Month: July 2014

Hall of Fame 2014

“Class of 2014”It is with great
pleasure that we unveil the next members of our industry to be
honoured in the Profit & Loss Hall of Fame:

It was once noted that, “any fool can make a price – it takes a …

Wittmann Departs Jameson

Rob Wittmann, president and CEO of Jameson International in Toronto, will be leaving the firm following the sale of the assets of Jameson Bank to Associated Foreign Exchange (Afex). Jameson was established in 1988 as an FX boutique, and became a Canadian Schedule One bank in 2008. Wittmann has spent the past 35 years in […]

Tullett Prebon Cuts Jobs to Counter Falling Revenues

Tullett Prebon says it will be cutting around 210 jobs, in a bid to further reduce its headcount and other fixed costs after reporting a 15% drop in H1 revenues. Sources close to the matter tell Profit & Loss that the cuts will likely be across the board, including the FX desks. “It isn’t all […]

Prasad and Mehregani Plan Hedge Fund Launch

Anil Prasad, Citi’s former head of global FX, is understood to be launching a macro hedge fund in early 2015. Farhang Mehregani, the former chief investment officer of Sciens Alternative Investments, will also join as a partner.  Prasad joined Citi in1986 and was appointed global head of FX and local markets in 2007. Mehregani was […]

UBS Aligns ETD Execution with FX and Rates

UBS has restructured its exchange-traded derivatives (ETD) execution services to sit within the FX, rates and credit (FRC) division, as part of an ongoing response to wider market structure changes. Mike du Plessis, the former co-global head of ETD execution services, has also taken on the role of co-global head of FX, rates and credit […]

CME to Acquire Fenics and Trayport from GFI

The CME Group has agreed to acquire GFI Group, but will immediately sell back the wholesale brokerage and clearing businesses to a consortium of GFI management, while keeping Trayport and Fenics, two companies owned by GFI Group. In total the Chicago-based exchange operator will pay roughly $655 million for the two businesses, although the deal […]

Low Volumes Persist in Global FX Turnover

Average daily global FX turnover in key financial centres has seen modest growth or little change in April 2014 compared to October 2013, according to recently released central bank semi-annual surveys. Daily FX turnover rose slightly in the UK, Canada and Singapore, and were little changed in the US and Australia. Japan saw volume fall, […]

Tech Corner

Oanda has launched a free-to-download app for the iPad called fxTrade Mobile 4.0. It features unlimited charts, the ability for individual traders to arrange charts how they wish, as well as the ability to view charts in full-screen mode. The retail forex platform provider says mobile trading volumes have increased from 2% or 3% of […]

Around the World

Lithuania to Join the Euro Lithuania will be joining the euro, effective 1 January 2015. The country, whose population is just under 3 million, will be the 19th country to adopt the euro and one of three former Soviet Baltic states to take up the common currency. Estonia and Latvia are both already members of […]

On the Move

Schonberg to Join Currenex Rick Schonberg will be joining Currenex next month, based in New York. Profit & Loss reported in May that Schonberg had left his position as head of FX e-product development at Goldman Sachs. A spokesperson for State Street declined to comment on what position Schonberg would be taking or his reporting […]