Day: 23 January 2018

Mesirow Financial Commits to FX Global Code

Mesirow Financial says it has recently signed and committed to the FX Global Code of Conduct.
“By embracing these global standards, Mesirow is dedicated to follow a common set of guidelines and has taken appropriate steps, based on its size, complexity of activities and the nature of its engagement in the FX Market, to align its activities with the principles of the Code,” it says in a statement.
The Code of Conduct is a set of 55 principles of good practice in the foreign exchange market that have been developed to provide a common set of guidelines to contribute to the integrity and effective functioning of the wholesale foreign exchange market.

Jyske Bank Signs with Barracuda FX

Barracuda FX, the specialist provider of FX order management technology, has announced the signing of a new contract with Denmark’s Jyske Bank.
Jyske Bank embarked on a project in 2017 to streamline its FX operations in order to make it more efficient. A detailed analysis of the Barracuda platform established it as a key component of the new FX operations strategy, the firm says, in particular its Order Hub service, which is an electronic order passing network between Barracuda’s client banks, allowing each bank to increase efficiency and lower risk by leveraging the currency and time zone expertise of partner banks.

JP Morgan Survey Indicates Mobile Trading, Algo Usage on Rise

JP Morgan has released the results of its e-Trading Trends for 2018 survey, which was taken among more than 400 institutional traders – the majority being FX – in October 2017.
The survey indicates strong growth in the use of mobile trading apps as well as renewed optimism that client uptake of algorithmic execution strategies will emerge in 2018.
The headline finding from the survey is that 61% of respondents say they are likely to use a mobile app for FX trading, more than double the 31% who said the same in the 2017 survey.

Saxo Launches Full Amount Execution for PoP

Saxo Bank has launched a new, full amount execution infrastructure for its prime-of-prime (PoP) service.

Running on dedicated infrastructure through the firm’s direct market access (DMA) liquidity hubs in London and New York, Saxo says the full amount execution capability provides lower market impact for large orders in FX and precious metals.

Demand has been driven by growth in small- to mid-sized institutional clients looking for direct market access and liquidity optimisation services.

Lucian Lauerman, global head of electronic distribution, comments: “We have grown our prime-of-prime business quite significantly and we are meeting increasing client demand for execution in large order sizes. To support efficient execution and sustainable liquidity access, we have set up a dedicated infrastructure allowing clients to execute in full amount through liquidity connectivity in both NY4 and LD4. This offers clients better pricing and lower market impact on larger tickets.”

RJO Shuts its FX Business

RJ O’Brien (RJO) is winding down its FX business, having concluded that this market no longer represents a strategic opportunity for the firm.

“RJO has recently concluded the FX marketplace is no longer strategically attractive to the firm. As such, the firm has decided to wind down its FX business effective immediately. RJO will further focus our resources on our core offerings. We remain focused every day on delivering best-in-class service to our clients throughout the world,” says an RJO spokesperson.

Profit & Loss understands that all 17 of the staff on the FX team at RJO have been let go as a result of the decision. Amongst those believed to be leaving are FX head Tony Dalton; global head of FX sales, Matthew Ardizzone; and director, FX sales, Richard Pisarra.