Day: 17 October 2016

RJO Hires Institutional Business Development Head

RJ O’Brien (RJO) hired Daniel Staniford as executive director, responsible for the firm’s institutional business development in New York and London.

Effective today, Staniford will operate out of RJO’s New York office and travel regularly to the UK to further expand the firm’s sales capabilities in the two financial centres.

Gerald Corcoran, RJO chairman and CEO, comments: “Dan is highly respected in the industry, and he has a great track record of building enduring client relationships and recruiting talented, experienced salespeople.

Colt Expands North American Footprint

Colt is expanding the Colt PrizmNet financial extranet in North America to include a range of US and Canadian financial content providers, FX venues and technology providers, including Hotspot, Nasdaq and Omega ATS.

Colt is also expanding its local presence by appointing a new North American head of sales for capital markets, John Faccibene. Meanwhile, Colt veteran, Julie Hutchinson, is also assuming a new role as head of capital markets solutions for North America.

Faccibene and Hutchinson will be responsible for growing Colt’s capital markets business in North America by developing existing relationships and adding new clients, as well as further building the Colt PrizmNet community in the region.

Advanced Markets, Fortex Appoint New MD

Advanced Markets (AM) and Fortex have appointed Nidal Hadi as managing director of their Middle East and North Africa (MENA) operations and business development.

AM says it is a wholesale provider of liquidity, technology and credit solutions to banks and brokers, while Fortex is a financial technology company that has developed an ECN trading platform that it says facilitates $12 billion in currency, metals, energy, and CFD trades daily. Both companies are privately held. Hadi joins after spending almost three years with Swissquote, where he most recently held the position of head of institutional sales. Prior to this, he spent six years as head of institutional sales with MIG Bank.

Thomson Reuters Launches Faster Matching Data Feed

Thomson Reuters Matching is to become the latest platform to increase the frequency of its market data updates.
The firm says that in response to client requests for more frequent market data updates of currency pairs on Matching, it will launch a new Matching Binary Multicast Feed.
The new feed will increase update frequencies for Matching real-time market data by up to 10 times to 25 milliseconds, improving price discovery and data delivery for clients. The feed will be available in the Equinix LD4 data centre and be in FIX SBE format.
Clients will be able to access test data from November 2016 ahead of full production access in Q1 2017.

FX Trader Arrest: Do Not Pass Go, Do Not Collect $8m

Two UK-based FX traders have been charged with wire fraud by the US Department of Justice, one of which has been arrested in New York. Galen Stops reports on the case.

On July 19, Mark Johnson, the head of global FX cash trading at HSBC, was arrested at New York’s JFK airport in connection with an ongoing investigation by the US Department of Justice (DoJ) into currency rigging.

Two days later, the DoJ officially brought charges against Johnson and Stuart Scott, former head of FX cash trading for EMEA at HSBC, for wire fraud.

Thomson Reuters Launches FX CLOB in Nigeria

Thomson Reuters (TR) launched an FX Central Limit Order Book (CLOB) for the Nigerian market, a move that it claims will enhance liquidity in the local FX market there and give the Central Bank of Nigeria (CBN) the tools to foster greater freedom in its financial markets.

In launching the CLOB, TR says it worked closely with both the CBN and FMDQ OTC Securities Exchange (FMDQ), a Nigerian debt capital and FX securities exchange, with the goal of creating an orderly framework for the Nigerian FX market.

And Finally…

It’s fairly obvious that, to use a buzzword of the moment, the FX market has operated asymmetrically for most of its history – banks have held sway and, until the advent of the non-bank high frequency market maker, had little competition. It took that challenge, allied to a few conduct issues, to redress the imbalance, but I am wondering if the pendulum – as happens so often in this business – is swinging too far the other way? And if it is swinging, what is driving it?

Oanda Launches New Trading Engine

Oanda has unveiled v20, its new proprietary trading engine that the firm is claiming offers an execution speed of 1.3 milliseconds, which it says is four times faster than its legacy trading engine.
“Oanda has always had technology and engineering at its core,” says Ed Eger, president and CEO of Oanda. “v20 dramatically improves every aspect of the Oanda experience, reaching a new level of innovation and execution to create the best trading experience we have ever offered our clients.

ESMA Provides More Clarity on BestEx Rules

The European Securities and Markets Authority (ESMA) has published a Q&A document seeking to clarify expected standards around certain practices, including best execution.
The questions have been set following feedback and enquiries from the general public, other regulators and market participants.
On best execution ESMA publishes two Q&As, the first explains the different between the “reasonable steps” firms were expected to take to obtain the best possible execution under MiFID I and the “sufficient steps” they are required to take under MiFID II.