Day: 5 September 2018

Sargeant Joins Cürex

Cürex Group has hired Glen Sargeant as managing director, European business development.

Based in London, Sargeant will be responsible for the development of customer relationships throughout the UK and Europe.

Sargeant has 25 years of experience in global FX markets. As the former head of FX trading, EMEA, at Schroder Investment Management, he managed a large trading book comprised of major and emerging market currencies. In that capacity, he was also responsible for optimising FX trading processes through technology implementations while managing costs. Sargeant also served as product manager, buy side FX, at FlexTrade.

FlexTrade Launches New Back-Testing Framework

FlexTrade has launched a new back-testing framework designed to gauge and adjust the performance of past trading strategies for real-time use in trading equities, FX and futures.

“Just because a trading strategy worked successfully in the past, doesn’t mean it will show the same results in the present,” says Vijay Kedia, president and CEO. “There are countless variables – old and new – that could impact performance in unanticipated ways. That’s why using an advanced back-testing framework can make all the difference in running a winning strategy.”

NEX, CME Up in August, Integral Down

The second group of venues to report data indicate a similar pattern to the first, with NEX Markets and CME Group up month-on-month and Integral down – all were up on a year-on-year basis.
NEX Markets says average daily volume (ADV) in spot FX was $84.7 billion, up 3.4% from July and up 2% from August 2017. CME Group says it handled an average of 813,113 contracts in its FX futures and 69,803 in its FX options product set. Profit & Loss estimates this to represent around $87.4 billion in total notional value.
Integral Development, meanwhile, reports ADV in all FX products, spot, forwards and swaps, to be $33.5 billion.

Citi Launches 6th “e for Education” Programme

Citi has launched the 6th edition of its annual e for Education campaign, a global corporate social responsibility initiative that has raised over $22.5 million for education-focused non-profits since 2013.
During the nine-week campaign, Citi’s foreign exchange and local markets business will donate $1 for every $1 million traded with Citi via a range of electronic platforms including the bank’s proprietary platforms Citi Velocity for institutional clients and CitiFX Pulse for corporate clients.
The bank also says that for the first time, this year’s campaign will include local market bonds, in addition to FX.

Up and Running

As Cobalt prepares to go live, its founders reflect on the difficulty for banks to innovate like they used to, why blockchain technology in its traditional format is ill-suited to processing FX transactions and why shared infrastructure is – finally – a reality.

The first thing that Andy Coyne and Adrian Patten, the co-founders of Cobalt, are keen to emphasise is that the system that they have built is very real and is already up and running. Currently, Cobalt has live transactions from 12 banks going through the system and is due to go into full production this year. They insist that “full production” whilst a technical reality is really only when the final paperwork and vendor risk management (VRM) documents get final sign-offs.