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CTAs: All Grown Up Susan Roberts, product specialist and director of investor relations at Campbell & Company, talks to Galen Stops about how the CTA industry has matured, what purpose these funds are really supposed to fulfill within a portfolio and why performance might be set for an uptick. Galen Stops: In the research paper, Prospects for CTAs in a Rising Rate Environment: A Refresh, your analysis finds that CTA performance has not historically been interest rate regime dependent. Is this pretty much what you expected the data to tell you when you began working on the paper?
A Perfect Storm: The Buy Side’s Liquidity Conundrum David Newns, senior managing director at State Street and global head of Currenex, speaks with Nicola Tavendale about the confluence of factors that are creating a unique set of challenges for the buy side. I ncreasing regulatory requirements, coupled with the changing characteristics of liquidity in the FX market place in recent years, has resulted in a heightened focus from the buy side on how it can effectively manage its FX exposures. The phase two release of the Global Code will also address specifics relating to the principle of execution.
Ready for Launch Profit & Loss talks to David Puth, CEO of CLS and Chairman of the Market Participants Group (MPG), about how the FX Global Code of Conduct will work. Profit & Loss: What was the process like to develop the Code from start to finish? Were there challenges in achieving consensus amongst so many different market participants? David Puth: The development of the Code has generally been a constructive process. The committees involved in its creation are: the FX Working Group (FXWG), which is the central bank working group; the Market Participants Group (MPG), which is the group that I chair; and a number of industry groups, including regional FX committees.
Unshackling the FX Market Darren Jer, CEO of MarketFactory, talks to Galen Stops about flash crashes, the new latency arms race and how technology will enable the FX market to keep growing in size. Galen Stops: What’s going to be the main focus for MarketFactory as a company in 2017? Darren Jer: Well let me just start by saying that FX is the biggest market that not everyone knows about. In the equities market last year, $114 trillion was traded across all exchanges; in FX, that figure is $1.4 quadrillion. In FX we talk in average daily volume (ADV) numbers all the time so we’re just used to the size of the market, $5.1 trillion per day, but the general public and traders in other asset classes don’t know the degree of notional liquidity.
Thinking Big Carlo Koelzer, CEO of 360T Group and global head of FX at Deutsche Börse Group, talks to Galen Stops about the importance of building critical mass amidst the changing landscape of the FX market. Galen Stops: It’s now about one year on from Deutsche Börse’s acquisition of 360T. Can you shed some light about why you agreed to the deal? Carlo Koelzer: Prior to this deal we were a big trading platform in the market, but a small organisation in comparison to our competitors. When you look at the larger platforms in the market they’re backed by firms like Icap, Thomson Reuters, Bloomberg and State Street, all of whom had larger balance sheets than us.
A Closer Look at: FXPB

in Analysis, Interviews

A Closer Look at: FXPB

Andrew Rosoman, regional head of FXPB for EMEA, and Colin Wood, FXPB Sales, discuss the migration of UBS’ electronic FXPB platform onto Neo. Profit & Loss: What was the biggest challenge in terms of getting your existing FXPB offering integrated into ...
Profit & Loss: ICE has made significant investments in its market data business in recent years, with the purchase of SuperDerivatives and Interactive Data. Why is ICE investing so heavily in market data services and how do these acquisitions fit in ...
A Closer Look at: Trade Analytics Emily Eimer, e-FX analytics, and John Estrada, global head of e-FX at Credit Suisse, talk about the firm’s new trade analytics system. Profit & Loss: Talk us through the Real-Time Automated Data Analysis Robot (Radar) you’ve recently launched. What ...
A Closer Look at: Aggregation Tools Richard James, head of CEM execution services at J.P. Morgan, explains the importance of aggregators as a pre-trade visualisation tool. Profit & Loss: Generally speaking, do you feel that there is a growing client demand for aggregation tools and services ...
FinTechs in Focus: 12Sided Technology When Peter Nabicht started 12Sided Technology alongside Phil Vachon and Chris Casano – respectively the lead engineer and co-founder of the FX hedge fund, AienTech – at the end of 2013, the focus of the company was very different. Originally, the trio were ...