Day: 11 April 2018

ADS Securities Hires Head of MENA Retail FX Sales

ADS Securities has appointed Nael Saleh as head of retail sales in the Middle East and North Africa region, for its FX and CFD brokerage business.
He will report to ADS Securities’ global head of retail sales, Jason Hughes and joins from GKFX MENA, where he was director of operations, heading teams responsible for customer services and sales across a wide range of products on FX, CFD’s and commodities brokerage platforms. Previously, he was head of global sales at IronFX.

FCA Outlines Plans for Wholesale Financial Markets

The UK’s Financial Conduct Authority has outlined its plans for whole financial markets in its 2018-19 Business Plan, which was published this week.
The FCA notes that wholesale financial markets are “complex” and have undergone large-scale and complex regulatory change, including the Markets in Financial Instruments Directive (MiFID II) and the Market Abuse Regulation (MAR). It adds that technology and innovation are affecting markets’ business models and their users have different levels of sophistication. It highlights insider trading, market manipulation and other forms of market abuse as activities of interest.

Systematic Internaliser Register Launched

The SmartStream Reference Data Utility (RDU) in collaboration with a group of Approved Publication Arrangements (APAs), including Bloomberg, Deutsche Boerse, NEX Regulatory Reporting, TradEcho, Tradeweb and Trax have launched a detailed Systematic Internaliser (SI) Registry.
The service enables SIs to register the financial instruments for which they are providing SI services in a centralised database through their APA, and fills what the firms call an important gap in the MiFID II/MiFIR regulatory framework allowing trading counterparties to identify who is responsible for reporting a trade.

AIMA Publishes Brexit White Paper

The Alternative Investment Management Association (AIMA), has published a position paper entitled Brexit and Alternative Asset Managers: Managing the Impact.
The paper offers a detailed assessment of what will need to be addressed during the transition period that has recently been agreed between the UK and the EU. AIMA says it believes that addressing these points will minimise disruption for UK fund managers and EU investors when the UK leaves the EU.
The analysis is based on the assumption that the UK will leave the EU’s single market and that many existing cross-border provisions in EU legislation will cease to apply for UK firms.

Hendrix Joins Fortex Technologies

Fortex Technologies has announced the appointment of Victor Hendrix to create and lead its newest division XCloud.
A global cloud server grid, XCloud offers liquidity-agnostic and broker-neutral trading Infrastructure as a Service (IaaS) to support all trading platforms and all bridge middleware. It also offers hosting and connectivity solutions from Equinix IBX data centres in New York NY4, Hong Kong HK3, and its newest location in London LD5.
Hendrix left Beeks Financial Cloud Group in December, having served as global director of sales and marketing for nearly two years.

Associations Urge EU Regulation Change

The International Swaps and Derivatives Association (ISDA), the European Banking Federation (EBF), International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have published a whitepaper on the benefits of post-trade risk reduction services as a crucial risk management tool.
The bodies say that risk reduction services like compression and counterparty rebalancing play an increasingly important role in reducing risks in derivatives markets. These benefits are recognised in the European Union under MIFID II/MIFIR, which exempt post-trade risk reduction administrative transactions from the trading obligation, however, currently no exemption from the clearing obligation in the EU for these transactions.