16:33 May 4th 2016 in
RJ O’Brien (RJO), the oldest independent futures commission merchant (FCM), has made two hires to boost its exchange-traded FX business in Europe. The company says that Peter Jerrom and John Burt have joined its London-based affiliate, RJ O’Brien Europe, as senior vice presidents in its exchange-traded FX business.
“Peter and John are seasoned FX brokers and terrific additions to the team…this represents our first London-based emphasis on exchange-traded FX. It’s a great complement to our growing global over-the-counter FX business,” says David Mudie, the CEO of RJO Europe.
In a press re...
09:17 May 4th 2016 in
Edgewater Markets is building its
team in both London and New York with a number of well-known FX names.
In the firm’s New York headquarters,
Seth Garrett and Edward McGowan join the team. Garrett has a long history on
both the banking and buy sides, having worked for CRT Capital, and before that,
Standard Bank, Societe Generale, Credit Suisse and Goldman Sachs. McGowan was
most recently at Spectra, formerly Louis Capital FX, and before that UBS,
Julius Baer and AIG.
At Edgwater, Garrett and McGowan will be directors, working to expand Edgewater’s FX business. They report to Skovran Schreder...
06:56 May 4th 2016 in
BGC Partners has scored something of a coup
with the hire of a new managing director for its Sydney office.
& Loss understands that Keith Sedergreen,
managing director of Tullett Prebon in Sydney, has resigned from the firm to
join BGC in Sydney as co-managing director, reporting to Mark Webster,
executive managing director and general manager, Asia.
Tullett Prebon is currently going through
the merger process with rival inter-dealer broker Icap and Profit & Loss understands that Tom Lovell, managing director of
the firm’s Japanese business, has added responsibility for the Australian...
02:07 May 4th 2016 in
Seven banks have settled a private US
lawsuit accusing them of rigging
the ISDAfix interest rate benchmark, and agreed to pay $324 million. The
settlement comes five weeks after a US District Judge refused to dismiss the
The settlement requires
court approval but resolves antitrust claims brought by a number of pension
funds against Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank,
JPMorgan and Royal Bank of Scotland.
Seven other banks accused
in the same lawsuit have not settled, they are BNP Paribas, Goldman Sachs, HSBC,
Morgan Stanley, Nomura, UBS, Wells Fargo and Ic...
19:10 May 3rd 2016 in
Three different theories were put forward as to what impact
blockchain technology will have for incumbents in the financial services industry
at the Consensus 2016 conference in New York.
1. 1. The Revolutionary
This approach suggests that blockchain technology has the
potential to seriously disrupt the financial services industry. It will allow
many market functions to become decentralised, thereby getting rid of many
intermediaries that currently occupy central roles in the market.
This view was partially espoused by Sandra Ro, executive
director, group digitalisation lead at...
07:00 May 3rd 2016 in
Around the World
Market sources tell Profit & Loss that an automated trading account may have had a
gamble go wrong around the Reserve Bank of Australia’s monetary policy
In the seconds leading up the announcement,
AUDUSD, which was trading quietly at the 0.7708 level, was bought aggressively,
but in small amounts, by an automated trading firm, only to hit the double whammy
of a resting offer at 0.7720 and the surprise RBA cut of 25bp.
The market immediately dropped 150 points
with only small amounts going through before finding some support above last
week’s low of 0.7550 – which itself...
04:13 May 3rd 2016 in
The financial services industry will see $1 trillion move
into digital currencies over the next 10 years, predicted Barry Silbert,
founder and CEO of Digital Currency Group, at the Consensus 2016 conference in
New York today.
When panelists at the conference were asked if digital
currencies traded more like commodities or fiat currencies Mike Moro, CEO of
Genesis Trading, claimed that digital currencies have their own unique trading
characteristics and should therefore be thought of as their own asset class.
Silbert agreed with this assessment, claiming that the
development of digital curre...
02:22 May 3rd 2016 in
Around the World
A working paper posted on the European
Central Bank’s website casts doubt upon the level of data security around
certain US economic releases, finding, multiple occasions when the data was
apparently known to some market participants ahead of time.
The past year or so has seen increased
attention on apparent leaks of official releases, including monetary policy
decisions and economic data – just last month the Reserve Bank of New Zealand
confirmed its March policy decision was leaked, and the past 18 months has seen
several occasions when the market has moved sharply in the seconds leading up...
06:29 May 2nd 2016 in
Federal Reserve Bank of New York President
William Dudley has told a gathering that “the evidence that market liquidity has diminished is mixed”.
Speaking at a Federal
Reserve Bank of Atlanta event over the weekend, Dudley, who framed his remarks
with the regular central banker caveat that they reflected his own view and not
necessarily that of the Fed, told attendees that while some market liquidity
metrics have not changed much in recent years, these metrics “do not tell the
He noted that quoted
bid-ask spreads in the US Treasury inter-dealer market have remained stable
02:33 May 2nd 2016 in
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