Day: 8 May 2018

Judge Issues $2.2m Fine for FX Fraud Scheme

On Tuesday, a US judge issued a $2.2 million fine against Alcibiades Cifuentes and Jennifer Cifuentes for running a fraudulent FX trading scam.

Judge Esther Salas of the US District Court in New Jersey has entered an order of default judgment and permanent injunction against the Cifuentes’, both of West New York, New Jersey, and their corporate entity, Cifuentes Fund Management.

The order, entered on April 20, 2018, finds that from at least April 2013 through March 2015, the defendants devised a sham commodity pool trading in off-exchange FX contracts.

360T Makes Three Senior Hires

360T has appointed Randy Rupan as head of spot for the Americas, Robin Nicholas as swap product manager and Paul Lonsdale as liquidity manager for the Americas.

Rupan’s primary responsibility at 360T will be for driving the regional spot and analytics business, with focus on the company’s professional anonymous and bilateral spot trading venues. Based in New York, he joins the firm from FastMatch, where he worked for six years as head of institutional liquidity management. Before that, Rupan held senior roles at FXCM, primarily in the firm’s institutional business.

Saxo Bank Appoints CEO for MENA Region

Saxo Bank, which provides multi-asset trading and investment, today announces the appointment of Steve Weller as CEO of the MENA Region.

Weller will be based in the Dubai office and report directly to Damian Bunce, CCO. 

In his new role, Weller will assume the overall responsibility to grow and develop the business and client base in the region. 

Weller has more than 25 years of experience in the global foreign exchange market. Most recently, he was managing director and global head of Sberbank of Russia’s (CIB) foreign exchange business. Before joining Sberbank CIB, he was the head of foreign exchange Asia-Pacific at Barclays PLC, based in Singapore and priior to this, the global head of FX spot and forward trading at Lehman Brothers. 

BestX Partners with FastMatch for FX Tape Market Data Service

BestX is including the FX Tape, a service provided by FastMatch, a Euronext company, within the BestX Best Execution FX Analytics, allowing clients to choose to include the FX Tape as an additional benchmark against which they can analyse their trade portfolios.
BestX is the first FX analytics provider to offer clients FastMatch’s FX Tape service as a benchmark to its client base, which includes asset managers, hedge funds, wealth managers and sovereign wealth funds.
“As the industry standard for FX TCA, it is important that BestX offers the FastMatch FX Tape as an additional benchmark within our analytics for our clients. The inclusion of the FX market’s default streaming mid is another material step towards increasing the transparency of the FX market,” says Oliver Jerome, Co-Founder at BestX.

A Closer Look At: Bespoke FXPB Systems

Marcus Butt, global head of FX prime services and futures at NatWest Markets, talks about how the bank is developing its FX Prime Brokerage offering in response to changing client needs.

Profit & Loss: So what are you doing on the FXPB side of your e-FX platform that you think differentiates your offering right now?

Marcus Butt: What we’re doing on the platform that is unique is really a reflection of what we’re doing in the business. Part of this is that we’ve introduced a number of new prime brokerage models to accommodate the diversification of our client base.