Month: May 2014

And Another Thing…

Markets change. People change. The world changes. What doesn’t, apparently, is one sector of the financial industry – and I am starting to get irritated by it. We have all experienced change, some of it good, some less so, but the common denominator is we have all accepted it. Corporates have seen generally good change; […]

Zikas Leaves State Street

Tomas Zikas, managing director and head of the e-rates business within State Street’s Global Exchange business, has left the firm as part of a broader staff reduction, which took effect 1 May, sources say. Profit & Loss understands that the staff reduction is linked to State Street’s recently announced plan to centralise a number of […]

CLS Plan to Add Ruble in November Unaffected by Sanctions on Russia

Economic sanctions that Western nations have brought against Russia over the Ukraine crisis have not affected plans for the ruble to become a CLS-settled currency in November this year, a CLS Bank official said on Tuesday. “CLS is monitoring the situation closely and at this point it has not impacted the time line [for the […]

Credit Suisse Cuts Six From FX Team

Credit Suisse has offered redundancy packages to six employees in its foreign exchange team. This is part of a cost-cutting exercise across its Global Macro Products group, which includes Rates, FX and commodities. According to a person familiar with the matter, the Zurich-based bank has selected five in London for redundancy, including: Danny Wise, managing […]

Marex’s New FX Team Exits Within a Year

Marex Spectron has lost three FX sales executives, less than one year after bringing them in to lead its new agency broking desk. Peter Snasdell, Keith Mash and Paul Spillman have left the commodities and financial markets broker. All three joined as senior vice presidents in July last year and were based at its headquarters […]

Schlater Departs UBS After 22 Years

Mark Schlater, a 22-year veteran of UBS, has left the bank amid the latest round of layoffs at the investment bank, sources say. New York-baseed Schlater was a managing director and COO for FX derivatives. Over the years, Schlater held a number of roles across the front office and information technology. His main area of […]

Deutsche Bank Appoints Zinkin as Head of MET

Martin Zinkin has been appointed head of Markets Electronic Trading (MET) at Deutsche Bank following the departure of Robert Mandeno, who left the bank in April. As reported in Monday’s Squawkbox, Mandeno’s resignation was planned and was known to the bank earlier this year. Zinkin joined Deutsche in London at the end of last year […]

And Finally…

I suppose it is ironic that, at a time when there is so much discussion about HFT activity around data releases and the rights or wrongs of buying access to data releases, the latest event in this area is one of old-fashioned fraud. I actually don’t think there is much in the arrest of two […]

Around the World

Winklevoss Twins Aiming to List Bitcoin ETF Cameron and Tyler Winklevoss have disclosed in a regulatory filing that they have chosen to list their Bitcoin ETF on the Nasdaq stock exchange. The Winklevoss brothers, most widely known for their legal battles with Mark Zuckerberg over Facebook, applied to create the ETF last summer. If approved […]

Tech Corner

ADS Securities has introduced a 100% introduction bonus for all new prime clients. The offer will run through May, 2014, and is available in all markets. The offer is only available to new clients to ADS Securities. As soon as the account is opened and funded ADS Securities will double the deposit available for trading, […]