Month: August 2014

Citi Hires European Head of Spot G10 FX Trading

Danny Wise has joined Citi as its new European head of spot G10 FX trading, having left Credit Suisse in May as part of the cut backs to its global macro products division. Based in London, Wise is understood to have the joined the bank this week and will be reporting to Richard Bibbey, Citi’s […]

Marex Agency FX Team Resurface at Gain GTX

The three FX sales executives that left Marex Spectron in May have joined Gain Capital to strengthen the firm’s GTX agency desk, Profit & Loss has learnt. Paul Spillman, Keith Mash and Peter Snasdell all join the London operation as directors, reporting to Vincent Sangiovanni, Gain GTX’s chief operating officer. “Following the strong growth and […]

ICE Follows CME in Banning Transitory EFRPs

The Intercontinental Exchange (ICE) has followed the CME in changing its rules regarding exchange for related position (EFRP) contracts. Last week ICE Futures US made amendments to its rule 4.06 and issued a new frequently asked questions (FAQ) advisory on the issue of trading EFRPs. EFRPs typically involve two different but related simultaneous transactions. Between […]

New Proposals Could Help US Agency Brokers

The new proposals allowing for firms to act as intermediaries for their clients to facilitate FX derivatives transactions could help to revive US agency brokerage businesses after a difficult year for some of these companies. FX intermediaries have been prevented from offering trade facilitation for derivatives products since the Commodity Futures Trading Commission (CFTC) introduced […]

BNP Paribas Boosts Electronic Markets FX Unit With New Appointments

BNP Paribas has made three new appointments to its electronic markets FX business, according to an internal memo seen by Profit & Loss. Jean-Marc Friess has moved from the global trade and transaction banking (GTTB) unit where he was global head of product management. He will be focusing on product development for the Centric product […]

And Finally…

News that we finally have movement in the rigging fiasco has to be welcome, even if that news is unlikely to be positive. That said, there is talk in the market that while the authorities have found grounds for fining institutions, actual hard evidence to push for criminal prosecutions against most of those accused is […]

Around the World

BoE Has Contingency Plan in Case of Scottish "Yes" Vote The Bank of England has a contingency plan in place in case Scotland votes for independence on 18 September, governor Mark Carney has revealed. Questions over whether Scotland would keep the pound as its currency have dominated the debate over the referendum, with the three […]

Tech Corner

Online foreign exchange and CFD broker One Financial Markets has partnered with Tradable and has launched a trading platform to attract new clients. Launched as an open trading platform, Tradable allows clients to completely tailor their trading environment with third party apps from the firm’s app store. The range of applications covers areas such as […]

On the Move

Harland Joins Marex in London Chris Harland has joined commodities broker Marex Spectron from Kyte Group, a clearing, broking and investment service provider, where he was head of FX trading for almost two years. Based in London, Harland will be part of the FX sales and trading team at Marex, which lost three FX salespeople […]

TMX Group to Buy Microwave Network from GTS

Global Trading Systems has agreed to sell its ultra-low latency microwave network, StrikeNet, to TMX Group. The network is being sold via Strike Technologies, a subsidiary of GTS, for an undisclosed price, and will be managed by TMX Group’s marketplace infrastructure provider, TMX Atrium. StrikeNet uses microwave towers to connect North American exchange datacenters through […]