Month: October 2015

Thorne Returns to RBS

David Thorne has re-joined the Royal Bank of Scotland (RBS) London as an e-FX trader after nearly three-and-a-half years at JP Morgan (JPM) in London. Thorne originally worked at RBS as an FX algorithmic trader between July 2010 and 2012 and prior to that worked at European hedge fund Brevan Howard on FX Ucits and […]

Digital Asset Announces Acquisition of Blockstack.io

Digital Asset Holdings has entered into an agreement to buy Blockstack, a firm that offers a “blockchain-as-a-service” to enable financial institutions to develop applications on a private blockchain. This follows on from earlier acquisitions made by Digit Asset in June, when it acquired Hyperledger and Bits of Proof. Blockstack’s technology is available in beta today […]

FXPro Releases Q3 Slippage Stats

As part of an initiative to increase transparency in the FX markets, online retail and institutional broker FXPro publishes its slippage and execution percentages for July, August and September, 2015. The Q3 slippage statistics show a positive reading of 43.4%, an at quote reading of 39.6% with a negative reading of 17.0%. Re-quote percentages for […]

StanChart Cuts Hit FX

Profit & Loss understands that a number of FX staff at Standard Chartered in New York, London and Asia are leaving the bank as part of the company-wide restructuring announced in July. In New York, sources indicate that Thomas Wei, a managing director, believed to be on the options side, and Michael Keogh, a director […]

Three More Banks Join R3 Distributed Ledger Initiative

Three more banks have joined R3’s consortium to design and apply distributed ledger technologies to global financial markets. Interest in the initiative amongst the international banking community appears to be continuing following  its launch in September.   Mizuho Financial Group, Nordea and UniCredit are the three banks that have joined the consortium, brining the total […]

On the Move

Bloomberg, Lloyds… Guilbert Leaving Lloyds Banking Group? Marc Guilbert is leaving Lloyds Banking Group in London in the coming months and relocating back to Canada, sources say. Guilbert has been with the bank for four-and-a-half years, most recently as head of FX options trading. Prior to Lloyds, Guilbert worked at Citi in London for over […]

Tech Corner

A round up of the latest technology news… TradingScreen has integrated a series of best execution focused monitoring tools as part of its new release of its Pre-Trade Decision Suite. The suite will feature a toolkit designed to assist users in simplifying the pre and in-trade decision-making process for equities, futures, fixed income and FX. […]

And Another Thing…

For those that missed the SefCon VI event that took place in New York last week, here are Profit & Loss’ top three regulatory takeaways from the event: 1) Massad ended the post-trade name give-up debate (for now) CFTC chairman, Timothy Massad, finally ended the debate over post-trade name give-ups on SEF central limit order […]

CFTC Divided Over Approach to Swaps Regulation

Comments from Commodity Futures Trading Commission (CFTC) staff at the SefCon VI conference in New York on Monday highlighted divides within the Commission about how to most effectively amend swaps regulations.  Over the past year, the Commission has preferred to extend “no-action” letters exempting market participants from certain swaps requirements, rather than formulating new rules. […]

EUR/USD Parity Still a Brave Call Says JPM

Although the European Central Bank (ECB) did not commit to rate cuts, QE extension or QE upsizing at last week’s meeting, market participants have seen enough “burlesque winks” from ECB President Draghi and the Governing Council to expect something material in December, according to analysts at JP Morgan. While the bank sees another cut in […]