Day: 8 November 2017

Deutsche Hires Two in New York

Deutsche Bank has unveiled two hires for its North American FX business with the hire of Winfield Sickles and Donna DiDomenico.
Sickles has joined from Tiger Management as a director in macro FX sales, based in New York. In addition to working closely with Deutsche’s institutional clients in the FX space, the bank says he will build on its cross-asset presence within the global fixed income client base.
DiDomenico joins Deutsche in New York from HSBC to focus on the bank’s real money clients.

IHS Markit Unveils Cross Currency Swap Solution

IHS Markit has announced new trade technology solutions from its MarkitServ unit that enable full automation of settlement and margin payments in the cross-currency swaps market.
Cross-currency swaps expose counterparties to settlement risk due to the high value of initial and final principal exchanges that take place in what was recently measured to be a $30 trillion market. New automation, workflow and integrations between MarkitServ and both CLS and LCH SwapAgent enable firms to automate swaps payments, including initial and final notional exchange settlements through CLS and variation margin payments with LCH SwapAgent.

Flow Traders Targets FX Expansion

Flow Traders, a Netherlands-based liquidity provider that specialises in exchange traded products (ETPs), is making a concerted push into the FX market, the firm has revealed today.

Flow Traders is partnering with MarketFactory to trade FX directly with investors across a number of different trading venues. In a release issued today the firms says that MarketFactory’s API product, Whisperer, its “strategic ambitions” to become a leading liquidity provider in FX.

Flow Traders has long been active in the FX as part of its hedging strategies, but the firm claims that the current state of the FX industry provides an opportunity for it to further expand its role in this market. 

The P&L Debate: Is TCA Just a Morality Carwash?

The subject of how data is used to conduct Transaction Cost Analysis (TCA) formed part of a lively debate at Profit & Loss Forex Network Chicago. Galen Stops moderated.

Paul Aston, the CEO of Tixall Global Advisors, proposed the motion that “TCA Is Just a Morality Carwash”, effectively arguing that many buy side firms are simply handing over their fiduciary duty to ensure best execution for their investors to their sell side counterparts, while using TCA to justify the trading decisions that they make as a result.

Opposing the motion was Isaac Lieberman, CEO of Aston Capital Management, who formed his argument around the proposition that market participants who are trading risk do so against a set of metrics by which their success is measured and therefore they are conducting TCA to show performance against these metrics.