Day: September 19, 2018

Daniels Joins Nomura

Ian Daniels has joined Nomura as executive director, head of e-FX distribution, EMEA.

Based in London, Daniels most recently worked at NatWest Markets as director, head of e-FX sales, EMEA, prior to this new role.

At NatWest Markets, he was responsible for the distribution of the bank’s electronic offering to financial institutions and corporates across the EMEA region.

Daniels joined NatWest in 1998 and held a variety of roles within the bank’s FX business, joining the e-commerce team in 2006.

CLS Volumes Dip in August

The average daily volume (ADV) of FX trades submitted to CLS in August was $1.6 trillion, down 2.1% from the $1.64 trillion in July.

FX Spot ADV was actually slightly up in August, according to the CLS data, rising to $425 billion from $416 billion in July.

FX Swaps ADV was down however, dropping from $1.2 trillion in July to $1.1 trillion in August. Similarly, the ADV for FX forwards went from $107 billion in July, down to $83 billion in August.

Year-on-year (YoY), the total FX ADV recorded by CLS was up 1.5% for August.

BoA Latest to Settle with CFTC Over ISDAFIX

Bank of America (BoA) has become the latest firm to settle with the Commodity Futures Trading Commission (CFTC) over the attempted manipulation of the ISDAFIX benchmark, agreeing to pay a $30 million civil monetary penalty.

The CFTC Order finds that, beginning in January 2007 and continuing through December 2012, BoA made false reports and attempted to manipulate the US dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) in order to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps and interest rate swap futures.

James McDonald, CFTC Director of Enforcement, comments: “This marks the ninth CFTC enforcement action involving manipulative conduct in connection with the USD ISDAFIX benchmark. As this case shows, the Commission will continue to work vigilantly to ensure the integrity of critical financial benchmarks and hold all wrongdoers accountable, no matter how widespread the misconduct.”

P&L Talk Series with Marcus Samuelsson

Marcus Samuelsson, portfolio manager at Ericsson, talks about what “best execution” means from a corporate’s perspective.

Profit & Loss: It’s often assumed that corporates are less sensitive to FX pricing because they view it as part of a broader cost of their banking relationship. Do you think that assumption is fair or is it a bit outdated now?

Marcus Samuelsson: While Ithink that you’re correctthat many corporates do think oftheir FX as being part of a broader banking relationship, for us this is not the case.

New York Attorney General Highlights Crypto Platform Concerns

A new report by the New York State Office of the Attorney General (OAG) claims that certain cryptoasset trading platforms suffer from potential conflicts of interest, have yet to implement serious efforts to impede abusive trading activity and provide customer fund protections that are either limited or illusory.

The OAG’s Virtual Markets Integrity Initiative was launched in April 2018 as a fact-finding inquiry into the policies and practices of virtual asset trading platforms. The OAG sent letters and questionnaires to thirteen major trading platforms, with the questions reflecting areas of special concern for everyday retail customers, such as site outages, fees, and the effects of automated or “bot” trading.