Month: August 2016

And Another Thing…

I have long been a sceptic over the market share model in FX, to me the question should always be about the quality of business, not the quantity, but that is not to say that a reasonable share of flow isn’t important – it is. Market share is equally important – I would argue much […]

Former Traiana Exec Launches Blockchain Initiative

Cobalt DL says that it has commenced beta testing with a number of leading FX participants on its private peer-to-peer network that uses distributed ledger technology in order to try and reduce post-trade cost and risk. Andy Coyne, co-founder of Cobalt DL, stresses to Profit & Loss that the initial innovation that his firm will […]

CCP Risk, Resolution, Recovery Back in the Spotlight

Three papers have been released focusing on central counterparty (CCP) risk and how CCPs should be resolved or recovered in the event of a failure. The Committee on Payments and Market Infrastructures (CPMI) together with the International Organisation of Securities Commissions (Iosco) has issued a consultative report providing further guidance on certain aspects of the […]

Gorra Leaves BNP Paribas

Peter Gorra has left his position as head of FX trading at BNP Paribas in New York, Profit & Loss understands. Although a spokesperson for BNP Paribas declined to comment on the news, market sources indicate that Gorra has left the French bank, where he had worked since 2010.  Prior to that Gorra was head […]

CFTC Report Provides Little Clarity on Swaps Rules

The Commodity Futures Trading Commission (CFTC) has issued its final report on the de minimis threshold for swap dealer registration, yet it remains unclear whether the Commission will make changes to this threshold. The current de minimis threshold for swap dealer registration of $8 billion is scheduled to decrease to $3 billion in December 2017, […]

TrueEX Launches BRL Execution Tool

Interest rate swap trading platform TrueEx has added Brazilian real (BRL) interest rate swaps execution with clearing through CME, to its platform. The new offering allows BRL swaps traders to clear, execute new risk, terminate or compact positions and process their positions directly at CME, the company says in a statement. It also enables them […]

Northern Trusts Signs with Bex

Northern Trust has entered an exclusive partnership with execution services software provider Bex to develop customised FX software, including components used in Northern Trust’s electronic FX trading platform. The firms say Bex’s software “has enabled Northern Trust to drive further automation and support clients with customised trade execution and enhanced transparency and trading efficiency”. It […]

OTC Clear Claims First in USD/CNH Swaps Clearing

OTC Clearing Hong Kong (OTC Clear) has launched a clearing service for cross-currency swaps (CCS), which will initially focus on swaps in the USD/CNH currency pair. OTC Clear is the first international clearing house to provide clearing for USD/CNH CCS, the company claims in a statement. The firm provides a Payment versus Payment – or […]

Redline Trading Solutions Adds BSE to Its Data Offering

The Bombay Stock Exchange (BSE) is now supported by Redline Trading Solutions’ market data and order execution gateway solutions. This enables firms trading on this exchange to receive and act upon real-time price and order book information “faster than ever before”, the company says in a statement. Redline’s support for BSE includes their equity, equity […]

And Finally…

This really is a tricky time for the foreign exchange industry. The chat room scandal has truly opened a can of worms and it seems there is rarely a month that goes past without yet another case of unfair dismissal being brought and, more often than not, won. What strikes me, however, is how so […]