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Bose Joins Goldman Sachs Suv Bose has joined Goldman Sachs in New York as part of its G10 FX trading team. He joins from Citi in New York where he also worked on the G10 FX trading desk – he joined the US bank in August 2010.
CTAs Continue Positive Monthly Performance Following the improvement in performance in October, the Societe Generale Prime Services CTA Index continued its positive run as it was up +0.30% in November, increasing gains for the year to 1.77%. Trend followers also made further gains, as the SG Trend Index posted the strongest performance in November, up +0.59% and now +0.75% for the year. However, short-term strategies continued to face challenging market conditions and ended on average, down -1.07%, pushing losses this year to -6.23%. Performance was mixed across all CTA strategies, as approximately half of trend following, and non-trend CTA managers generated positive returns in November; and despite the dip in index performance, three out of the 10 short term strategies ended the month positive.
RBA, ANZ Commits to FX Global Code The Reserve Bank of Australia and ANZ have announced that they have signed a statement of commitment to the FX Global Code of Conduct. At the beginning of the month, Profit & Loss reported that 15 central banks had signed this statement of commitment to the Code and in a separate article, noted comments from Mark Carney, governor of the Bank of England, in which he said that the Code may become “more firmly embedded” in the UK’s Senior Managers Regime (SMR), a move which could potentially lead to tangible penalties for firms that do no comply with the Code.
CBOE Claims Successful Bitcoin Futures Launch CBOE Global Markets (CBOE) has issued a release hailing the first day of trading on its new and highly anticipated bitcoin futures contract as a successful launch. “XBT futures posted a strong start in the global trading hours, which began as planned at 5:00 pm CT on Sunday, December 10, 2017,” says CBOE in the release. The first full day of trading continues today, December 11. At 5:00 pm CT on Sunday, XBT futures opened at $15,000 and 890 contracts were traded by 7:15 pm CT.
Bitcoin Futures Launch But The Song Remains the Same CBOE officially launched trading on bitcoin futures on Monday morning in Asia and while the event was much anticipated, price action has generally conformed to that of the past year with the price of the cryptocurrency rising steadily. Trading on the front month contract started at $15,460 with the cash exchanges trading around $15,000, but after some early whippy price action that saw the price rise to $16,630 and then fall back to the opening level, buyers re-emerged, sending the futures to $18,700 and a trading halt on CBOE.
FX Futures Have “A Bright Future”: Greenwich Associates A study published by Greenwich Associates looking at the costs associated with trading FX futures and cash OTC FX products argues that some buy side traders can achieve “significant” savings by using futures over cash. The firm says it employed a proprietary quantitative model, which calculates the cost of opening, maintaining and closing out a position. To validate key inputs into the model and gather feedback on current demand and pricing, Greenwich says it spoke with 51 FX traders on the buy and sell side.
AL&P Hires Kelsall as Senior Portfolio Manager Adrian Lee & Partners has hired Keith Kelsall as a senior portfolio manager. This appointment follows recent mandate wins from US institutional investors, which has brought AL&P's assets under management to $15 billion. Kelsall joins AL&P as a senior member of the portfolio management team, with a focus on business development for the firm's currency strategies, including the soon to be launched absolute return fund. He will also support further development of the firm's international fixed income business. Kelsall has over 25 years' experience in portfolio management. 
CBOE Launches SEF NDF Trading CBOE Global Markets (CBOE) has announced the launch of NDF trading on its Swap Execution Facility (Sef), CBOE SEF. CBOE Sef will offer a fully anonymous central limit order book with firm all-to-all trading available to all market participants, configurable firm and non-firm streaming quotes for tailored liquidity needs and curated liquidity pools to help meet participants’ execution criteria. The Sef will also offer pre-trade Net Open Position (NOP) credit checks and real-time risk management. CBOE claims that there will be a diverse network of participants resting passive liquidity and a wide distribution network for market makers on the platform.
ACI Retires The Model Code One of the major codes of conduct developed around the turn of the century is being retired following the successful launch of the FX Global Code of Conduct. In a statement, ACI – The Financial Markets Association says it is withdrawing its Model Code, which was first released in 1999 and subsequently updated on several occasions in order to provide national associations and other stakeholders with uniform language regarding the current status of the Model Code, the re-writing of which, was put on hold in 2016.
Valdes-Rodriguez in at Credit Agricole Crédit Agricole CIB Global Markets Division has announced that Robert Valdes-Rodriguez is joining the bank as head of financial institutions foreign exchange sales for North America. It is something of a return to the institution for Valdes-Rodriguez, who has more than 25 years’ experience in the foreign exchange markets, as he started his career at Banque Indosuez, which subsequently, through mergers, became Crédit Agricole. Based in New York, Valdes-Rodriguez reports to Koceila Maames, head of financial institutions sales for the Americas.