Month: April 2016

LCH Appoints FX Heads

Clearing house LCH has unveiled two senior executive appointments to its FX business. Effective 1 May 2016, Daniel Maguire will assume the role of global head of rates and FX derivatives. In his expanded role, Maguire will be responsible for the global product and business development of listed and OTC rates and FX derivatives through […]

Saxo Appoints COO of Sales

Saxo Bank says it has appointed Jeff Zorek as chief operating officer (COO) of global sales. Based in London, he will report to Matteo Cassina, global head of sales. The role is newly-created and Saxo clarifies Zorek’s role by saying he will be responsible for “further aligning Saxo’s business model to the evolving trading landscape by […]

GPIF to Hedge Yen Exposures – President

The president of Japan’s Government Pension Investment Fund (GPIF) has said that the fund will use currency hedges to “smooth out” the fund’s exposure to a rising yen. In an interview with Nikkei News, GPIF president Norihiro Takahashi, said the fund is preparing to hedge “some” of its foreign exposures “at any time”. He added, […]

Going the Last Mile Together?

A new paper suggests that shared source code can help deliver an efficient and best of breed “last mile” check for automated trading systems. Colin Lambert takes a look and talks to the author.   It can hardly be said that operational checks around automated trading have been a low key issue. Regulators around the world are […]

Cartel Members Still Under Threat

Although the UK’s Serious Fraud Office has declined to lay formal charges against members of the “Cartel” Bloomberg chat room, reports suggest the US Department of Justice has raised the stakes. Bloomberg News reports that former UBS trader Matt Gardiner, a member of the Cartel, has been helping US authorities bring a case against other […]

Reval and Swift Team Up

Technology provider Reval has reached an agreement with payments system provider Swift to allow corporate treasury teams using the Reval Cloud Platform for automated cash and liquidity management, to join the Swift messaging network. This will allow them to connect their bank accounts anywhere in the world, the firms say. “The combined offering of Reval […]

And Finally…

Some months ago I suggested that some multi-dealer platforms and connectivity providers could take a more “responsible citizen” approach by helping to mediate in disputes between liquidity providers and consumers, especially over predatory trading. At the time the response was mixed, some pointing to their rules which attempted to do just this, others saying it […]

Citi Loses Second Unfair Dismissal Case

Profit & Loss understands that former Citi FX trader Carly McWilliams has won her unfair dismissal claim against the bank. Sources familiar with the matter say that the judge has found that Citi had breached McWilliams’ contract of employment, but that the claimant contributed to her dismissal. There will now be a remedial hearing at […]

Commodity Rally and Central Bank Dovishness Running Hand in Hand, For Now

Dovish global central bank policy, led by the US Federal Reserve, and a rise in the global price of energy, metals and other commodities have been key drivers of the rally in global risk appetite since mid-January. Specifically, the US Dow Jones and S&P 500 are up about 14.8% and 13.1%, respectively, to multi-month highs. […]

Profit & Loss is no longer publishing

Thank you for 21 great years of support