Day: 2 November 2017

Trump Names Powell as Next Fed Chairman

Jerome Powell has been nominated by President Donald Trump as the next chairman of the US Federal Reserve.

Powell is currently a member of the board of governors of the Federal Reserve, after being sworn in on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.

Prior to his appointment to the board, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, DC, where he focused on federal and state fiscal issues. From 1997 through 2005, Powell was a partner at the Carlyle Group.

Drowning in Data

A panel of buy side market participants at Profit & Loss Scandinavia in Stockholm shared their insights into their FX activities and discussed how data has come a long way in terms of helping them measure best execution; however, analysing that data isn’t as easy as they’d like.

Is the availability of data and technology changing how the industry assesses execution quality? That’s the question addressed by Marcus Samuelsson, portfolio manager at Ericsson; Andreas Wollheim, head of trading and treasury at SEB Investment Management; and James Koutoulas, CEO at Typhon Capital Management, speaking at Profit & Loss Scandinavia in September.

FastMatch Opens New Office for Buy Side Proximity

FastMatch is opening a sales office in Greenwich, Connecticut.

In a release issued today the platform emphasises the importance of having staff located close to its major customers. 

The release describes the opening of the Greenwich office, which adds to FastMatch’s offices in New York, London and Moscow, as “an important step in expanding its touch points with major customers”.

“The FX market has seen a significant rise in the use of electronic trading tools by the buy side,” adds Dmitri Galinov, CEO of FastMatch. “We are excited to be closer to our hedge fund clients and help them with their transition to new trading methods in FX.”

NEX; CME Follow ADV Pattern

Both NEX Group and CME Group have reported monthly volume data broadly in line with the first four platforms to report for October
Nex Markets says average daily spot volume (ADV) on its EBS platforms was $80.6 billion in October, a 17% drop from September, but a 5% rise year-on-year.
It was a similar picture at CME where its combined FX futures and options on futures was just over 887,500 contracts per day, which Profit & Loss calculates to be just under $88 billion per day, of which just under $80 billion was in futures.
CME’s ADV is 29.4% lower from September’s stellar performance, however again it was 15% higher year-on-year.

Take the Spotlight Asia Survey

The latest P&L Survey is online ahead of our Asian conference swing starting Thursday November 9 in Singapore, through Tuesday November 14 in Hong Kong, ending in Shanghai on Thursday November 16.
To accompany our conference agenda, we have published a short survey for readers to complete – the questions have both a global and regional relevance ranging from liquidity conditions, through execution, to clearing and cryptocurrencies.

Saxo Establishes Quant Unit

Saxo Bank has established a new quant unit and hired Jesper Andreasen and Hans-Jørgen Terp Flyger to set up and run it with the responsibility to drive and manage the development of new state-of-the-art risk tools.
The firm says the new tools will support its internal risk functions and will also allow Saxo to offer new and better tools for clients including forward-looking risk management tools.
Andreasen has served as head of the quant department at Danske Markets and Flyger as head of derivatives and risk IT at Danske Markets.

Blockchain for Wall Street Set for 14 November

You won’t want to miss Blockchain for Wall Street on November 14 in New York City. It’s the annual education day presented by the Wall Street Blockchain Alliance, a non-profit trade association with a mission to act as a neutral, unbiased steward of education and cooperation between Wall Street firms.
The day will begin with a keynote presented by leading financial services blockchain vendor Symbiont, which will be joined by one of its latest customers. The morning also includes panels on a number of topics, with a focus on how blockchain, distributed ledgers and smart contracts applications are being piloted by global banks.

Blockchain for Wall Street Set for 14 November

You won’t want to miss Blockchain for Wall Street on November 14 in New York City. It’s the annual education day presented by the Wall Street Blockchain Alliance, a non-profit trade association with a mission to act as a neutral, unbiased steward of education and cooperation between Wall Street firms.
The day will begin with a keynote presented by leading financial services blockchain vendor Symbiont, which will be joined by one of its latest customers. The morning also includes panels on a number of topics, with a focus on how blockchain, distributed ledgers and smart contracts applications are being piloted by global banks, with practical insight from representatives of Banco Santander, BlockApps, Broadridge, Chain, Credit Suisse, IBM, Microsoft, Netki, OTCXN and State Street.