Day: 21 March 2019

Catalanello Tapped to Head B2C2 Americas

Rob Catalanello has joined B2C2 as CEO of the OTC cryptocurrency liquidity provider’s Americas business, a newly created position, based in New York. Immediately prior to joining B2C2, Catalanello was working as a consultant, advising financial institutions on the setup, structure and day-to-day operation of capital markets, e-commerce, FX, commodity, cryptocurrency, and blockchain businesses in the US.Catalanello spent nearly a decade at Credit Agricole, where he was managing director, head of fixed income markets sales, Americas. He also held FX sales roles at Merrill Lynch, Goldman Sachs and JP Morgan, and spent a brief stint at Edgewater, which he joined in 2016.

Refinitiv Launches Cloud-Based FX Tool

Refinitiv has introduced Deal Tracker as a Service (DTaaS), a Cloud archiving and compliance tool for FX post-trade flow sourced from Refinitiv FXT. DTaaS is an extension of Refinitiv Deal Tracker, which is designed to help firms monitor and process FX trades on all major FX platforms globally, both in the front and back office, by allowing them to monitor trade activity in real time, track net positions, and archive data for easy searching as well as compliance needs.“As a Cloud-based service fully managed by Refinitiv, DTaaS can help eliminate the need for local software deployment, reducing total cost of ownership – a key benefit as financial companies look for ways to reduce spending, particularly on technology,” says Refinitiv in a release issued today.

EVIA Provides Feedback to EU on MiFIR

The European Venues and Intermediaries Association (EVIA), formerly known as the Wholesale Markets’ Brokers Association (WMBA), has published its response to a call from Germany’s Finance Ministry for feedback on MiFID II and MiFIR one year on from their implementation. In the feedback, EVIA makes a number of points and stresses its belief that foreign exchange swaps should not be covered under the regulation. EVIA does note that whilst its feedback sets out some of the difficulties and remedies in response to the premise of the call for evidence, it states that MiFID2 delivered a “great many benefits”.

And Another Thing…

After a good January, March is shaping up to be, much like February, a pretty ropey month for many in the foreign exchange industry, and this is manifesting itself in the form an increasingly louder debate about the lack of volatility. I saw this week one publication suggesting that FX markets need “a proper crisis” to get things moving, but I am not even convinced that will do it. The sad reality for those seeking livelier markets is that this is probably your new ‘normal’.

LMAX Financials Show 2018 Growth

LMAX Exchange Group has reported financial results for 2018 showing that its gross revenues, profits and EBITDA were all up year-on-year.The firm reported gross revenues of $50 million, gross profits of $45 million and statutory EBITDA of $18.6 million – increases of 27%, 35% and 62%, respectively, from 2017. Operating profit was $13.4 million in 2018, up 135% from the previous year.LMAX cites a 21% increase in trading volumes across the platforms that it operates as the driver of these figures, although the platform does not publicly report the actual volumes themselves. In particular, the firm highlights Asia Pacific as a major growth area in 2018.

Elwood Offers a New Way to Invest in Digital Assets

Galen Stops takes a look at the new launch from Elwood Asset Management that is targeting institutional investors wanting exposure to digital assets – without holding cryptocurrencies.London-based Elwood Asset Management, which is backed by Brevan Howard co-founder, Alan Howard, has partnered with Invesco to launch its first product aimed at investors looking for exposure to digital assets, the Invesco Elwood Global Blockchain UCITS ETF.The central problem identified by staff at Elwood prior to this launch is that currently there is a distinct lack of ways for institutional investors to gain exposure to digital assets. Right now, these firms can either buy cryptocurrencies – such as bitcoin – or invest in a venture capital fund, both of which can be problematic for institutional investors given the liquidity and regulatory issues surrounding cryptocurrencies and the limitations dictated by firms’ investment mandates

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