appetite and regulatory scrutiny, factors which impact FX market liquidity, FXT allows users to easily access maximum liquidity while complying with stringent regulatory standards,” says Michael Go, head of FX market development, Asia Pacific at Thomson Reuters.
Representatives of buy side firms called for greater innovation and flexibility around swaps execution at the SefCon VII event in New York on January 18, hosted by the Wholesale Markets Brokers’ Association, Americas, and organised by Profit & Loss.
Speakers at the event explained that swaps trading has not changed much for the buy side since the introduction of Swap Execution Facilities (SEFs), with most buy side firms executing their swaps transactions via a request for quote (RFQ) format. The only difference now, they said, is that the RFQ occurs on an electronic platform rather than via the phone.
Christopher Giancarlo, soon to be acting chairman of the US Commodity Futures Trading Commission (CFTC), says that the commission will look at ways to ease the March 1 deadline for the new margin requirements for uncleared swaps.
These requirements will make posting variation margin compulsory for all non-cleared derivatives, and set strict requirements on the type of collateral that can be posted, the frequency of the margin calls, and the required timing for settlement.
When current chairman of the CFTC, Timothy Massad, steps down from his role on January 20, Giancarlo will become acting chair and, speaking at the SefCon VII event, which was organised by Profit & Loss, in New York yesterday, he was critical of the March 1 deadline for the new margin rules.
Data from CLS reinforces that released earlier this month by trading platforms by indicating a month-on-month decline but a year-on-year rise in FX volumes.
As the US prepares for the inauguration of Donald Trump as President on Friday, tomorrow at SEFCON VII industry leaders will take a look at the incoming Trump Administration: Join your swaps industry peers at SEFCON VII to hear directly from many of 2017’s newsmakers, representing a unique roster of speakers from across the regulatory, legislative, banking and buy side sectors. The headline speakers at SEFCON VII include current CFTC chairman Timothy Massad, and CFTC commissioner J. Christopher Giancarlo, as well as a special View from the Hill session with Rep. Bill Huizenga (R-MI), chair of the Capital Markets, Securities and Investment Subcommittee, House Financial Services Committee.
Profit & Loss understands that BestX, the start-up technology company that provides independent trading analytics, has signed JP Morgan as its first major FX sell-side client.
The deal marks a significant step forward in the industry as it represents the first time a major dealing bank has integrated a truly third party’s service to offer post-trade verification of execution quality. It will allow the bank’s own clients to independently define, achieve and demonstrate best execution through a post-trade transaction cost analysis (TCA) when trading electronically with the bank.
Tom Gillie has joined Societe Generale in London.
FastMatch is hiring Trent Beacroft as managing director of sales in Singapore, effective February 1.
Beacroft will be tasked with leading the sales of FastMatch products to hedge funds, banks, brokers and asset managers in Asia.
He joins FastMatch from Hotspot, where he has worked for eight years as the head of the APAC region, responsible for overseeing product sales, distribution and development.
Prior to that, Beacroft held a number of senior roles in both FX and rates sales and trading with major financial institutions throughout APAC. He began his career with Westpac in Sydney, where he was chief dealer.