Day: 9 August 2018

And Another Thing…

Following up on a column from last month that elicited an interesting idea from a correspondent – should trading businesses be penalised for not adhering to the correct procedures when it comes to HR? There are few traders who care about the HR function, but the number of unfair dismissal cases being lost by banks would suggest that something needs to be done to ensure that the next generation of traders doesn’t face the trauma faced by some of the current crop.

Exits Continue from BNP Paribas’ FX Algo Team

BNP Paribas has seen a raft of departures from it’s FX algo team over the past few months.

Profit & Loss understands that in London Silviu Vlasceanu, a senior quantitative analyst, Farzana Nanji, who worked in FX automated client execution, Tom Appleton, the head of FX algo execution, Ismail Zekhnini, an e-FX algo trader and Shameer Subedar, who worked within the e-FX algo team developing agency based algos, have all left the bank. In addition, sources indicate that in Singapore, Ashvin Parkash, head of e-distribution for Asia who was part of the same team, has also left BNP Paribas.

CTAs Post Negative Returns for July

Following a marginal uptick in performance in June, CTAs faced headwinds again as all the Societe Generale (SG) indices posted negative returns in July.

Although the performance was up in the first half of the month, conditions became challenging in the second half. The SG CTA Index was up 1.44% and the SG Trend Index 2.24% mid-month, however by the end performance was down -0.71% and -0.81% respectively.

Performance was dispersed as five out of 20 constituent managers in the CTA index posted marginally positive returns. In particular, it was a disappointing end of July for trend followers despite a good start to the month, due to losses in bonds, currencies, and commodities at the end.

Keogan Steps Down from Fidelity

Phelim Keogan, who over the past 15 years has led the development of Fidelity International’s currency management capabilities globally, has recently departed from the company under a voluntary severance programme offered generally to senior executives across the firm.
Keogan was executive director for Treasury and global head of currency management at Fidelity International, based in Dublin, a role he took up in early 2002.
Prior to Fidelity Keogan was chief dealer for National Australia Bank in Dublin over a six-year period having joined the bank from an FX trading role at Ulster Bank.