Month: November 2014

And Another Thing…

Happy Thanksgiving Day to our American friends; the rest of you will be unsurprised to hear I am a little grumpy so today’s column has plenty of sarcasm and irony, and very few glad tidings. Social media has a lot to answer for – including, I am about to argue, some of the problems that […]

Icap Veteran Ferreri to Depart

Chris Ferreri is planning to leave Icap after more than 30 years with the brokerage, Profit & Loss understands. Based in New York Ferreri is currently a managing director and head of e-commerce for the Americas at Icap and also represents the brokerage as the chairman of the Wholesale Market Brokers' Association Americas (WMBAA). A […]

ISDA Report Advocates Greater CCP Transparency

The International Swaps and Derivatives Association (ISDA) has released a paper claiming that central counterparties should implement certain operational changes, including providing greater transparency around their ability to absorb a major default. The paper notes that regulatory changes are making CCPs critical components of the financial markets infrastructure but that, despite initiatives aimed at strengthening […]

…As Trader Dismissed, Swiss Targets Named

The fallout from the investigation into FX market practices continues with reports naming some of the traders targeted by the Swiss financial authority, Finma, in its investigation into events around the WMR Fix; and news that Bank of New York Mellon dismissed a trader earlier this year due to code of conduct breaches. Bloomberg reports […]

HSBC Targeted By DoJ…

The US Department of Justice is investigating whether an HSBC employee may have leaked confidential information to a hedge fund. According to a report in the Wall Street Journal, the alleged leak occurred while the bank was advising Prudential “on a huge acquisition and was working on a related multibillion-dollar currency transaction". According to the […]

Citi Stands Out as Sole Change from ECB’s FXCG Members List

The European Central Bank’s FX Contact Group (FXCG) appears to have dropped Citi from its newly published members list in which the bank’s absence is the only change recorded. An August 2014 copy of the member’s list viewed by Profit & Loss lists 19 representatives of the FX industry, while the November version now lists […]

EBS Appoints Head of G10

Industry veteran Bill Marsden has joined EBS in London as head of G10 currencies, according to an internal memo seen by Profit & Loss. Marsden, who has worked in the foreign exchange markets for more than three decades, joins EBS from Thomson Reuters, where he managed the liquidity sales team for the Matching platform. At […]

And Finally…In Memoriam

Sad news reached me over the weekend that Rita Saverino, known to many of us from her work in trading and e-commerce at Citi and Deutsche Bank, passed away last week. I had the pleasure of meeting and speaking with Rita many times, I first met her in the early 1990s during a business trip […]

Around the World

Deutsche Bank Makes Use of Frankfurt RMB Clearing Hub Deutsche Bank says it has effected its first renminbi transaction via Frankfurt’s offshore clearing centre as it seeks to help corporate customers save costs when doing cross-border business with China. “Companies from Germany and other European countries can now conduct RMB transactions cleared in Frankfurt via […]

Tech Corner

Foreign exchange broker ADS Securities and global managed services provider has installed a 40Gb ethernet network in Tokyo (TY3). The deployment in uses 40Gb network cards and allows for each tick from multiple liquidity venues to be processed with reduced delays as the additional bandwidth mitigates microbursts in volatile market conditions. With an ever increasing […]