Day: 19 February 2018

Citi Veteran Sinniah to Retire

Bernie Sinniah, global head of e-solutions at Citi, is to retire from the bank. According to an internal memo seen by Profit & Loss, Sinniah – who joined the Citi in Colombo as a spot trader 38 years ago, will step down in the first quarter.
Sinniah moved to Australia in 1986 with Citi and later joined the FX sales team, becoming head of sales for Australia before moving to the UK in 1999 to run the UK and subsequently corporate desk for Europe.

BestX Launches Trend Model

BestX has expanded its suite of best execution analytics with the launch of a new Trend Analysis module.
The firm says the new functionality allows clients to generate bespoke analysis of trends in costs and other performance metrics over time, adding that improving the management information provided by the BestX analytics is a critical component of satisfying best execution obligations by allowing clients to identify how execution performance is changing over time, thereby allowing changes to be made to the process to continually refine and improve performance.

Not Necessarily Consolidation But…

There isn’t much left up for grabs, but 2018 will see a deal in the platform world, says Colin Lambert.

In all the history of the Profit & Loss Crystal Ball, platform consolidation has been the most fertile ground…..mainly for critics! If viewed in terms of the number of deals, however, the story is a little different.

The headline has been in demand from exchange groups for an OTC presence, culminating in deals for Hotspot, 360T and Fastmatch, and it is hard not to see this continuing – in spite of CME finally deciding to do something about further penetrating the OTC space by launching a service itself rather than entering partnerships.

And Finally…

The FX industry has been caught out by the advance of technology before, so although the report looks at the issue across broader markets, the FCA’s study on algorithmic trading should be essential reading for anyone senior in the industry. What concerned me reading the report was further evidence of a lack of understanding about the potential impact and risks associated with using algos at the highest level. Of course, whilst highlighting these themes I have grabbed the opportunity to suggest silly names for algo strategies!