Day: 7 June 2018

Englander Leaves Rafiki

Steven Englander has left his role as head of research and strategy at Rafiki Capital Management.

Englander had been with Rafiki, an investment advisor based in Hong Kong that specialises in global macro strategy, since June 2017.

Prior to that he spent seven years at Citi, where he was head of G10 FX strategy in the bank’s New York office.

Englander has also worked as the chief FX strategist for the Americas at Barclays Capital and spent eight years with Citibank/Salomon Smith Barney, where he was global currency economist based in London.

Attwell Joins Nomura

Asa Attwell has joined Nomura as head of EMEA EM and FX.

Based in London, Attwell joins from BNP Paribas, where he was head of G10 FX trading. Attwell had been at BNP Paribas since 2001, working in a variety of roles, including as a quantitative FX developer, an FX options trader and the G10 head of options trading.

Prior to working for the French bank, Attwell spent over two years as a quantitative developer at Deutsche Bank in London.

Trend Followers Drive CTA Losses in May

Following a marginal uptick in April, the SG CTA Index moved into negative territory in May, down 2.41% for the month, despite being up mid-month.

Trend followers were the main drivers of losses in the second half of the month, and were down, to -2.72%. Short-term CTA strategies handled the changing market conditions relatively well and ended May up, +0.39%.

The SG Trend Indicator had a difficult period and was down by 3.50%, leading to a reading of 13.30% for the first five months of this year.

Following a recovery in April, equity indices contributed to negative performance, and the commodities and currencies sectors took a dip as well. Meanwhile, the bond market provided some relief as it was the only sector to post a positive contribution, up 0.09%, just holding on to gains despite a mid-month reversal.

Galinov Exits Fastmatch

Dmitri Galinov, CEO of Fastmatch, has left the firm. Fastmatch was bought by exchange group Euronext one year ago.
Kevin Wolf, head of FICC for the US, has assumed responsibility for Fastmatch. Wolf will report to Paul Humphries, global head of FICC at the exchange group. Wolf joined Euronext in August 2017 after a short spell as principal at Viable Markets, prior to which he spent six years at Eris Exchange, most latterly as chief business and product development officer.

And Another Thing…

In my column of November 11, 2013, I argued FX “needs a hero” – leadership to counter the negative narrative that surrounded the industry. Thanks to those that delivered the Global Code, we received that leadership, but the work is not done – in fact it is now more needed than ever, so it’s time for today’s leaders to step up and explain why pre-hedging is important. Along the way it will help Mark Johnson, but equally as important, it will help the entire industry.