Day: 30 June 2018

Paul Chappell 29/6/1953 – 4/6/2018

Friends and colleagues are invited to a service to celebrate the life of Paul Chappell, who sadly passed away last weekend. It will be held on Monday July 9.
A Funeral Mass will take place at 9:30am at the Holy Family Church, 194 Knightsfield, Welwyn Garden City AL8 7RQ, followed by a reception at the Chappell family home, 63-65 New Road, Welwyn, Digswell, AL6 0AL.
Paul’s family will attend a private burial at 11:00am and then join friends and colleagues at their home.
In a message, Paul’s widow Ann says, “We look forward to seeing you and sharing great memories with you all.”
Mourners are asked to share transport if possible as parking is limited. The nearest train station is Welwyn North.
In lieu of flowers, the family requests that donations in memory be made to Stevenage Haven (homeless shelter) – a cause supported by Paul during his life, or a charity of your choice.
To assist with preparations, those people deciding to attend the celebration are asked to contact David Woolcock on ahead of time.

XTX: Last Look Defense is “Nonsense”

Jeremy Smart, head of distribution at XTX Markets, is critical of arguments that pre-hedging in the last look window enables FX market markets to keep quoting prices, even in difficult market conditions. 

“The reality is that’s a nonsense. The basis on which a price is being made should be clear between a liquidity provider and the consumer. Now it’s not enough for me as an LP to turn around and say sometimes I’m a principle and sometimes I’m agent.

“If you’re agent, charge a fee and be clear that you’re passing on the exact fill that you got in the market to the customer, but do that before the transaction, not selectively transaction by transaction. So there needs to be much more clarity around that,” he says.

ASIC Warns Retail OTC Industry Over Conduct

The Australian Securities and Investments Commission (ASIC) has called on participants in the retail OTC derivatives sector to improve their practices after recent ASIC activities showed their conduct “fell short of expectations”.
The products offered by retail OTC derivatives issuers in Australia include binary options, margin foreign exchange and contracts for difference.
ASIC says that a recent review of 57 retail derivative issuers identified a number of risks associated with the products offered to retail investors by OTC derivatives issuers.