Month: September 2014

European Head of Spot FX Leaves Goldman Sachs

Mitesh Parikh, European head of spot FX for Goldman Sachs, has left the bank. The London-based trader will be joining hedge fund Balyasny Asset Management by the end of the year, according to Bloomberg. He is understood to be joining as macroeconomic money manager in the firm’s London office. Parikh joined Goldman Sachs in 2002. […]

Deutsche Launches FX Commodity Indices

Deutsche Bank has launched its FX Commodity Indices (DBFXCIs) to track the average price of commodity exports for Australia, New Zealand and Canada. The indices are daily, with the intent of offering a "live" insight into the terms of trade for each economy, the bank says, adding that it plans to add further commodity currencies […]

Citi’s Global Head of FX Services Departs

Stephane Knauf, global head of FX services and products at Citi, has left the bank, Profit & Loss understands. London-based, Knauf joined Citi in May 1995 as an FX structurer. He also spent over two years based in Tokyo as a corporate and investor strategist before relocating back to New York in 2003 to take over […]

Gulf Narrowing Between Best and Worst Hedge Funds

The gap between the best and worst performing hedge funds has narrowed during the first half of 2014, according to BlackRock’s analysis of the hedge fund industry. Top decile hedge funds returned 11%, compared to losses of 5% for bottom decile hedge funds, narrowing the range from the previous year. In 2013, the inter-decile range […]

Vos Moves to Head Deutsche Bank FX in North America

Deutsche Bank has appointed Adam Vos as head of foreign exchange in North America to replace David Wayne, who is returning to London to continue in his role as head of FX derivatives. Vos will relocate from London to New York. He was previously co-chief operating officer of the bank’s fixed income and currencies (FIC) […]

UK Consults on Extending Libor Laws to Currency Markets

Traders who manipulated currency, gold and other key benchmarks could be handed the same huge fines or jail sentences as those who rigged the London Interbank Offered Rate (Libor), under new UK government proposals to tackle market abuse. In a formal consultation launched last week, the UK Treasury said it was looking to extend new […]

FSB Said to Back Five-Minute WMR Fixing Window

The proposal for widening the WM/Reuters 4pm London fixing window to five minutes has been broadly accepted at the Financial Stability Board (FSB) plenary meeting in Cairns, according to industry sources. The FSB’s proposal to extend the fixing window beyond the current 60 seconds was one of 15 recommendations aimed at reforming market practices around […]

And Another Thing…

The start of Forex Network Chicago means this will be brief, but I thought I would relate a conversation I had earlier this week in Chicago with a very experienced trader. It was something that probably offers hope for everyone out there looking to actually make money from directional moves in foreign exchange, as opposed […]

CFTC Criticised for Rigid Approach to Global Swaps Rules

On the fifth anniversary of the Pittsburgh G-20 Summit, which agreed the “Framework for Strong, Sustainable and Balanced Growth”, the Commodity Futures Trading Commission (CFTC) has come under fire for its uncoordinated approach to regulation of swaps trading, which many believe has led to greater liquidity fragmentation. Speaking at separate industry events, CFTC commissioner Christopher […]

CFTC Chairman Timothy Massad to Deliver Keynote Address at SEFCON V

Timothy Massad, chairman of the US Commodity Futures Trading Commission (CFTC), will deliver the keynote address at SEFCON V, the Wholesale Markets Brokers’ Association, Americas (WMBAA) fifth annual conference, which is being produced by Profit & Loss. The 5th Annual Swap Execution Facility Conference (SEFCON V) is a day-long event taking place on Wednesday 12 […]