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De-Mystifying Blockchain Speakers at Profit & Loss’ Forex Network London tried to “de-mystify” blockchain technology as they talked about its practical applications within the financial services industry. Andy Coyne, CEO of Cobalt DL, explained that when he first began looking at how blockchain technology could be applied to post-trade FX he found that there was a lot of noise and hype around the technology, but that there was a dearth of companies actually ready to implement it in a practical manner. Coyne said that he looked at the issue that his firm was trying to solve, which was how to reduce cost and risk in post-trade processes, and then started examining if and how this technology could help.
Are Markets Headed for a Nasty Shock? When assessing which large tail risk events are likely to take place in 2017, speakers at Profit & Loss’ Forex Network London emphasised that there are other risk factors being overlooked that might have a greater impact on financial markets. “Like last year, the tail risks this year are quite high compared to normal,” said Colin Harte, strategist and senior portfolio manger at BNP Paribas Investment Partners. “There are some quite material risks that – if they come to pass – could have a significant impact on markets.” He noted, however, that many of the expected tail risk events from 2016 were less dramatic than expected in the end: sterling took an obvious hit after the Brexit result, but soon became range-bound again, while the Trump election victory actually led to a rally in the equity markets.
FX Code Seeks to Drown Out Drumbeat of Scandal Following on the heels of the FX Fix scandal that rocked the FX industry over the course of the past few years, the Bank for International Settlements (BIS) set up a working group to draw up a Global Code of Conduct for FX market participants, by FX market participants. Several of those involved in crafting the Code addressed attendees of Profit & Loss Forex Network London to discuss some of the adherence and compliance mechanisms drafted into the Code. Speaking at the event, Chris Salmon, executive director, Markets, at the Bank of England (BoE), said: “The drumbeat of scandal in relation to the FX industry created issues for market practitioners, but it also became a concern for the central banks of the world.”
Voting for the 2017 FoXys is Now Open Voting for the Profit & Loss readers choice awards – the FoXys – is now open. Now that the P&L editorial team has made its choices over the best in the banking industry, Profit & Loss readers now get a chance to vote for their favourite service providers. At the same time, Profit & Loss is equally keen to hear your view as to who should be inducted into the Hall of Fame as part of the class of 2017.
What Do the Global Code, Brexit and Flash Crashes Have in Common? This week, Wednesday March 29, Profit & Loss Forex Network London takes place against the backdrop of UK Prime Minister Theresa May invoking Article 50, formally starting Britain's exit from the European Union. The conference represents a day filled with FX industry experts assembled to discuss everything from the Global Code to Brexit to Flash Crashes to the Liquidity Crunch and much more, kicking off with a panel of experts directly involved in crafting the Global Code, including the Bank of England’s director of Markets, Chris Salmon.
City Man Completes 300 Mile Walk for MND Thom Lant, a former marketing and PR executive at CME Group, Nasdaq, and LME, has completed an epic 300 mile walk in 15 days, re-enacting the historic Jarrow March to raise awareness of and funds for the Motor Neurone Disease (MND) Association. Supporters of the City Against Motor Neurone Disease Network, a group for those working in and around the City of London who have in some way been touched by MND, welcomed him as he finished in Leadenhall Market.
Global Code in the Spotlight at Forex Network London The opening session of Forex Network London at etc Venues, 155 Bishopsgate in the heart of the City on March 29, will focus on the impending launch of the FX Global Code of Conduct. The panel will bring together a panel of experts directly involved in crafting the Code and will look at the practicalities involved in the two key issues remaining to be solved – adherence and compliance. The expert speakers are ready to share up-to-the-minute knowledge and insight, so don’t miss this important panel.
Peso Likely to Reflect Economic Uncertainties in Mexico Uncertainty regarding both financial conditions within Mexico and geopolitical developments internationally is making it hard to predict how the peso will fare in 2017. Speaking at Profit & Loss Latin America, which took place on February 9 in Mexico City, economic experts warned that there are numerous variables that could impact the value of the Mexican currency this year, making accurate forecasts challenging. “Uncertainty will be the name of the game this year,” explained Daniela Blancas, a financial market economist at CitiBanamex.
Four Days to Profit & Loss Latin America 2017 What (and who) will play a major role in Mexico's economy this year? How will Mexico's economy perform against numerous geopolitical challenges in 2017? This will be the central topic during the opening panel, Mexico's Economy: Riding the Storm, at the 9th annual Profit & Loss Latin America conference on February 9 at the St Regis in Mexico City. The panel will follow an opening keynote address from Juan Garcia, Director of Domestic Operations, Banco de Mexico, and is part of a busy line up on Thursday (February 9). With panels looking at the impact of clearing, the challenge of liquidity and the impact of technology in regional markets, there is plenty for everyone so be sure to Register today to ensure your seat for this timely and important discussion. View the full day's agenda here and make your plans now to network with colleagues, industry leaders and FX professionals during a day filled with insight and key knowledge about the industry.
US House Financial Services Committee Member to Address SEFCON VII Rep. Bill Huizenga (R-MI) will speak at SEFCON VII, the premier swaps industry conference, which will take place just two days before Inauguration Day, on January 18 at The Roosevelt in NYC. Rep. Huizenga is a Senior Member of the House Financial Services Committee and has held prominent leadership roles overseeing the legislative debate about financial market regulation, Dodd-Frank and Freddie Mac and Fannie Mae. Rep. Huizenga will share his view of the upcoming debates in the Congress on the future of Dodd-Frank and capital markets, as well as GSE Reform.