Month: August 2014

Swedish Pension Fund Selects SuperD

AP3, one of five buffer funds within the Swedish national pension system, will use SuperDerivatives’ market data, DataX, for analysis and valuation of its investments. AP3 has two roles in the pension system: serving as a buffer when inflows and outflows cause an imbalance in the system; and promoting the overall financial stability of the […]

New York Regulators Extend BitLicense Comment Period

The New York Department of Financial Services (NYDFS) has extended the comment period for its BitLicense proposal by an additional 45 days, following numerous complaints about the lack of time available to study the proposal. “There has been a significant amount of public interest in and commentary on DFS' proposed regulatory framework for virtual currency […]

TriOptima Eliminates $500 Trillion in Notional Principal Over 11 Years

Market participants have eliminated $500 trillion in notional principal outstanding since the launch of TriReduce, its multilateral compression service, in 2003, says TriOptima. This amount includes cleared and uncleared trades across a broad spectrum of products including cleared interest rate swaps and uncleared interest rate swaps in 27 currencies, credit default index and single name […]

BM&FBovespa Launches New Clearinghouse

Brazilian exchange BM&FBovespa began operations at its new clearinghouse last week. By combining four separate clearing houses the exchange group has created a single platform for clearing exchange-traded and OTC derivatives, spot FX, equities, corporate bonds and federal government bonds. The new clearinghouse will use a Closeout Risk Evaluation (Core) risk management system and help […]

AIMA Publishes a ‘Case for Hedge Funds’

The Alternative Investment Management Association (AIMA), the global hedge fund industry body, has published The Case for Hedge Funds, a compilation of its research since the global financial crisis, demonstrating the value of the world’s hedge fund industry to investors, financial markets and the broader economy. It includes excerpts from AIMA’s key research papers as […]

BNP Paribas Plans European Launch of Centric in Q4

BNP Paribas expects to formally announce the European launch of its Centric platform in mid-October, Profit & Loss understands. The multi-product, application-based electronic trading platform for corporate clients was initially launched in Singapore and Hong Kong in May 2013, followed by roll-outs to additional Asia-Pacific countries that year (Squawkbox, 16 May 2013). Since then, the […]

FSB Reveals Range of Global Responses to FX Benchmark Proposals

The Financial Stability Board (FSB) has published the various responses to its FX benchmarks consultative report, revealing the diverse range of global industry opinion on the subject. Over 30 interested parties including major FX banks, brokers, asset managers and industry associations provided written comments to last month’s publication of 15 proposals around suggested reforms to […]

And Another Thing…

I have often discussed the “equitisation” of FX markets from a market structure perspective; now though, I can talk about it from a market behaviour angle. I have had the good fortune to be able to spend some time with some good friends in the industry recently (yes that is code for I have had […]

BTIG Launches New Chicago-Based FX Desk

BTIG has hired three former Newedge staff to run its new Chicago-based FX desk. Michael Artim, Brandon Walsh and Chris Karabelas have joined BTIG as it looks to continue expanding on the global FX desk that it opened at the end of 2012 in New York. Artim, Walsh and Karabelas – who most recently worked […]

Cantor Confirms Ex-Goldman Duo to its FX Team

Cantor Fitzgerald has confirmed the appointments of former Goldman Sachs executives Joseph Pinto and Stephan McElreath to its FX team, as first reported by Profit & Loss in May (Squawkbox, 4 May). Based in New York, Pinto will be a managing director and McElreath a vice president of Cantor Fitzgerald’s FX sales and trading group. […]