Month: February 2018

IPC, GreenKey Team for AI Service

IPC, a provider of communications and networking systems, and GreenKey Technologies, creator of voice software with integrated speech recognition, have signed an agreement for a collaboration between the firms.

The agreement brings to market an AI-based speech recognition system that converts real-time voice into useable data for financial market users.

The two firms have been working together since early 2017 on a voice-to-data solution that will enable IPC customers to harvest their audio streams as structured text data to enhance front, middle and back office workflows.

Can Peer Pressure Work?

2018 is a big year for the FX Global Code as it will celebrate its first anniversary – a date by which all participants are expected to have adhered to the code’s principles. Will the code be a success? Colin Lambert thinks he has the answer.

It was, and still is, depressing having to read through legal papers and regulatroy notices on a regular basis, all of which deal with misconduct in FX markets, and nobody whould be misguided enough to think that such actions will not continue in the year ahead. They will, and probably the year after that.

There is an upside in having to rake over the ashes of past misdemeanours, however, because it offers a timely and regular reminder of the importance of the FX Global Code.

And Another Thing…

Automation is important in markets, it brings valuable efficiencies and helps the financial markets industry advance – it’s what keeps us moving forward. It is not, however, the be all and end all, and while the FX spot market largely exists in an automated environment, firms should not be fooled into thinking they don’t need well-qualified and astute humans in key roles – one of them spot trading – for the latter role in particular, provides a crucial sanity check.

Crane Joins MarketFactory

Al Crane has joined MarketFactory as director of sales, based in London.

Prior to joining MarketFactory, Crane most recently worked with SEB to help the Swedish bank prepare its FX business for MiFID II.

Before that, he worked as head of institutional sales for ADS Securities in London and spent five years in global e-FX sales at SEB.

Crane has also worked at Standard Chartered Bank, where he was the head of e-FX sales for Europe, Americas and Africa.

Building a Cryptocurrency Portfolio: Promise Over Peril

At a recent buy side event hosted by Profit & Loss and CME Group in New York, a panel of cryptocurrency experts discussed how institutional investors and traders should think about these assets within a portfolio.

Interest in cryptocurrencies has skyrocketed amongst investors and trading firms over the past year, as the market capitalisation for this nascent asset class has increased dramatically and volatile price action has offered the potential for outsized returns compared to many traditional asset classes.

Yet some firms still consider cryptocurrencies to be too risky to include in their portfolio, a position that Ari Paul, managing partner and CIO of the hedge fund BlockTower Capital, took issue with on the panel.

Marsh Joins Alpha FX Group

Sam Marsh has joined Alpha FX Group, a corporate foreign exchange specialist, as head of institutional FX.

Based in London, Marsh joins from AFEX, where he was head of sales, funds and institutions, UK and Ireland.

Prior to joining AFEX in 2012, he worked as an FX consultant for Halo Financial, an international money transfers specialist, and as a data analyst at Equifax.

FastMatch Generates €7.2m Revenue for Euronext

FastMatch has generated €7.2 million in revenues for Euronext since the exchange operator acquired 90% of the OTC FX platform in August 2017, according to its full-year 2017 results.

As part of that deal, $46.7 million was paid to FXCM on closing for its stake in FastMatch, with $8.7 million held in escrow subject to certain potential future adjustments.

In addition, it was agreed that FXCM would receive share of a $10 million earnout if certain performance targets of FastMatch are met, although these targets have not been disclosed.

Can Silicon Valley Business Models Work in FX?

It seems that increasingly, some FX firms want to adopt the business models deployed so successfully by the large technology giants that have emerged from Silicon Valley.

Banks talk about developing their single-dealer platforms to mimic the Amazon model of being able to supply everything that their customer needs within one platform.

At least one trading venue is talking about moving to the Facebook model of charging nothing for the actual technology platform that it provides, because it will instead derive profits from the data generated by that platform.

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.