Day: May 4, 2018

Puth’s Term with GFXC Comes to a Close in June

David Puth, Vice Chair of the Global FX Committee (GFXC), will be completing his term in this role with the group he helped form next month.

Puth, who is the CEO of CLS Group, has been heavily involved in the creation of the Global Code, the first iteration of which was released in May 2016, and then published in its final form in May 2017. Firms were anticipated to commit adherence by around the one-year anniversary in May.

When work on the Global Code first began, it was in the form of a public/private sector partnership, with Puth leading the private sector side through the Market Participants Group (MPG), which worked together, but separately, with the public sector side, led by the Reserve Bank of Australia’s Deputy Governor Guy Debelle.

Cochrane Exits 360T

Jim Cochrane has left his position as head of sales for the institutional real money client segment at 360T.

Based in New York, Cochrane had been with 360T since 2016, after joining from ITG where he worked as a managing director and senior product manager for FX transaction cost analysis (TCA).

In this prior role, which was also based in New York, Cochrane was the lead consultant at ITG for FX TCA to institutional investors, pension funds, sovereign wealth funds and hedge funds. He also managed global sales for a multi-million dollar analytics product and algorithmic solutions for foreign exchange and electronic trading.

SGX Invests in Cobalt

Cobalt has secured a strategic investment from Singapore Exchange (SGX).

In a release issued today, Cobalt says that SGX’s investment will support the continued expansion of its footprint into the FX space, accelerating the technology development and build out of its team.

Cobalt uses distributed ledger technology (DLT) to provide shared back and middle office infrastructure. By creating a shared view of trade data, Cobalt looks to free up back and middle office resources from multiple layers of reconciliation, creating a “golden” portfolio of FX transactions from which to provide multiple services.

FMSB Issues Suspicious Transaction Reporting Guide

The FICC Markets Standards Board has publishes a transparency draft of a new Statement of Good Practice on Suspicious Transaction and Order Reporting. The Statement covers the identification of suspicious transactions and orders and their reporting to the relevant regulator. In the UK and other jurisdictions regulated market participants have an obligation report such transactions to their regulator – in the UK this is as a Suspicious Transaction and Order Report submitted to the FCA.
A suspicious transaction or order is one where there is a reasonable suspicion that it could constitute insider dealing, market manipulation or attempted insider dealing or market manipulation.

P&L Talk Series with Gary Flagler

In an interview at Profit & Loss Latin America 2018 conference, Gary Flagler, Head of International Business Development, Derivatives, at MexDer, talked about the Mexican exchange’s future growth plans.

Profit & Loss: What’s been your focus since you joined the exchange last year?

Gary Flagler: We can sum up our international initiative in one word and three parts, and that word is: Connectivity.      

When I talk about connectivity, I’m talking about connectivity to international clients, whether they’re professional trading groups, hedge funds, commodity trading advisors, asset managers and, to a lesser extent, banks, corporates, mutual funds, pension funds and retail.