Month: July 2014

ICE’s Barsoom Becomes Latest SEF CEO Departure

Peter Barsoom, president of the Intercontinental Exchange’s (ICE) SEF, will be leaving the role before the end of August, according to sources. Barsoom has been president of the new SEF since January, prior to which he was the COO of ICE for four years. Before that he worked as deputy COO at Blue Mountain Capital […]

FIX Trading Community Extends Market Efficiency Support to FX

The FIX Trading Community is expanding its trading enablement standard initiative (TESI) to include FX client enablement, in a bid to help reduce electronic trading errors. Last year the industry standards organisation used TESI to design and implement the FIX standard for fixed income trading platforms. It is now also available to clients using FX […]

Tenengauzer Joins RBC as Head of EM and FX Strategy

Daniel Tenengauzer has joined the Royal Bank of Canada (RBC) as head of emerging markets and global FX strategy, based in New York. He reports to Marc Harris, head of global research. Tenengauzer joins directly from Standard Chartered Bank, where he was hired in July 2013 as a managing director and regional head of research […]

SEF Trading Has Accelerated Market Fragmentation – ISDA

Over-the-counter derivative markets have fragmented along geographical lines since the start of the swap execution facility regime in the US in October 2013, according to research from the International Swaps and Derivatives Association (ISDA). That trend has been especially notable for euro interest rate swaps, with European dealers opting to trade with other European parties […]

FX Provides Boost as Data Suggests CTA Recovery

Currencies have been the best performing sector this year as commodity trading adviser (CTA) performance shows tentative signs of recovery, according to new data from the Newedge CTA indices. According to the performance data for June, all managed futures indices calculated by Newedge were showing positive returns for the month. Year-to-date (YTD) the Newedge CTA […]

…As Co-Head of Clearing Relocates to London from Asia

JP Morgan's co-head of global clearing, Nick Forgan, has relocated to London from Singapore where he will continue the role he shares with Dave Olsen, who is based in New York. He will also assume daily oversight of futures and options (F&O) clearing in Europe, the Middle East and Africa (EMEA), Profit & Loss understands. […]

JP Morgan Forms Agency Execution Team…

JP Morgan has formed an organisation to drive its agency execution capabilities across products and asset classes, in a bid to pre-empt market structure changes.  In an internal memo announcing the launch of JP Morgan Execution Services (JPMES), seen by Profit & Loss, the bank says that, “regulatory reform and innovation are driving significant changes […]

Thomson Reuters to Calculate Currency Benchmarks for Three African Economies

Thomson Reuters has won a competitive process to provide currency benchmarks for three of Africa’s growing economies – Kenya, Ghana and Zambia. The information vendor will calculate benchmarks for the Kenyan shilling, Ghanaian cedi and Zambian kwacha, beginning a process that will see the benchmarks move from a manual telephone-based system to an automated analysis […]

FCA Speeds Up FX Probe; SFO Predicts Criminal Charges in 2015

The UK’s Financial Conduct Authority is understood to be stepping up its investigation into the alleged manipulation of the FX markets, as it attempts to bring the first set of fines before the end of the year. The regulator is reportedly negotiating settlements with a number of global institutions including Barclays, JP Morgan, UBS, RBS […]

Credit Suisse to Restructure Macro Business After Posting Q2 Loss

Credit Suisse will be restructuring its global macro products business, which includes foreign exchange, rates and commodities trading, after recording a net loss in the second quarter. The bank says it will refocus its FX business to concentrate on “a combination of electronic trading and voice offering for larger and more complex trades”, as well […]