Day: 19 March 2018

Thomson Reuters Goes Granular on AUD

Thomson Reuters has announced it is introducing more granular pricing for AUD/USD across its spot FX trading platforms. The change has been in beta testing with clients for some time and the change will officially be rolled out at the end of March.
Pricing for the pair will be in half pips to five decimal places, the new pricing regime will also be reflected in the firm’s market data offerings and added value calculations, as well as on its Eikon screens.

Fotheringhame Wins Unfair Dismissal Case Against Barclays

Profit & Loss understands that David Fotheringhame, former head of automated flow trading at Barclays, has won his claim for unfair dismissal against the bank.
Sources familiar with the matter say that a judgement to be made public later this week, will find for Fotheringhame, although the judge at East London Employment Tribunal has decided that he was 20% to blame for his own dismissal and ordered the settlement and compensation be appropriately adjusted. Fotheringhame claimed that the bank dismissed him to appease US regulators who had demanded his dismissal in a public notice.

EBS Claims Traction Amongst Asset Managers

Two and a half years on from acquiring Molten Markets, EBS is beginning to claim some tangible traction amongst the asset management community.

When Molten Markets, founded in 2012 by State Street alumni, was acquired by then-EBS-BrokerTec in 2015, there was a clear logic to both sides of the deal. For EBS, the move was part of a broader strategy to diversify the brokerage’s existing client base, while for Molten Markets being part of a larger, more established company with superior financial resources made its platform a more attractive proposition for the asset managers that it was targeting.

However, while the logic was clear from the start, progress in getting asset managers live on the platform, now branded EBS Institutional (EBSI), has been slow.

NEX Veteran to Leave

Profit & Loss understands that Darryl Hooker, global head of metals and spot and head of FX EMEA at NEX Markets is leaving the firm.
Hooker, who has been with the firm for 18 years having joined its predecessor Icap in 2000, is believed to be leaving this week.
Hooker was co-head of EBS Brokertec Markets before the rebranding to NEX, having also served in a variety of roles including global head of new and emerging markets. During the latter he helped drive the project to establish EBS as the prime ECN for Chinese renmimbi business.

And Finally…

It didn’t exactly take Nostrodamus to predict a bid for NEX Group from an exchange operator – even I was all over this in this column in November 2015 when the Tullett-Icap deal was announced, and frankly any opportunity since has been taken to reinforce the logic. It’s simply an inevitable deal and was the day Icap shed its voice broking business. CME may not have it all its own way, though – and what else is likely to be on the table?