Month: December 2016

Want to Opt Out of BARX Last Look Settlement? Your Deadline is March 30

Participants in a class action lawsuit that alleges Barclays abused last look on its proprietary trading platform BARX have until March 30 2017 to opt out of the proposed $50 million settlement.
According to a release by law firm Scott+Scott, US District Judge Lorna Schofield will hear the details of last February’s settlement between the class – led by Axiom Investment Advisors – and Barclays on July 18 2017 at a Fairness Hearing.
This hearing will consider whether to approve the proposed settlement, the proposed plan of distribution, and class counsel’s application to the court for an award of attorneys’ fees, expenses, and a service award to class plaintiff.

Harrington Leaves Bloomberg

George Harrington has left his role as the head of Bloomberg’s fixed income, currency and commodity (FICC) trading business (FICC).

In this New York-based position, he was responsible for overall strategy and delivery of the Bloomberg Fixed Income Trading (FIT) FIT and FXGO platforms.

Philip Cenatiempo, head of global markets at Bloomberg, will assume Harrington’s responsibilities.

Prior to this role, Harrington was head of product management for Bloomberg’s fixed income derivative trading business, overseeing single and multi-dealer execution services, clearing and legal execution services, and VCON – Bloomberg’s Voice trading network.

McDonald Handed Senior Role at Oanda

Neil McDonald has joined Oanda as global head of trading and quantitative analytics.

Based in New York, McDonald will be responsible for driving the strategic growth of Oanda’s electronic trading business, as well as leading the global trading, quantitative analytics and research groups.

Ed Eger, president and CEO of Oanda Corporation, says: “Neil’s 30 years’ experience in trading and the financial services sector is a tremendous addition to Oanda’s leadership. With Neil joining the team, I know we can continue to deliver the best execution and trading experience for clients across the globe.”

Winn Exits EBS

Market sources tell Profit & Loss that Simon Winn has left EBS Brokertec where he was head of sales for Asia-Pacific.
The sources add that Laurence Timmons, who recently relocated from London, where he was global head of fund sales, to Hong Kong, will be assuming the role.
Winn joined EBS in August 2014 from rival platform 360T, having spent two years there after a three year stint at Commerzbank. Prior to Commerz, Winn worked at Integral and before that he worked for 11 years at Societe Generale.

And Another Thing…

As December strikes, for the second year your correspondent has decided that rather than shut down until January he will award another set of “Accolades” or “Irrationals”. This year, to make things more interesting, themes from my Twitter account are included, which if nothing else opens the door to much more sarcasm.
We will get into the main body of the awards from Monday but I want to start the year by awarding an Irrational to the “Subversives of the Year” (or the “how did we miss that? award).

Platform Volumes Rise in November

The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.

SBI, SmartTrade Extend Deal

SmartTrade Technologies and Japanese firm SBI Liquidity Market haves extended their relationship with SBI adding SmartTrade’s pricing and distribution models to LiquidityFX, SmartTrade’s platform which is already deployed by SBI
Under the deal, SBI adds SmartTrade’s market making solution to the existing implementation of LiquidityFX connectivity, aggregation and order routing.

BGC Promotes Three?

Sources familiar with the matter say that BGC Partners has promoted three executives in London and New York.
Anthony Warner will be promoted from senior managing director and general manager, UK and Middle East to executive managing director, and see his responsibilities expanded to include BGC’s European commodities business.
Meanwhile in the US Shawn McLoughlin will be promoted from director of new business development, North America to executive managing director and co-CEO of BGC Financial.
Also in New York senior managing director of BGC Partners, Robert Miller’s mandate will be expanded to include responsibility for the firm’s credit business in the US.