Day: 19 May 2020

Fed’s Rosengren: Don’t Give Up Progress in Rush to Re-Open

US economic challenges reflect public health concerns, and it’s critical that progress on containing Covid-19 not be undone as businesses and other activities reopen, Boston Fed President Eric Rosengren said Tuesday. “Public health solutions are paramount – without them, it will be virtually impossible to return to full employment,” Rosengren said in remarks for delivery […]

BofA Fund Manager Survey: Less Pessimism re World Growth

Global investors polled in May were less pessimistic about world growth prospects than in prior months, but remained more bearish than bullish overall, according to the findings of Bank of America Global Research’s monthly fund manager survey, released Tuesday. In May, a net 38% of fund managers – roughly 65% looked for stronger growth vs […]

Lack of Demand Keeps US Home Building Depressed

The US April home building data, released Tuesday, reflected the lack of buyer traffic and reduced demand that has been in place since mid-March, even as mortgage rates remain near record lows. Construction was labeled as an essential business in most states during the social distancing shutdowns, but without demand builders were reluctant to get […]

Beatty Joins FlexTrade

Paul Beatty has joined FlexTrade as director of business development – he will be based in New York and joins from Spotex, where he was a managing director having joined the firm in January 2019 after a short spell at TP Icap. Prior to the inter-dealer broking firm, Beatty spent more than 17 years at […]

LMAX Digital Celebrates Two Years, Plans for Growth

LMAX Digital, which today celebrates its second anniversary and reveals that $85 billion worth of cryptocurrencies has traded over the platform since launch, plans to expand through data and products in a bid to “move crypto currencies into the mainstream”. According to LMAX Group CEO, David Mercer, the group will be investing in its market […]

Crypto Traders Bounce Back in April as FX Suffers: Barclayhedge

The Cryptocurrency Traders Index starred in the latest Barclayhedge CTA Index, the segment reporting a 16.82% return for the month (albeit with just over 55% of funds reporting compared to the more normal rate for other segments of 70-80%). By contrast, the Currency Traders Index, having had two strong months, was the worst performer, returning […]

DTCC Unveils Projects to Increase Digitisation in Markets

The Depository Trust and Clearing Corporation (DTCC) has unveiled plans to explore the benefits of digitalisation in the public and private markets and whether new technologies can strengthen post-trade processes and reduce risks and costs. The proposals are contained in two case studies that advance the organisation’s efforts to evaluate new ways to enhance post-trade […]

LCH Clears First SORA Swap

LCH says it has cleared the first swaps to reference the new Singapore benchmark rate, the Singapore Overnight Rate Average (Sora) – Standard Chartered Bank was party to the first trade. Sora is Singapore’s solution for the global push away from Ibors as reference rates and will replace the existing Singapore Overnight Rate (Sor) and […]

Patel Swaps Citi for HSBC

Profit & Loss understands that Chirag Patel has joined HSBC in London as a managing director in its FX trading business. He joins from Citi where he was most recently head of FX spot trading having taken that role after a sabbatical from his role as head of FX options trading. Patel worked for Citi […]

Vaccine Breakthrough and the Stealth Task Force

There were clues Monday that the White House Corona Virus Task Force still exists, a sighting of two of its members and the disclosure by Treasury Secretary Steve Mnuchin that he will attend Task Force meetings this week. Otherwise there was no sign of the NIH’s Tony Fauci nor of the Task Force response coordinator […]