Day: 28 March 2017

Kinsella Joins CBA

Peter Kinsella has joined Commonwealth Bank of Australia (CBA) as a senior FX and rates strategist.

Based in London, Kinsella joins from Commerzbank, where he was head of emerging market economic and FX research.

In his new role Kinsella will be covering G10 FX and interest rate strategy from for CBA, focusing on macro economic and econometric trading strategies, both directional and relative value.

Prior to joining Commerzbank in 2011 as a senior FX strategist, Kinsella spent over four years as an FX and derivatives trader at Pioneer Investments in Dublin.

Questions, Questions, Questions

FXCM has known its share of controversy in recent years and now the firm has been barred from operating in the US. Profit and Loss staff report on an issue that has triggered another round of introspection in the FX industry.

Just over two years after staving off bankruptcy due to losses resulting from the Swiss National Bank’s decision to unpeg the Swiss franc, FXCM has been forced to withdraw from operating in the US, changed its name and seen its two principals step down from the business.

The unravelling of FXCM has impacted across the FX industry with questions being asked around the effectiveness of self-regulation, how the Global Code of Conduct could deal with a repeat offence, and how the industry moves forward in an atmosphere of mistrust?

Last Men Standing

FXCM’s forced exit from the US leaves only two major retail OTC FX-focused brokerages in the market. Galen Stops talks to the CEOs of these firms about what this means for the industry.

“The retail foreign exchange market has suffered a less than exemplary reputation for some time now,” concedes Vatsa Narasimha, CEO of Oanda.

The latest blow to the industry’s reputation comes as the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) concluded that FXCM had defrauded its US customers, ordering it to withdraw from doing business in the country and fining the firm and its founding partners a total of $7 million.

FXCM: The Other Side of the Story

The FX industry has, by and large, been swift and united in its condemnation of the actions of FXCM, for which the firm was banned from the US and fined $7 million for defrauding FX customers.

But, as they say, there are always two sides to every story and so Profit & Loss has been talking to various market sources that provide different perspectives on this case. This is challenging because as part of the legal agreements between FXCM and the Commodity Futures Trading Commission (CFTC), the firm neither denied nor admitted the allegations against it, and therefore cannot speak to the press about the issue.

Stater Global Markets Announces Technology Partnerships, New Products

Stater Global Markets, a prime-of-prime brokerage launched in October 2016, has announced its core technology partners as well as the introduction of CFDs in indices and commodities.

Currenex, Integral and Flextrade have been selected as front-end platforms. Gold-i has been chosen as the bridge provider for Stater’s MT4 White Label solution.

FXecosystem, who recently set up a point of presence in HK1 in Hong Kong and SG1 in Singapore, will provide connectivity. Stater Global Markets will use regulatory reporting services from NEX Abide.

Seegers to leave ADS Securities

Bryan Seegers, director and co-head of global e-FX coverage at ADS Securities will be leaving the firm on April 6, 2017, and returning to the US with his family.

In a statement issued today, ADS Securities says that Seegers “has made a substantial contribution to the company” during his time at the firm, which has been just under five years in total.

Seegers was initially responsible for driving the firm’s global electronic FX offering before assuming his current responsibilities of leading relationship management, client services, sales trading and liquidity management globally.

Profit & Loss is no longer publishing

Thank you for 21 great years of support