Month: June 2014

Closer Collaboration Seen Between Investors and Hedge Funds

Investors are increasingly likely to form partnerships with hedge funds, according to a survey by Barclays and the Alternative Investment Management Association (AIMA), the global hedge fund industry association. The survey findings show a closer collaboration occurring between the hedge fund industry and its investor base. According to the survey, entitled The Extra Mile: Partnerships […]

Thomson Reuters Adopts Changes to Spot Matching Trading Rules

Thomson Reuters has published its revised Matching Rule Book, which it says is designed to “safeguard trading practices and behaviours” that sustain primary markets. The changes follow a year-long consultation with the anonymous FX trade matching system’s subscribers, culminating in the production of a draft document in March this year (Squawkbox, 27 March). Profit & […]

CTAs Set to Struggle After CME Changes EFRP Rules

Commodity trading advisors (CTAs) that trade FX could struggle now that CME Group has announced it will ban all transitory Exchange for Related Positions (EFRPs), according to industry sources. EFRPs encompass a number of transactions including exchange of futures for physicals, exchanges of futures for risk and an exchange of option for option. “They typically […]

And Another Thing…

With Profit & Loss managing editor, Colin Lambert, reportedly too distressed after England’s early exit from the World Cup to contemplate writing the midweek column, I’ve been asked to provide an update on a rule change made by a certain Chicago-based exchange that has been ruffling some feathers recently. The rule change concerned is the […]

China Bid to Boost FX Derivatives Trading

China’s FX regulator says it will lower the entry barriers for developing FX options and ease the process for banks wishing to access the instruments, potentially paving the way for further currency market reforms. The State Administration of Foreign Exchange (SAFE) adds that while it will be increasing the variety of FX derivatives sold by […]

SuperDerivatives Denies Acquisition Rumours

Derivatives technology and data provider SuperDerivatives has denied rumours that it has entered into acquisition talks with another player in the industry. A report in Israeli newspaper Calcalist claims that SuperDerivatives is in discussions with a “large international company from the same field” looking to acquire it and that the potential buyer is conducting due […]

Beale Rejoins Gain GTX

Graham Beale has rejoined Gain Capital’s institutional FX arm, GTX, as head of new business development. Based in the US, he reports to Vincent Sangiovanni, chief operating officer of GTX. Beale left Gain GTX in May 2013 to work at his executive search company GB Management. He was previously head of international sales for GTX […]

Why CLS’s Court Win Was Important

David Puth, CEO of CLS Bank, reflects on last week’s Supreme Court decision in the US in favour of CLS and explains why the decision was crucial for the industry. The global financial economy has undergone severe shocks over recent years, from which it has not yet fully recovered. Stable economic growth and the preservation […]

And Finally…

Well it was nice while it lasted, but (sigh) back to the investigation into practices in FX markets. I am not sure if it is me and my inherent protective nature of the market but the claims do seem to be getting a little more tenuous and desperate. Over the past few days we have […]

Around the World

Kenya to Unveil Derivatives Exchange? Kenya could have its first futures and derivatives exchange licensed within the next quarter, setting the stage for trading in standardised futures contracts for commodities and financial instruments, according to local media reports. Financial derivatives, especially for interest rates and foreign exchange, are expected to be the front runners in […]