Month: May 2017

Oanda Integrates with QuantConnect

Retail FX trading platform Oanda has integrated its Algo Lab solution with QuantConnect’s open-source, cloud-based algorithmic trading engine in order to offer its clients the ability to research, build, test and deploy their own FX trading algorithms directly from the Oanda platform.
The firms say the agreement provides Oanda clients with access to a community of algorithmic and quantitative traders, as well as series of online trading tutorials that could help add a new dimension of discipline to their trading strategy .

Wren Replaces Bridges at NEX

Samantha Wren, currently chief commercial officer for NEX Markets, has been appointed chief financial officer of Nex Group and will join the firm’s board effective immediately. Bridges has stepped down from the role he took up in September 2015 and will leave the firm later this year.
In a separate move, Ken Pigaga, global chief operating officer, has also joined the board of Nex as a director, with immediate effect. “This appointment reflects the recognition of the importance of Mr Pigaga’s role leading the Nex transformation programme and the increased focus by the group on technology and cyber security,” the firm states.

ASIC Calls for More Focused Spot FX Training

The Australian Securities and Investments Commission (ASIC) has released a report to coincide with the FX Global Code of Conduct which seeks to redress shortcomings in behaviour as well as to outline good practice on spot FX desks in the Australian market.
The report, which was compiled following an investigation into local banks’ practices and led to fines against the top five Australian banks, says, “We observed a lack of appropriate training and guidance, particularly in relation to handling confidential information, considering client interests and conflicts of interest, and executing stop loss and fix orders. Training sessions were rarely specific or tailored to the role of employees operating in the spot FX market. We also observed that employees frequently engaged in practices which were learned from their peers without question or challenge.”

ISDA Hires Clearing Specialist

The International Swaps and Derivatives Association (ISDA) has announced the appointment of Ulrich Karl as head of clearing services.
ISDA says the appointment reflects its mission to foster safe and efficient markets, which includes promoting a robust infrastructure for clearing, trading and reporting. Karl joins from HSBC, where he served as director, CCP, global markets. In that role, he acted as the industry chair of ISDA’s Clearing, Risk and Capital Working Group.
In the newly created role, Karl will report to Mark Gheerbrant, ISDA’s head of risk and capital.

The Code and the Individual

Although most of the attention is on institutional adherence to the Code of Conduct, Colin Lambert suggests there is also a great deal that individual employees need to know.

It was one of the first challenges identified by those creating the FX Code of Conduct – how do we get the message out there? It is not just about ensuring that all firms that operate in the foreign exchange industry understand their responsibilities under the Code – individuals too have responsibility.

It was notable, talking to people this time last year, how few were concerned about the Code’s impact upon them.

Grady New NED at Liquidnet

Institutional trading network Liquidnet has appointed Stephen Grady as non-executive director of Liquidnet Europe, bringing more than 20 years of experience in managing trading functions.
Recently appointed as head of market structure and strategy at Ipreo, Grady was previously global head of trading of Legal & General’s investment management arm since 2012. Prior to that he was head of global dealing at Barclays Wealth, responsible for buy-side trading team for the asset management division and sales trading for small institutions and individual clients.

Taylor Exits JPM – Another Big BNYM Hire?

Market sources tell Profit & Loss that James Taylor, executive director at JP Morgan, has left the bank and is heading to BNY Mellon.
Taylor was most recently heading JPM’s macro fixed income market structure team, having shifted from his role as head of international rates execution services at the bank. Taylor joined JP Morgan in 2009 as head of e-FICC sales for Europe, having moved from a similar role at Deutsche Bank. Prior to Deutsche, Taylor was on the e-FX sales team at Barclays.

Third Barclays Trader Loses Unfair Dismissal Claim

Former Barclays FX trader Jack Murray has lost his unfair dismissal case against the bank according to Bloomberg News.
Murray is the third Barclays trader to lose his case after Mark Clark and Chris Ashton both also failed to convince the East London Employment Tribunal they were unfairly dismissed.
Murray was suspended by Barclays in late 2013 when an investigation cleared him of benchmark collusion but found instances of inappropriate communications including the disclosure of stop loss levels and customer flow.

Webinar: “How Does the Global Code Apply to Me?”

The Foreign Exchange Professionals Association (FXPA) is hosting a webinar on Wednesday, May 31, that looks at “How Does the Global Code Apply to Me?” at the following times: 10am (Eastern US) / 15:00 (UK) / 10pm (Singapore).
Webinar participants include Chip Lowry, Senior Managing Director at State Street Global Markets and Chair of FXPA; Lisa Shemie, Associate Counsel at Bats Global Markets, a CBOE Company and Member of the FXPA Policy Committee; Tahreem Kampton, Senior Director, Microsoft and Board Member of FXPA; and David Puth, Chair of the Market Participants Group for the Global Code, and CEO of CLS.