Month: August 2017

And Another Thing…

While I am generally unconcerned about the FX industry’s preparedness for MiFID II – it has a long and proud history of hitting deadlines – I am bothered by a potential psychological impact from the legislation. Too many are looking at TCA in the light of MiFID II and thinking “box-ticking”, to the extent that TCA reports are left unread and even un-opened. The data is good, and it should be used to make execution better, not to fulfil a compliance exercise.

Profit & Loss Scandinavia Debuts In Stockholm

After a hugely successful run of conferences in Copenhagen, Profit & Loss Scandinavia is spreading its wings with the first conference in Stockholm. The all day event takes place on September 14 at the Hotel at Six.
After an opening address by Sveriges Riksbank deputy governor Per Jansson, the first panel will discuss the Nordic economic scene. How easy or difficult is it for the Nordic region to shrug off geo-political events elsewhere in the world? Is the two speed recovery evident elsewhere also happening across the Nordic economies?

Reilly Swaps Cantor for State Street

James Reilly has left Cantor Fitzgerald in New York, where he was senior managing director and global head of FX sales and trading at Cantor Fitzgerald.

He is joining State Street Global Markets (SSGM) in a senior role, according to market sources. Profit & Loss understands that Reilly is due to take up the New York-based role at the end of September.

Reilly had been with Cantor Fitzgerald since 2014, following a brief spell at State Street Global Exchange (SSGX). Prior to that, he was the co-head of FX prime brokerage at Morgan Stanley, after moving across from the JP Morgan prime brokerage team in 2009 along with Mike Irwin and Martine Bond. Bond is currently an executive vice president responsible for trading and clearing within SSGX.

Gain Capital Adds Payments Service

Gain Capital has announced the launch of a new money transfer service on its brand.
The firm says the new service, which enables individuals and businesses to send money in 26 currencies to over 200 countries via their desktop, tablet or mobile device, features “highly-competitive exchange rates, fast transfer times and free priority services”.
The service offers instant rate quotes and transfer times of under 24 hours within the EU and 24-48 hours in most other regions, it adds.

Fenics Agrees Chinese Data Deal

Fenics Market Data, the market data division of BGC Partners, and China Credit BGC Money Broking Company (CCT-BGC) have agreed to a distribution partnership, whereby Fenics Market Data will exclusively provide CCT-BGC’s Chinese market data products to clients.
Through this agreement, Fenics Market Data is becoming the sole international commercial agent for CCT-BGC’s onshore Chinese data, covering the fixed income, interest rate and FX markets.
CCT-BGC, established by China Credit Trust Co and BGC, is the first money-broking company granted a licence by the China Banking Regulatory Commission (CBRC) in Beijing.

McAvoy Joins HKEK From 360T

Roger McAvoy has been appointed as a senior vide president, market development, at Hong Kong Exchanges and Clearing (HKEX).
He joins from 360T where he was a director of institutional sales in the platform’s Singapore office.
In his previous role McAvoy was responsible for 360T Group’s acquisition sales and relationship management for OTC and listed FX electronic trading solutions across the Asia institutional buy side, including asset owners, asset managers, hedge funds, family offices, sovereign wealth funds and official institutions.

And Finally…

As often seems the case when the emotive subject comes up, Thursday’s column on one aspect of last look prompted my messaging channels to go into meltdown. Amongst the feedback were a few suggested answers to my question that asked why there would be asymmetric response times from a small number of LPs and I thought, today being a UK holiday and likely to be quiet, I would share these and let the readership decide for itself what it thinks.

Is Spoofing Now Easier to Prove?

A note from US legal firm Crow & Cushing suggests that as well as the law on spoofing in financial markets being tougher than it was before, actually proving the offence is now potentially easier. The note compares the recently-upheld conviction of Michael Coscia for spoofing certain futures markets with the activities of what was known as The Radio Pool, a group of investors who artificially inflated the price of Radio Corporation of America (RCA) in the 1920s before selling out.

Fed Seeks Feedback on Libor Replacement

The Federal Reserve Board has requested public comment on a proposal for the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates based on overnight repurchase agreement (repo) transactions secured by Treasuries.
These rates will replace the existing London Interbank Offered Rate (Libor) mechanism as the benchmark for interest rates and the new proposed benchmarks are a Tri-party General Collateral Rate (TGCR), a Broad General Collateral Rate (BGCR), and a Secured Overnight Financing Rate (SOFR).

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