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Cahill Joins Hotspot’s London Sales Team Hotspot has hired Mike Cahill as director, FX sales, in the firms’ London office. In his new role, Cahill will be responsible for covering European systematic trading and asset management and will report in to Ben Leit, head of European FX sales at Hotspot. Prior to this Cahill worked at KCG where he was responsible for relationship management within the firms’ FX market-making business. “As we build new functionality and features, and broaden our ambitions for Hotspot both in established and growth markets, it’s important we maintain our long record of outstanding client service and support with a determined and expert sales team,” Leit comments. “Mike’s appointment, will strengthen our business in a key area of geographical focus and I’m delighted to welcome him to our fast-growing team.”
Fortex Taps Pérez for LatAm Sales Role Fortex has hired Paula Osorio Pérez as director of sales for the Latin American market. Pérez most recently held the position of director, sales and relationship management for Thomson Reuters (TR) where she helped grow the Mexico business for TR and their FXAll trading platform. Prior to that, Pérez held roles in commercial banking, e-FX Sales, and FX sales for global banking and markets at HSBC. At the bank she worked on the trading and sales desks, executing day-to-day FX and money market trades for global banking and markets’ clients.
Hedge Funds Cutting Fees: BarclayHedge Survey A BarclayHedge survey of 134 hedge fund managers in July has revealed that 36.6% of survey respondents currently offer reduced or no fee alternatives to their investors and a further 20% plan to offer lower or no fee products in the next three-to-six months. “The hedge fund industry has been under pressure to offer lower fee alternatives for some time,” says Sol Waksman, founder and president at BarclayHedge. “We expect that these pressures will continue and that low or no fee products will continue to grow."
CLS to Host Public Register for FX Global Code CLS Group has thrown its hat in the ring to host a public register listing those firms that have signed the Statement of Commitment to the FX Global Code. Profit & Loss understands other regional or national initiatives are also underway, however CLS is believed to be leading the push for a global register, in spite of it apparently limiting the initiative to CLS members. The commitment process was initially expected to take six-to-12 months, however firms are already signing up.
Moffat to Head LMAX in Asia Pacific LMAX Exchange has named Scott Moffat as managing director for Asia Pacific, based in Singapore. Part of the LMAX founding team and former chief perating fficer, Moffat will be tasked with strengthening the company’s position in the region and building upon the existing presence, including the sales and operational hub in Hong Kong and Tokyo-based exchange. LMAX says Moffat’s appointment demonstrates the company’s commitment to the region and signifies the strategic importance of Asia Pacific to LMAX Exchange’s global growth agenda.
Mesirow Hires Hoffman as CEO Mesirow Financial, has appointed Joseph Hoffman as CEO of its currency management business. The firm says Hoffman, “strengthens the team with his proven success of providing objective, strategic advice to implement best practice currency risk programmes for clients’ unique set of circumstances”. Hoffman joins from Russell Investments, where he co-founded the firm's Currency Implementation business in 2003, and most recently, as global head of currency, led the team responsible for hundreds of currency overlay accounts with assets under management in excess of $60 billion.
CME Reduces Minimum Amounts on VQOs CME Group has reduced the minimum order quantity for Volatility-Quoted Options (VQO) ahead of the scheduled launch on August 20. The new minimum amounts are in production at 10 lots in the euro, Japanese yen, sterling, Australian dollar, Swiss Franc and Canadian dollar contracts. In conjunction with this change, CME has also reduced the minimum quantity requirement to trigger a triangulation execution to 10 for all VQO currencies. The triangulation functionality was rolled out by CME last year in an effort to boost liquidity in its FX options products.
Euronext Closes FastMatch Deal Euronext has completed the acquisition of 90% of FastMatch, after having received regulatory and anti-trust approvals. This follows the announcement of 23 May 2017 on the signing of the agreement with the existing shareholders of FastMatch. In a release issued today, Euronext says that the acquisition is part of its “Agility for Growth” strategy, and that it will diversify Euronext’s top line, accelerate its growth profile and allow the group to extend its “best execution” value proposition to an additional asset class.
SGX Touts 74% YoY FX Futures Growth SGX has released data showing that the total volume of its FX futures contracts grew 74% year-on-year to 759,983 contracts in July, and open interest in these contracts was up 15% YoY to 60,105 contracts as at the end of July. The renminbi continued to strengthen against the US dollar in July, extending a trend from the previous month. However, the USD/CNH spot market traded in a narrow range resulting in low volatility that also affected overall volumes for USD/CNH futures across various exchanges. While the total exchange-traded USD/CNH futures contracts traded globally fell 12% month-on-month in July, the volume for SGX’s USD/CNH futures in the month fell by 7.7% to 150,567 contracts.
LCH Introduces SwapClear Client Account LCH has introduced a new type of client account within its SwapClear service. The account allows buy side clients to deliver collateral directly to the clearing house and to retain beneficial title to it. Segregation at an International Central Securities Depository (ICSD) ensures that such securities collateral remains client-specific. This aims to increase operational efficiency and also eliminates the transit risk arising where a client delivers collateral to the clearing house via its clearing member. JP Morgan is the first clearing member, and Aviva Investors is the first buy side client, to use this new account type. BNP Paribas and HSBC have also confirmed their readiness to support the new account structure.