Month: April 2016

More Pain for Mrs Watanabe

The legions of Japanese retail investors holding onto the carry trade, dubbed the Japanese housewives or Mrs Watanabes, faced more pain on Friday – a Japanese holiday – as USDJPY slumped to a new low for the year, indeed its lowest level since October 2014. USDJPY broke through Thursday’s low just above 107.80 before dropping […]

Fleschler Named Seabury Global Markets CEO

Seabury Group has announced the formation of Seabury Global Markets, which it says will “conduct fintech product and solution sales, marketing and distribution within the international financial markets”. The new group will be led by Rob Fleschler as president and CEO. Fleschler, who has been serving as senior advisor to Seabury Asset Management, will report […]

Bruce Jumps from EBS?

It looks like it could be one in and one out at EBS BrokerTec. A mere couple of weeks after it hired Mark Bucaj as product director, well-placed sources say that EBS BrokerTec has now lost Mark ‘Speedo’ Bruce, whose title was head of product. The well-regarded Bruce was a professional triathlete in his younger […]

BNP Hires Goldman Face

BNP Paribas has hired Cyril Cottu from Goldman Sachs, where he was head of the FICC EMEA sales middle market initiative. Starting in July, Cottu will assume a senior role in the bank’s eCommerce business, reporting to Rudi Collin, BNP Paribas’ head of digital transformation. Cottu can be considered as a pioneer of FX eCommerce. […]

UK Leapfrogs Singapore in RMB Clearing

According to Swift’s latest RMB tracker, the UK’s RMB payments value increased by 21% between March 2014 and March 2016, it as the first offshore RMB clearing centre after Hong Kong. Being the second biggest is not as important as it sounds, however, for the UK is the small matter of 66% behind Hong Kong. […]

Forget Unfair Dismissal…Whistle Blowing is the New Black

If losing a series of cases to former FX traders wasn’t enough, the banking industry faces increased pressure from a growing number of traders seeking whistle blower status as part of a claim for unfair dismissal. Profit & Loss has already reported on BNP Paribas facing a claim from former head of FX trading Bob […]

Special Report: Is FX The Next Industry to be Disrupted by FinTechs?

The next edition of Profit & Loss magazine will be featuring a fintech special report looking at how these firms are changing the landscape of financial services and why they are increasingly targeting the FX market. Fintech is very a buzzword in financial services right now, but what do people mean when they use this […]

CLS Volumes Down 3.5% in March

Average daily input value of trades submitted to CLS was $4.69 trillion in March, down 3.5% compared to February. This figure is also down 8.9% from the $5.15 trillion that CLS recorded in March 2015. Meanwhile the average daily input volume submitted to CLS was 1,035,678 down 15.2% from 1,220,828 in February and down 24.1% […]

And Another Thing…

Following Monday’s column about the responsibility of intermediaries to police behaviour in FX markets – and whilst my sources say they don’t believe it to be the end game one has to applaud FastMatch’s new order type, which effectively outsources last look – I think it important to take a look at the responsibilities of […]

FastMatch Takes On Last Look

FastMatch plans to roll out a new order type next month that aims to “outsource” last look from the market maker to the venue itself. The new order type, called the Leak/Sweep Protection (LSP), is currently available for testing in UAT and will be officially available on the platform on May 15. When LSP order […]