Month: October 2016

Mixed Early News from FX Platforms

The first trio of FX platforms to report FX volumes for October indicate little change from September’s numbers although they were clearly helped by increased activity surrounding the Cable flash crash on October 7.
Bats Hotspot reports average daily volume (ADV) of $25.3 billion, a 10.6% decline from September, while FastMatch FX says its ADV was $13.6 billion, a fraction down from September’s $13.7 billion. Gain GTX handled $8.7 billion per day, up 3.5% month-on-month.
Hotspot and FastMatch can be thankful for a very busy day on October 7, the day of the Cable flash crash, the former handling $37 billion that day and the latter $20.6 billion.

Catalanello to Head Sales at Edgewater

Edgewater Markets has continued its recent raft of senior hires with the appointment of Robert Catalanello as its new global head of sales.

Based in Edgewater’s New York headquarters, Catalanello will be responsible for managing the company’s sales team, as well as client growth and distribution globally. He will report directly to Skovran Schreder, co-founder and CEO.

Catalanello joins the firm after a decade with Credit Agricole, where he headed global market sales for the Americas. Prior to that, he had stints in the global sales and trading businesses at Merrill Lynch, Goldman Sachs and JP Morgan.

TraderTools Names Levine as CEO

TraderTools has appointed Andrew Levine as its new CEO and a member of its board of directors.

Levine joins TraderTools from SpeedRoute and tØ, subsidiaries of Overstock, where he was the chief revenue officer.

Prior to this, Levine held positions at BNY Mellon, including head of global product management and EMEA relationship management for the American Depositary Receipt (ADR) division.

While at ConvergEx, an affiliate of BNY Mellon, he was an executive committee member and expanded its ADR Brokerage businesses to over 100 clients with market access to 35 countries.

WM Fix Trading Still Predictable, But Less So: Pragma

New research by Pragma Trading shows that while the situation has eased, there is still a degree of predictability around the direction of the London 4pm WM/Reuters Fix.
In research last year, Pragma showed that the widespread use of TWAP (trade weighted average price) algorithms by executing agents during the Fix, had led to predictable trading patterns that were not only observable but also tradable, however it now says that the momentum pattern has “deteriorated to the point it provides no value”.

A New Twist On An Old Investigation? FX Options Brokers Still Under Scrutiny

In November last year Profit & Loss reported on an investigation by New York Attorney General Eric Schneiderman into practices and conduct on the FX options desks of three major inter-dealer brokers. Now, according to a report, that investigation is not only ongoing, but it has broadened beyond the original “spoofing” or “flying” of fake bids and offers, into a look at the what may be the inappropriate sharing of market information and the rigging or influencing of market auctions.

Has ESMA Officially Incorporated FX Into MAR?

Where, indeed if, spot FX sits within the European Securities and Markets Authority’s Market Abuse Regime, MAR, has been the subject of speculation for some months. Earlier this year, ESMA issued an updated MAR document and again there was no mention of spot FX, however this did not stop some sounding concerns that the broader definition could mean spot FX is “in scope”. In a Q&A paper issued last week, ESMA appears to have provided some clarification – by mentioning spot FX explicitly.

And Finally…

It’s nice to know that P&L’s managing editor is not the only one who needs to get stuff off his chest, deputy editor Galen Stops has real blockchain fatigue, and it’s hard not to agree with him. Is blockchain a solution looking for a problem? Well not exactly, it’s a fascinating development that is probably going to have a long and lasting impact on the financial services industry, but just for now, can’t we just talk about something else until something tangible happens?

Celebrities Join Forces with the City to Combat Motor Neurone Disease

Former England test cricketer Chris Broad and Good Morning Britain presenter Charlotte Hawkins will host a Celebrity Quiz Night at Minster Exchange in the City of London on January 18 2017 to raise funds for the Motor Neurone Disease Association (MNDA).
Broad founded The Broad Appeal together with his son, England test fast bowler Stuart, and daughter, Gemma, in memory of his wife Michelle Broad who suffered from MND and passed away in 2010. Hawkins’ father, Frank, also passed away with MND in 2015.

Tradebook Raises Over $1m at Annual Charity Day

Bloomberg Tradebook raised over $1 million at its fifth annual Charity Day on Thursday.
The Charity Day originated in 2012, with the New York office of Bloomberg Tradebook donating the net commissions from its equities business on that day to five different charities.
It has now evolved to include London, Hong Kong and – in partnership with BM&F Bovespa – Sao Paulo and will see the net commissions across all of the asset classes that Bloomberg Tradebook services donated to 20 different charities.

Hefkey Departs ITG

Sean Hefkey has left his position as director, foreign exchange at ITG in Canada.Sean Hefkey has left his position as director, foreign exchange at ITG in Canada.
Hefkey had been with ITG since 2010, working initially as a consultant for the firm, and then helping to develop its global FX distribution and infrastructure strategy, before joining full-time in 2011.
Prior to that he spent 12 years at CIBC where he was an executive director, focused on the firm’s FX e-commerce business.