Day: 31 July 2017

Pinto Joins BNP Paribas

BNP Paribas has hired Joseph Pinto in New York as head of electronic FX distribution for the Americas.

“Joe will work closely with the e-MMC, FX trading and sales partners to deliver our FXLM.COMM e-FX targets in Americas,” a spokesperson for BNP Paribas tells Profit & Loss.

In his new position at the French bank, Pinto will report locally to Subodh Karnik, head of FXLM.COMM North America, institutional sales, and globally to Joe Nash, head of European FX structuring.

Joe Café, vice president, global markets and Amish Naik, head of algo iX sales and product, Americas, will both be part of Pinto’s team at BNP Paribas.

FinTech Boom Exposes Silicon Valley Naiveté

Fintechs from Silicon Valley are being hampered by their lack of understanding about how the incumbent financial services firms in the market operate, according to Rosario Ingargiola, founder and CEO of OTCXN.

Discussing the biggest barriers to adoption for fintech solutions, Ingargiola explains that the primary concern is usually related to how these solutions comply with the existing regulations in the market.

Specifically, he says that financial services firms want to ensure that the necessary Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements are in place before they’ll even begin taking an in-depth look at the solutions being offered by fintech firms.

And Finally…

Many years ago I interviewed then EBS CEO Jack Jeffery, and one soundbite from that chat sticks with me to this day. When asked about his growth ambitions for what was already the biggest spot platform he answered simply, “Credibility in all currency pairs”.
Under its new guise of Nex Markets I am told the latest attempt is underway to build Cable market share, but I would not be surprised if it represents something of a controversial move and may actually cause people to question whether EBS Market can ever be relevant in Cable.

Global FXC Publishes Initial Guidance on Adherence Registers

Profit & Loss understands that several initiatives are underway to develop regional registers that may feed into a global repository that lists those FX market participants who have signed the Statement of Commitment to the FX Global Code and further that at least three banks have already signed the Statement of Commitment.
Against this background, the recently-formed Global Foreign Exchange Committee (GFXC) has published what it terms non-binding initial guidance on the establishment of these registers and how they may feed into a Global repository.

Gaining an Edge

It is a conundrum of the current foreign exchange market that while the world is awash with events and opportunities to trade, successful traders seem thin on the ground. Tony Sycamore recently left his FX sales role at Commonwealth Bank of Australia in Sydney and – leveraging his background in sales there and BNP Paribas, as well as his time on the prop trading team at Goldman Sachs in Sydney – has established TechFX Traders, a new advisory firm that seeks to provide structure and discipline to individual traders, and ideas to professionals.

Profit & Loss is no longer publishing

Thank you for 21 great years of support