Day: April 23, 2018

State Street Appoints Global Exchange Sales Head

State Street has announced the appointment of Richard Irons as head of sales for Global Exchange in Europe, the Middle East and Africa (EMEA).
Based in London, he will report to David Pagliaro, head of Global Exchange, EMEA and will be responsible for developing and executing the sales strategy for Global Exchange’s product capabilities and solutions in EMEA, leading the regional sales team.
Irons has more than 30 years of sales and relationship management experience in financial services and technology; most recently at Fenergo, where he was head of account management and customer support.

Bank of England Implements Sonia Reforms

The Bank of England says it has implemented its reforms to the Sonia Interest rate benchmark.
The bank says its aim in reforming Sonia – the Sterling Overnight Index Average – is to strengthen a benchmark which is considered critical for the sterling financial markets. Previously, the benchmark was based on a market for brokered deposits, which the Old Lady says, has limited transaction volumes.
The new benchmark now captures a broader scope of overnight unsecured deposits, by including bilaterally negotiated transactions alongside brokered transactions.

FlexTrade Unveils FlexNow

FlexTrade has announced the release of FlexNow, a solution the firm describes as an out-of-the-box, broker neutral execution management system (EMS) to address the needs of hedge funds and mini-primes who require a streamlined, multi-asset trading system.
The firm says the new EMS is designed to handle trading for equities, futures and options and is MiFID II compliant. It provides connectivity to market data providers; integrates with any order management system (OMS) via FIX and API; and comes with its own built-in transaction cost analysis functionality.

And Finally…

There was, naturally, quite a lot of attention on the return of EUR/CHF to 1.20 on Friday, most of if, naturally again, frivolous. On a return basis, anyone who didn’t care about mark-to-market would have been back in the black in the mid-1.19s thanks to carry, but that didn’t stop people like me joining in the frivolity, tweeting the market may have an issue working through the 1.20005 offer for 20 yards. It shows though, how much the event is embedded in the market’s psyche that we are commenting about it.