Month: June 2013

“Rapid Pace” of Electronification Continues

A recent report from Greenwich Associates has good news for those in the e-FX business.  Electronic trading systems continued to attract new users at a “rapid pace,” despite the fact that there was an overall slowdown in global foreign exchange trading activity and stagnant e-FX trading volumes, according to a new report. Financial research firm, […]

OTC Derivatives Activity Falls

Colin Lambert reports as the BIS signals a decline in derivatives activity across markets, save for FX. The Bank for International Settlements (BIS) has recorded a slight decline in OTC derivatives market activity in the second half of 2012. The latest semi-annual survey of OTC derivatives activity shows total notional outstandings of $632.6 trillion, down […]

Exit: Stage Left

Three banks see the departure of trading heads within weeks, Alice Attwood reports. Citi, Deutsche Bank and JP Morgan are all facing change at the top of the electronic trading businesses as the result of a series of departures from the organisations. At Citi, as reported in Profit & Loss last month, Simon Jones stepped down […]

Industry Groups Call for Reduced Margin Requirements

Margin rules continue to concern markets. Alice Attwood reports.  The International Swaps and Derivatives Association (ISDA) has jointly submitted a letter with a number of industry associations to the Federal Reserve Bank of New York, and four other national bodies, calling for reform of margin requirements for non- centrally cleared derivatives to improve the safety […]

CFTC Issues FX Relief Letters

Colin Lambert reports as the CFTC offers a glimmer of respite to market participants. The May 1 deadline for reporting of trades and other rules was marked by the US Commodity Futures Trading Commission (CFTC) offering some relief to market participants seeking to avert the need to report mid-market marks and mirror trades. The CFTC’s […]

CFTC Unveils SEF Rules

Colin Lambert reports as the US CFTC brings some much-needed clarity to derivatives markets. On May 16, the US Commodity Futures Trading Commission voted to enact three measures that completed, according to CFTC chair Gary Gensler, “all of the major building blocks of swaps market reform: transparency, clearing and swaps dealer oversight”. The three measures established […]

The Death (and re-birth) of a Salesman?

Colin Lambert investigates the changing role of the salesperson and asks, is it time for a new definition?  “I want my team talking to people who look at the same aspects of the FX business as they do. This doesn’t mean salespeople, it means practitioners – people at the sharp end of the business.” They […]

Virtu Financial’s Chris Concannon: SETTING NEW PARADIGMS

Chris Concannon, partner at Virtu Financial, who sits on the CFTC?s Subcommittee on Automated and High Frequency Trading, talks with P&L?s Julie Ros about his move from equities to FX, and the role that Virtu plays among the new breed of FX market makers.  Julie Ros: You were an early proponent of Dodd-Frank, lobbying extensively […]

CFTC Charges Boston Man with Fraud

The US Commodity Futures Trading Commission (CFTC) has won a court order freezing the assets of David Prescott, individually and doing business as Cambridge Currency Partners. The court’s order also prohibits the destruction of books and records and sets a telephonic status hearing for May 15. The order stems from a CFTC civil complaint filed […]

CFTC Hits Interactive Brokers

The US Commodity Futures Trading Commission (CFTC) has ordered Greenwich, Connecticut-based Interactive Brokers (IB), to pay a $225,000 civil monetary penalty for failing to maintain sufficient funds in customer segregated accounts. IB is accused of failing to calculate the amount of customer funds on deposit, the amount of funds required to be on deposit in […]