Having taken a look at Galen Stops’ predictions for 2018, Colin Lambert decides that overall he didn’t do a bad job, but there is an obvious reason why…Obviously having been a very generous marker over the years when assessing my own predictions from the previous year I have now swung 180 degrees and plan on being as critical as possible when looking at Galen’s five key themes for 2018. The problem is that, overall, he didn’t do too badly. Firstly, he suggested that 2018 could be the year that active currency management makes a comeback, although – and this is a theme of this review – there was a caveat because the headline ended with the words “sort of”.
Day: 22 February 2019
Despite a general uptick in trading volumes in 2018, G3 volumes were – from a historical perspective – relatively subdued. Once upon a time this would have spelled bad news for EBS, but it is a testament to how the business has evolved in recent years that its spot FX volumes were instead actually up 9.5% year-on-year. “It’s been a big story around emerging market currencies and last year we observed a big increase in volumes in Asian currencies in particular,” says Seth Johnson, CEO of cash markets at CME Group, which owns EBS. “Fortunately for us, that’s a pretty good part of our franchise now. Most of our growth in the last three years has been driven out of Asia, and offshore renminbi is now our third largest currency by volume.”
Dan Torrey has joined OTC digital currency trading firm, Genesis Global Trading, in New York as head of institutional sales. He reports directly to Michael Moro, CEO.Torrey was most recently at Northern Trust, which he joined in mid-2016 as global head of FX e-commerce sales. Prior to that, he was briefly with ParFX, where he was head of FX sales for North America.The bulk of Torrey’s career was spent at EBS, where he spent 11 years in a variety of sales roles, culminating in his appointment as head of sales for the Americas.
Gavin Wells is leaving Digital Asset, where he has served as head of Europe, based in London. He is due to leave the firm next month, having joined in mid-2016. Wells had previously been at LCH Clearnet (LCH), where he was global head of ForexClear. He joined LCH in 2008 and led the team that designed and implemented the ForexClear service, which was launched in March 2012. Prior to LCH, Wells was at Citi, where he was a managing director in the FICC business. He spent 15 years at Citi in a variety of roles across FX trading, e-commerce and IT.