Day: 7 September 2018

LCJ Investments Joins Kettera’s Hydra Marketplace

Kettera Strategies, which operates a managed account marketplace for macro, commodities and liquid equity hedge fund strategies called Hydra, has announced that Geneva-based LCJ Investments will offer its discretionary-driven FX strategy on Hydra.

LCJ’s macro strategy is a discretionary, fundamentals-based, global macro program that expresses its views through the global currency markets. LCJ was founded in Geneva, Switzerland in August 2007 by Conor MacManus, Jonathan Tullett, and Leonora Kerry Keane, and the strategy began trading in September of that year.  

Berkovitz Sworn in at the CFTC

Dan Berkovitz has been sworn in to serve as a Commissioner for the US Commodity Futures Trading Commission (CFTC).

“I consider it a privilege and honor to return to the CFTC as a Commissioner,” says Berkovitz after being sworn in by US District Judge Randolph Moss of the U.S. District Court for the District of Columbia. “I look forward to working with Chairman Giancarlo and my fellow Commissioners on the agency’s important mission of ensuring our markets are financially sound and free from fraud and manipulation.”  

“I am pleased to welcome Dan to the Commission,” says CFTC Chairman, Christopher Giancarlo. “I look forward to working with him as we embark on new challenges in regulating the derivatives markets.”

Second Johnson Amicus Brief Highlights “Intrinsic” Pre-Hedging Role

A second Amicus Brief filed in the Mark Johnson appeal stresses the risks associated with providing FX services to clients around the Fix and argues that pre-hedging is intrinsic to handling orders at the mechanism.

The Amicus from Professor Torben Andersen, the Nathan S. and Mary P. Sharp Professor of Finance at the Kellogg School of Management at Northwestern University says that without the ability to pre-hedge, dealers would have no economic incentive to trade as principals with customers at the Fix.

“When dealers trade as principals at the Fix, they typically pre-hedge their trades by executing a number of smaller transactions before the Fix time,” the Amicus states.

Hooker Joins Capitolis

Daryl Hooker, formerly global head of spot FX and precious metals at NEX Markets, is joining Capitolis in London as a consultant.

Hooker will be responsible for product and business development and will be reporting to Gil Mandelzis, co-founder and CEO of Capitolis.

Hooker spent almost 19 years at NEX and its forerunner Icap, starting in 2000 after joining from Reuters – a firm he joined after a long career in inter-dealer broking. He is also chairman of the International Ruble Settlement Forum, which was set up to help mandate the full adoption and usage of Russia’s real time gross settlement system (RTGS) for the ruble.

Trend Following Drives Positive CTA Performance in August

Following a challenging period in July, CTA performance improved in August as all the indices posted positive performance.

The strong month was led by the uptick in the performance of trend followers, as the Societe Generale (SG) Trend Index was up +3.92%, but all CTA strategies benefitted.

The SG CTA Index was up 2.64% and the SG Short Term Traders Index was up 1.07%.

The SG Trend Indicator was up 4.14% and the key sectors which contributed were commodities, currencies, and equities.

MarketFactory Hires Verdellet

MarketFactory has hired Sophie Verdellet as an account manager.

Based in London, Verdellet will be responsible for account management and customer service in the EMEA region and will report directly to Al Crane, director of sales at MarketFactory.

Prior to joining MarketFactory, Verdellet worked in e-FX business development at Xenfin Capital where she was responsible for business development, project management, global e-FX sales and liquidity, and e-FX product management.

Before that, Verdellet served as head of support for e-FX sales and liquidity at Liquidity Pool. She began her career as a trading assistant at Mako Global, which was subsequently acquired by Xenfin Group. Verdellet later transitioned to head of support at the firm, and has nearly 10 years of experience in the foreign exchange industry.

Litwak Named Global Head of FXPB at BNP Paribas

BNP Paribas has appointed Nathaniel Litwak as global head of FX prime brokerage (FXPB) within its prime solutions and financing (PS&F) division, with immediate effect.

Litwak has spent the last nine years at BNP Paribas in several senior roles, most recently responsible for institutional sales for FXPB and derivatives execution and clearing (DEC)  in the Americas, in addition to managing the FX PB platform in the Americas.

In his new role at BNP Paribas, Litwak will be responsible for expanding the bank’s FXPB business to align with its strategy globally. He will be based in New York and report to to Jeff Lowe, head of PS&F Americas and Kieron Smith, deputy head of PS&F.

ACI FMA Amicus Brief Calls for “Illogical” Government Argument to Be Overturned in Johnson Case

ACI – The Financial Markets Association (ACI FMA) has filed an Amicus Brief on behalf of former HSBC FX trading head Mark Johnson, who is appealing his conviction and sentencing earlier this year for several wire fraud offences.
In the Amicus ACI says that if the US government’s “Illogical” position is allowed to stand, and the conviction is not overturned, bank dealers are unlikely to operate in the face of potential criminal sanctions simply for transparently and fairly hedging the uncompensated risk of “colossal loss” to their shareholders.

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