Month: July 2019

And Another Thing…

In what can only be described as a plea for sanity, this very brief column has only one message – get over it people! In an absolute shocker (yes, that is sarcasm), a group of banks are being sued in the UK over FX manipulation and the use of chat rooms. This seems to have […]

French Given Expanded Role at Traiana

Profit & Loss understands that Steve French has been promoted to senior director, head of product for Traiana. Based in London, French will report into Joanna Davies, who was named as the global head of Traiana earlier this year. Prior to this new role, French was head of connectivity and messaging at the firm. Prior […]

Battye Retires from Russell

Ian Battye has retired from Russell Investments, after 16 years with the global asset management firm. A spokesperson says that Battye, who was based in Seattle, left the company in April. At the time of his departure, Battye was the CIO for the firm’s currency business, responsible for a global team managing currency hedging and […]

Kraken Acquires Digital Asset Reconciliation Platform

The digital asset trading platform Kraken has acquired Interchange, an accounting, reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers and fund administrators. “The transaction creates the world’s first end-to-end crypto trading and reconciliation platform, and brings Interchange co-founders and well-respected crypto veterans Dan Held and Clark Moody to Kraken,” says Kraken in […]

CLS Launches Same Day Settlement Service

CLS has unveiled CLSNow, a same day settlement service that was first mooted in September 2017. The bilateral, same-day FX gross payment-versus-payment (PvP) settlement service has been launched with JP Morgan and Goldman Sachs as the first banks to go live. The firm says CLSNow enables banks to exchange currency positions with mitigated settlement risk […]

ISDA Publishes Preliminary Results of Benchmark Fallback Consultation

The International Swaps and Derivatives Association (ISDA) has published a statement summarising the preliminary results of its supplemental consultation on adjustments that would apply to fallback rates in the event certain interbank offered rates (Ibors) are permanently discontinued. The consultation was launched in May, and set out options for spread and term adjustments if fallbacks are triggered […]

CFTC Names Clearing and Risk Head

US Commodity Futures Trading Commission chair Heath Tarbert has announced the appointment of Malcolm “Clark” Hutchison to serve as director of the Division of Clearing and Risk. In his role, Hutchison will be responsible for the CFTC’s supervision of derivatives clearinghouses and their members, including oversight of clearing processes through risk assessment and surveillance. “The […]

Bermuda Grants XBTO a Digital Asset License

XBTO, an active global crypto investor, has been granted a license by the Bermuda Monetary Authority under the Digital Asset Business Act. The license has been granted to XBTO International (XBTOI), which is owned by XBTO Group and is only the third firm to be granted this type of license in Bermuda. Present in Bermuda […]

Choussy Joins Baton as President & COO

Baton Systems, a provider of blockchain-inspired, bank-to-bank payments infrastructure, has appointed Andrés Choussy as president and chief operating officer. Choussy was most recently president and CEO of Traiana, which became part of CME Group through the acquisition of NEX Group. Choussy, who will be based in New York, joins to scale Baton’s payments and settlements […]

Broadway Celebrates 42% YoY Growth Period

Broadway Technology, which provides fixed income and FX front office solutions, today announced record results for 2018 and continued momentum in 2019. The company recorded a 42% year-over-year revenue increase in 2018, led by ongoing expansion into global fixed income and FX markets and the addition of cryptocurrency as a supported asset class. Following its […]