Day: 1 April 2019

SJMBT Receives First Client Deposit for Digital Asset Services

The San Juan Mercantile Bank & Trust International (SJMBT) has received its first client deposit and commenced operations, following the bank’s receipt last month of its license to operate from Puerto Rico’s Office of the Commission of Financial Institutions. SJMBT offers fiat and digital asset custody and settlement services, and it is expected to be integrated with the digital currency trading platforms offered by its affiliate, the San Juan Mercantile Exchange (SJMX).This means that customers will have the ability to hold and manage both fiat currency and digital assets on a single, integrated platform. Deposits of fiat currency are held by the bank on behalf of its clients with its regulated correspondent banks, and digital assets are held by approved digital asset custodians.

FX Trading Activity Ticked Up in March

It looks like there was an uptick in trading activity in March, as the first platforms to report trading volumes – FXSpotStream, Cboe FX and FastMatch – all reported higher month-on-month volumes.The average daily volume (ADV) traded on FXSpotStream was $37.8 billion in March, its second highest month ever and an 8.38% increase from the $34.8 billion it reported for February. It also represents a 37% increase compared to March 2018.CboeFX reported an ADV of $38.5 billion last month, up 11.6% from the $34.5 billion it reported in February, but largely flat year-on-year.

Freeston, Flowerdew Set to Leave Currenex

Damian Freeston and Daniel Flowerdew are set to leave their roles at Currenex, which is owned by State Street.Both based in London, Freeston is currently a managing director and head of sales and relationship management in EMEA, and Flowerdew is a VP of sales and relationship management in EMEA for the platform.Profit & Loss understands that the pair are set to leave Currenex this month and will subsequently be launching a wealth management business in the UK. Freeston has worked at the platform for nine years, having initially joined State Street in 2010 as a sales and relationship manager for both Currenex and FX Connect. Prior to that, he held senior sales management roles at 360T and HiFX.