Day: 1 November 2018

What to Make of the Cartel Acquittal?

Shortly after we published the news that Richard Usher, Rohan Ramchandani and Chris Ashton, the three members of the now notorious “Cartel” chat room, were found not guilty of FX market manipulation by a New York court last Friday, my phone started buzzing.

Lots of the activity was WhatsApp messages and phone calls from various industry sources wanting to chime in regarding the decision, and one thing that has been interesting in the intervening time is that my sources seem to be split about whether they’re surprised regarding the outcome of the case.

“I know that they only release choice bits of the chat room transcripts to the public, but what came out looked pretty damning to me. I’m surprised that they’ve been able to get out of this one,” opines one market source.

CFH Clearing Extends OneZero Partnership

CFH Clearing has formed a partnership with OneZero Financial Systems to enable it to provide local liquidity from New York (NY4) to brokers and banks. The firm now offers local liquidity and connectivity from both New York (NY4) and London (LD4) through OneZero and becomes a key part of the OneZero hub environment.
“This complex integration takes our overall offering to the next level as clients can trade in both LD4 and NY4 with a single centralised back-office account,” says Marc Levin, chief commercial officer, CFH Clearing.

FX in Asia: A Question of Risk and Reward

The potential for Asian FX markets has long been talked about but has rarely been delivered, that may be changing, however, as Colin Lambert finds out.

When, in the early morning of October 7, 2016, the FX market witnessed a flash crash in Cable, there was a collective metaphorical shrugging of the shoulders, as epitomised by one London-based trader who told Profit & Loss, “It’s Asia – that type of thing happens.”

The perception is that institutions pay less attention to Asia, allocate fewer resources to the region generally and, as one global head of FX puts it, “Rely upon Asia not to drop the ball.”

Cobalt Hires Rayner as Global Sales Head

Cobalt, the FX post-trade processing network based on shared infrastructure, has appointed Anoushka Rayner as global head of sales and business development.

Rayner brings over 20 years of experience in the FX industry to Cobalt. She most recently worked as business manager and global FX sales specialist at Traiana. Prior to this, Rayner was a sales director at smartTrade Technologies and was the global head of FX option sales at FXCMPro, the institutional arm of FXCM.

At Cobalt, Rayner will be responsible for managing the firm’s commercial relationships and will play a key role in scaling up the business as it gets ready for its launch later this year.