Day: 18 June 2018

Wolf Leaves FlexTrade

Posted on June 18, 2018 by Galen Stops

Bruce Wolf has left his role as head of FX business development at FlexTrade.

Based in the company’s headquarters in New York, Wolf was responsible for managing sales and business development for FlexTrade’s FX trading solutions for both the buy side and sell side markets.

Prior to joining FlexTrade last year, Wolf spent over four years as global head of banks and brokers sales at EBS.

Before joining EBS in 2013, Wolf worked at Integral Development as managing director, head of Americas, for over two years.

Chesterman Joins Stater in COO Role

Posted on June 18, 2018 by Galen Stops

Mark Chesterman has joined Stater Global Markets in a newly created COO role.

Chesterman joins from IG Institutional, where he spent 14 years in a variety of different roles, most recently as COO.

As part of his remit at Stater Global Markets, Chesterman will work closely with CEO, Ramy Soliman on global expansion plans and new product development and he will also oversee the day-to-day activity of the firm.

oliman comments, “Mark played a key role in IG’s rapid growth into a FTSE 250 organisation and the world’s largest spread betting and CFD brokerage. His extensive experience in trading, operations and management is tailor-made for our requirements. Mark headed up IG’s institutional division, overseeing liquidity management and working closely with banks, hedge funds and brokers.

Tse Joins Citi

Posted on June 18, 2018 by Galen Stops

Calvin Tse has joined Citi as head of the bank’s North American FX strategy.

Based in New York, Tse joins from Capula Investment Management, where he had worked as a macro strategist since June 2016.

Prior to that, Tse work for Morgan Stanley as an FX strategist in New York, London and Hong Kong. He joined the bank in 2009 and at the time of his departure in 2016 Tse held the position of head of US FX strategy and was based in New York.

And Finally…

Posted on June 18, 2018 by Colin Lambert

The US legal system continues challenge many aspects of the OTC market structure, the latest being a lawsuit brought by interest rate swap trading venue provider TrueEx against a group of banks. To me, not only does the lawsuit highlight the general misconception that liquidity is an apparently valueless commodity, but it also signals – should the decision a certain way – a fundamental change in who decides what liquidity goes where…and believe me the LPs will not be the ones deciding.

Brazil Fines Two Banks Over FX Manipulation

Posted on June 18, 2018 by Colin Lambert

Brazil’s Tribunal of the Administrative Council for Economic Defense (CADE) has approved three Cease and Desist Agreements to settle a cartel probe in the foreign exchange market, involving the Brazilian real and offshore currencies.
The agreements were signed between CADE and the Royal Bank of Canada and Morgan Stanley Bank, as well as Pablo Frisanco de Oliveira, a former Deutsche Bank trader in local markets. A total of BRL 42.9 million ($13 million) will be collected for the Fund for the Defense of Diffuse Rights, as a pecuniary contribution, CADE says.

Citi Pays $100 Million to Settle Libor Suit

Posted on June 18, 2018 by Colin Lambert

Citi has paid $100 million after reaching a settlement with 42 US states’ Attorneys General over allegations it manipulated the benchmark interest rate USD Libor.
The Attorneys General alleged that Citi misrepresented the integrity of the Libor benchmark to state and local governmental, not-for-profit, private, and institutional trading counterparties by concealing, misrepresenting, and failing to disclose that it, at times, made USD Libor submissions to avoid negative publicity and protect the reputation of the bank. This is the third fine paid by a bank relating to this investigation.

Day: 18 June 2018

Wolf Leaves FlexTrade

Chesterman Joins Stater in COO Role

Tse Joins Citi

And Finally…

Brazil Fines Two Banks Over FX Manipulation

Citi Pays $100 Million to Settle Libor Suit

Forex Network Annual platinum SPONSORS

Forex Network Annual GOLD SPONSORS

Forex Network Annual SILVER SPONSORS

Forex Network Annual BRONZE Sponsors

Our Company

TOPICS

Sign Up For Our Squawkbox Newsletter

Profit & Loss is no longer publishing