Day: December 5, 2016

Trump’s Tweets Continue Currency Manipulation Speculation

Comments made Sunday by US president-elect Donald Trump on Twitter have sparked fresh speculation as to whether his administration will label China a currency manipulator once he is in office.

China lodged a formal complaint to the US government after it emerged that Trump held a phone call with the President of Taiwan on Friday, in breach of decades of diplomatic protocol.

“I can tell you that the Chinese side has lodged solemn representations with the relevant party on the US side both in Beijing and Washington. China has got its message across to the world as a whole with regard to Taiwan-related issues. The US side, president-elect Trump’s team included, is also fully aware of China’s solemn attitude on the issue,” said the Chinese Foreign Ministry spokesperson, Lu Kang, in a press conference today.

Does the WMR Still Serve a Valid Purpose?

Alex Dunegan, founder and CEO of Lumint, talks to Profit & Loss deputy editor, Galen Stops, about the challenges facing the buy side around selecting and evaluating benchmarks.

The WMR benchmark has come under severe scrutiny since the allegations that banks colluded to manipulate it, leading to changes in the way that the benchmark is calculated and questions from buy side firms about whether they should be using it at all.

Dunegan claims that this is a “critical” question, and provides his take on the answer.

Change at BBVA as FX Management Duo to Leave

Profit & Loss understands that Andrew Brown, global head of foreign exchange, and Alan “Shoulders” Clarke, global FX product manager, are to leave Spanish bank BBVA at the end of the year.
The departures are part of a plan recommended by the two men to move the global FX roles back to the Madrid head office, according to sources familiar with the matter. As part of this change, both will leave.
BBVA did not respond to enquiries by press time but is believed to have agreed to the departure of two men who have overseen solid growth in its foreign exchange business.

And Finally…

With thanks to those of you who appreciated the irony of Boaty McBoatface being a financial markets signal, we move onto the second of this year’s awards – this time an Accolade.
Had it not been for the need to highlight the Subversives of the Year, we would have kicked off – as we did last year – with the Central Banker of the Year.
At the irrational end of the scale (as opposed to the accolade end) I feel an honourable mention has to go to Haruhiko Kuroda, governor of the Bank of Japan and Thomas Jordan of the Swiss National Bank.

Thomson Reuters Partners with BestX for TCA Solution

Thomson Reuters has partnered with BestX to enable buy-side participants using its FXall and FX Trading platforms to streamline analysis of transaction costs, helping them define, achieve and demonstrate best execution.
Through the partnership Thomson Reuters will offer connectivity to the independent transaction cost analysis (TCA) service from BestX from its FXall and FX Trading desktops.
Thomson Reuters customers will be able to have their trades sent automatically to BestX for independent post-trade transaction cost analysis, and also have a single sign-on desktop integration.

Vickerman Exits Sun Trading

Matt Vickerman has left Sun Trading in Chicago, where he was head of business development, covering the FX and fixed income markets.
Vickerman had been at Sun Trading since 2009, prior to which he worked at RBS within the FX and rates prime brokerage unit at the bank.