Day: 24 January 2018

Manske Joins ISDA Board

The International Swaps and Derivatives Association (ISDA) has announced the appointment of Jason Manske, senior managing director, chief hedging officer and head of the global derivatives and liquid markets group at MetLife, to its board of directors. Manske is responsible for MetLife’s global derivatives and currencies, government and short-term trading, structured solutions and capital markets businesses.
ISDA says the appointment is part of a commitment by its board to broaden its scope by incorporating members from diverse sectors of the derivatives market.

Ashton Loses Appeal Against FX Ban and Fine

The US Federal Reserve has refused to stay a motion issued last year that banned former Barclays FX trader Chris Ashton from the FX industry and fined him $1.2 million.
Ashton appealed the decision, which was originally announced in 2016, only after it had formalised the ban last year, claiming, the Fed says, that the final notice was not relevant in the jurisdiction in which he resides – the UK – and that it was not served in a correct manner.

Integral Adds Crypto Market Data

Integral Development Corp says it is extending its market data offering for cryptocurrencies to include 14 major cryptocurrencies connecting to “all major exchange sources across the US, Europe and Asia including Japan and Hong Kong”.
“An accurate, stable, and reliable reference price is a requirement for any market maker,” says Harpal Sandhu, CEO of Integral. “The Cryptocurrency Market Data Service connects to the most price sources and applies the most advanced price discovery algorithm available.”Integral says the new data service uses algorithms developed with Stanford University.

Why is BNY Mellon Launching an FXPB Service?

The announcement by BNY Mellon this week that it is launching an FX prime brokerage (FXPB) service is interesting for a couple of reasons.

Superficially, it bucks a trend that has developed in recent years of banks scaling back, or even shutting down, their FXPB businesses. However, Profit & Loss already argued in a special report looking at prime services published in Q3 2017, that this trend was beginning to reverse itself.

So perhaps more significant is that it indicates that the barriers to entry in FXPB have been lowered as the cost of technology and infrastructure has both decreased and become more available.

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