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FCM RJO Hires FX SVPs

in News, Brokers

FCM RJO Hires FX SVPs

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...
Edgewater Builds Post-Investment

in News, People

Edgewater Builds Post-Investment

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...
BGC Nabs Sedergreen

in News, Brokers

BGC Nabs Sedergreen

BGC Partners has scored something of a coup with the hire of a new managing director for its Sydney office. Profit & 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...
Seven Banks Settle ISDAfix Claim

in News, Banks

Seven Banks Settle ISDAfix Claim

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 lawsuit. 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...
Three Competing Theories on Blockchain “Disruption”

in News, Technology

Three Competing Theories on Blockchain “Disruption”

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 Theory 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...
A Spoof Too Far?

in News, Around the World

A Spoof Too Far?

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 announcement today. 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...
Are Digital Currencies Set to Become a $1 Trillion Industry?

in News, Technology

Are Digital Currencies Set to Become a $1 Trillion Industry?

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...
ECB Paper Casts Doubt on Data Security Around Economic Releases

in News, Around the World

ECB Paper Casts Doubt on Data Security Around Economic Releases

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...
Fed’s Dudley: Evidence on Liquidity Deterioration “Mixed” 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 whole story”. He noted that quoted bid-ask spreads in the US Treasury inter-dealer market have remained stable since...
Vote Now in the 2016 FoXys

in News, Events

Vote Now in the 2016 FoXys

There is just over a week left for you to register your vote in the 2016 Profit & Loss Readers’ Choice Awards – the FoXys – as voting closes on May 11. To make your voice heard over the relative offerings available in the industry click here to vote in the FoXys. At the same time, Profit & Loss is keen to hear your view as to who should be inducted into the Hall of Fame as part of the class of 2016.  Suggestions are welcome and can be submitted by clicking here.