Month: January 2017

And Another Thing…

Welcome to 2017 – I hope it is successful for all.
We enter the new year with another buzz phrase doing the rounds – so-called “fake news” – something that apparently allows Joe Public to make things up and get a reaction (always a lure to some in society) and for politicians to use as a feint to avoid answering difficult questions.
Putting aside the oxymoron that is “fake news” (clue: it’s not “news”, it’s fiction or blatant lies) the foreign exchange market has not escaped its clutches.

Mexican Peso Drops to New Low Against the US Dollar

The Mexican peso dropped to a new low against the US dollar on Wednesday, in anticipation of the policies likely to be pursued under a Trump administration in the US.

MXN fell more than 2% against the USD, hitting 21.619, breaking the previous record low of 21.3952 that was set three days after Trump’s election victory on November 8.

As part of Trump’s election campaign, he has called for an overhaul of the North American Free Trade Agreement (NAFTA) and subsequently USD/MXN was often watched as a proxy on the election result during the presidential campaign and could be seen to fluctuate around the highly publicised presidential debates.

Finch to Spearhead Asia Sales at Celer Technologies

Celer Technologies has hired FX industry veteran, Tim Finch, as its new head of Asia sales.

In his new role, Finch will be tasked with launching Celer’s Singapore office, working closely with the firm’s development team in Hong Kong.

He will also be responsible for the delivery of Celer’s multi-asset class platform to clients across the APAC region.

Finch’s role will be to expand the footprint and client base of the firm in the region across a broad range institutions, including buy side, sell side, brokerage and real money, with a clear focus on foreign exchange as an initial asset driver.

Planksy Named Head of State Street Global Exchange

John Plansky has been named as the new global head of State Street Global Exchange.

In this role, Plansky will be responsible for global strategy, new product development and developing solutions for clients to help them manage increasingly complex data, search for better performance, focus on attracting assets and meet heightened risk challenges.

In his new role, Plansky will report to executive vice president of State Street Corporation, Lou Maiuri.

Plansky joins from PricewaterhouseCoopers (PwC) where he led the US strategy business and US global platforms business and was a member of the advisory financial services leadership team.

Thomson Reuters Hands Csomos Sales Role

Christian Csomos has joined Thomson Reuters’ sales team in Germany.

Although a spokesperson for Thomson Reuters declines to comment on the new hire, Profit & Loss understands that Csomos will be working in sales for the FXTrading, FXall and Eikon4 products, based in Frankfurt.

Csomos joins Thomson Reuters from Eurex, where he had been an assistant vice president, product development, rates and FX, since 2007. In this previous role he was also based in Frankfurt.

Massad Officially Resigns as CFTC Chair

Timothy Massad has tendered his resignation as Chairman of the US Commodity Trading Commission (CFTC) to President Barack Obama, effective on January 20, 2017.

“For the past two-and-a-half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement we have had throughout my tenure. I am also very grateful to President Obama for giving me the opportunity to lead this important agency,” said Massad in a statement issued today.

Jain Joins Cantor

Former Deutsche Bank CEO Anshu Jain has joined Cantor Fitzgerald (CFLP) as president.
In his new role, Cantor says Jain will work with Howard Lutnick, chairman and CEO of CFLP, and “will build on Cantor Fitzgerald’s strong client-focused business foundation and drive the Firm’s momentum as it enters the next phase of growth.”
Jain stepped down from the role of co-CEO of Deutsche Bank in mid-2015 as concerns grew over the bank’s financial health and a series of regulatory missteps.

Positives for Platforms in December Data

The first three platforms providers to report December average daily volume (ADV) data have experienced the expected slowdown in December from November, but have lifted year-on-year.
Bats’ Hotspot FX handled $25.5 billion per day in December, down 16.1% from November, but up 5.8% from December 2015.
Meanwhile FastMatchFX reports ADV of $13.8 billion, a 19% drop from November – a month characterised by volatility around the US election – but an impressive 45.3% increase from December 2015.
It was a generally positive picture at Gain GTX also, with the platform seeing its fourth busiest month of 2016 at $9.2 billion.

US House Financial Services Committee Member to Address SEFCON VII

Rep. Bill Huizenga (R-MI) will speak at SEFCON VII, the premier swaps industry conference, which will take place just two days before Inauguration Day, on January 18 at The Roosevelt in NYC.
Rep. Huizenga is a Senior Member of the House Financial Services Committee and has held prominent leadership roles overseeing the legislative debate about financial market regulation, Dodd-Frank and Freddie Mac and Fannie Mae. Rep. Huizenga will share his view of the upcoming debates in the Congress on the future of Dodd-Frank and capital markets, as well as GSE Reform.