Month: November 2015

On the Move

360T, Jefferies… Conte Exits 360T Dan Conte has left his position as co-CEO and COO of 360T Americas, according to market sources. An official spokesperson for 360T did not respond to requests for confirmation of the news before press time, but Profit & Loss understands that New York-based Conte has left the firm. Conte had […]

And Finally…

Changing a market’s structure is never easy, habits are long in the formation and take even longer to break, therefore it is to be expected that some changes will not be popular with markets, but probably need to be forced through. Then there are the utterly stupid ideas that – even though experts and participants […]

Tullett and Icap Confirm Merger Discussions

Tullett Prebon and Icap have confirmed the news, reported earlier by Profit & Loss, that they are in discussions regarding the sale of Icap’s global broking business (IGBB). Tullett Prebon confirmed the discussions in an announcement on Friday and Icap then issued a statement clarifying the nature of the deal being discussed.  The proposed deal […]

Icap, Tullett Voice Businesses to Merge?

Icap and Tullett Prebon are believed to be in advanced talks to merge their voice broking businesses. According to Profit & Loss sources, the two firms are “close” to a deal, however Icap’s electronic business will be carved off and not be part of the deal. Rumours of a deal have been circulating for the […]

Platform Volumes Continue to Decline

Volumes at most FX platform providers declined again in October, however there were positives in the data reported thus far. Icap’s EBS handled average daily volume (ADV) of $83.6 billion in October, down 6.5% from $89.4 billion in September and a 36% decline year-on-year from October 2014’2 $129.9 billion. It was a similar picture at […]

BIS Data Highlights Success of Trade Compression

The latest Bank for International Settlements semi-annual survey of OTC derivatives markets provides further evidence that trade compression is successfully reducing exposures in markets. The survey, for the first half of 2015, show the notional amount of outstanding contracts declined from $629 trillion at end-December 2014 to $553 trillion at end- June 2015. Even after […]

NetOTC Goes Live

NetOTC has unveiled NetOTC Bilateral, an end-to-end bilateral market infrastructure for the margining of non-cleared OTC derivatives. The new service is connecting to Euroclear’s Collateral Highway in an effort to answer what it terms the market demand for greater transparency, resilience and addressing the market need for funding, capital and operational cost efficiencies. From September […]

FSB: Work Still Needed on OTC Derivatives Reforms

The Financial Stability Board (FSB) has released two new reports, which document that, although good progress has been made in reforming the OTC derivatives markets, there are still areas where improvements are needed. In one of the reports, Thematic Peer Review of OTC Derivatives Trade Reporting, the FSB says that “further work needs to be […]

Massad Outlines New Swaps Reporting Rules

Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, has revealed that the CFTC is planning to implement a series of new rules concerning swaps trade reporting. Delivering a speech at the annual FIA Expo in Chicago, Massad focused on the subject of swaps data reporting, where he conceded that “there have been questions about the […]

Wall Street Block Chain Alliance Announces Working Committee Heads

The Wall Street Blockchain Alliance (WSBA) has announced chairman of its various new working committees. The chairmen include: George Samman for blockchain and financial markets, Justin Dombrowski for research and innovation, Daniel Winters for tax and accounting, Bob Bonomo technology and product.  “In alignment with the WSBA mission, our goal is for each committee to […]