Day: 18 December 2018

P&L Talk Series with Ensemble Capital’s Damien Loh

At the Profit & Loss conference in Singapore Damien Loh, CIO of Ensemble Capital, talked how AI tools can be applied to FX trading.

Profit & Loss: Artificial intelligence has become a big buzzword in finance. What does this term mean to you and how are you actually using this technology?

Damien Loh: So it’s a very buzzy term, and that’s why we make a distinction by saying that we’re using deep learning. AI can just be a general definition where any process that requires thinking is automated in some way and there are people using the AI catchall buzzword that just have a linear regression in an excel spreadsheet.. And you can tenuously call that AI, but it’s nothing really game changing.

Edgewater Expands in London, Singapore

Edgewater Markets has hired Phil Muldoon and David Fowler in its London office, and Ananda Ariesta and Marvin Ng in its Singapore office.In London, Muldoon has been handed the role of director of institutional e-FX Sales, prior to which he was global markets director, G10 FX and rates, at the National Bank of Abu Dhabi. Before that, he spent over 17 years at Credit Agricole, most recently as director on the FX trading and e-FX risk management teams. He has also worked at Credit Suisse, Manufacturers Hanover Trust and National Westminster Bank.Fowler, who joins Edgewater as institutional e-FX salesperson and trader, arrives from Sucden Financial, where he worked for over six years in different capacities, starting in operations within the e-FX brokerage business and then as an e-FX analyst on the sales desk. Fowler began his career at London Capital Group in institutional FX.

Tough Month for Hedge Funds in November

Hedge Funds slid 0.28% in November according to the Barclay Hedge Fund Index compiled by BarclayHedge, which is now owned by Backstop Solutions, versus a 2.04% increase in the S&P 500 Total Return Index. Year to date, the Barclay Hedge Fund Index is down 2.42%, while the S&P has gained 5.11%.
“Global equity markets had mixed returns in November as European markets fell while the US and Asia rose,” says Sol Waksman, founder and president of BarclayHedge. “An 18.4 percent drop in the price of Apple along with declines in Facebook and Netflix – stocks that are widely held by hedge funds – created additional losses for technology funds.”

Madgavkar Exits Citi as Bank Relocates FXPB Business

Citi is relocating its FX prime brokerage business from the global FX franchise to sit within its prime services business.
As part of the changes, Profit & Loss understands that Citi veteran and global head of FXPB Sanjay Madgavkar will leave the firm and that Chris Perkins, head of the bank’s clearing business will take over.
Madgavkar has been with Citi for more than 20 years, starting in FX sales before moving into the e-FX business in 2001 – from 2005 he was North American head of FX and fixed income e-commerce.

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