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ALTSO Hosts Record Breaking Events in New York and Chicago A Leg to Stand On (ALTSO) held its 14th annual Rocktoberfest in New York recently and hosted more than 1,400 attendees and raised a record breaking $740,000 for its chosen charities. Along with ALTSO’s Chicago event the non-profit organisation raised almost $900,000, the net proceeds of which it says will benefit the organisation’s life-changing programmes in the developing world in 2018. Lead sponsors of the New York and Chicago events included CGI, PAAMCO, Element Capital, CME Group, ICE, Jacobs Asset Management, Lyxor Asset Management, Societe Generale and Wells Fargo.
Cryptocurrency Firm Taps FX Expertise for Advisory Board Cryptocurrency liquidity provider B2C2 has announced the appointment of Peter Nielsen, Ruth Wandhöfer and Phil Weisberg to its advisory board. Nielsen was previously CEO of markets in the investment bank at RBS. Prior to RBS, he spent 10 years at Bank of America and Citibank in their FX businesses. Weisberg founded FXall and became global head of Thomson Reuters FX business when the company bought FXall – while Wandhöfer is a regulatory and fintech expert. Managing director and global head of regulatory and market strategy at Citi.
MAS Issues Best Execution Consultation Paper The Monetary Authority of Singapore has issued a consultation paper as part of its plans to formalise expectations for holders of a capital markets services licence, banks, merchant banks and finance companies to have in place policies and procedures to place to ensure best execution and to support fair outcomes for customers. The consultation is in tandem with MAS’ earlier proposal for a market operator to have in place measures to facilitate its members’ execution of customers’ orders in the customers’ interests, and to ensure that its handling and execution of bids and offers is conducted on a fair and objective basis.
ACI FMA Creates Two Professional Education Roles ACI Financial Markets Association (ACI) has announced the appointment of two additional professional roles to enhance its educational and attestation offerings. Paul Chappell has been appointed director of education and will be supported by deputy director for education, Rui Correia. Together, ACI says, the two men they will be responsible for delivering the association’s strategic educational initiatives to its global membership. ACI says it has “gone through a period of evaluating and streamlining its vision and focus to reflect the current needs of financial markets and the individual members it represents”.
ACI Russia to Lead Formation of Local FXC ACI Russia, a member of ACI – The Financial Markets Association, has unveiled a Russian language version of the FX Global Code as well as plans to create the Moscow FX Joint Standing Committee, which it says will be based upon the self-regulatory organisation National Finance Association. The association says the new committee will be supported by the Bank of Russia and participate in the activities of the Global FX Committee. At the time the Global Code was launched earlier this year the GFXC publicly encouraged regional and local markets to form their own FX committees.
Banks Preparing to Settle EU FX Cartel Case? A report in the Financial Times says that eight banks are preparing to settle with the European Commission (EC) over allegations they formed a cartel to rig foreign exchange markets. The FT names six of the banks as Barclays, Citi, HSBC, JP Morgan, RBS and UBS and says two others are also preparing to settle. Any settlement may also provide extra impetus for the various legal firms seeking to replicate their success in winning civil settlements from banks in the US, in the European Union.
Humphrey New CEO at RationalFX RationalFX has announced the appointment of Chris Humphrey as the company’s CEO.
NEX Group Sees Increased Revenues NEX Group has unveiled increased revenues for the six months to September 2017, however operating profit has dipped. Nex Markets performed well, however, and contributed to the increased revenues. Nex says that revenue was £287 million, up from £254 million in the same period last year, a 13% increase that is trimmed to 7% on a constant currency basis. Meanwhile, trading operating profit fell from £75 million to £63 million and its trading operating profit margin fell from 30% to 22%.
P&L Speakers Complete Oxfam Trailwalker Challenge If you have ever investigated how elite athletes prepare for a gruelling challenge it is unlikely that speaking at an finance industry conference features, however that was the case last when two speakers at Profit & Loss’ Hong Kong conference overcame the challenge of intense interrogation on stage before completing the slightly(!) more challenging matter of the Oxfam Trailwalker Team Challenge in Hong Kong from November 17-19. The team completed the 100km, 4500m climb in 23 hours and 16 minutes.
Vela Unveils SI Data Hub Market access technology provider Vela has announced the launch of its Systematic Internaliser (SI) Data Hub, part of its MiFID II solution suite. The firm has also confirmed the addition of Sun Trading as part of its roll-out of new Systematic Internaliser venues. The SI Data Hub provides clients with access to multiple SI liquidity price feeds through a single normalised API, helping to address MiFID II concerns regarding best execution and liquidity fragmentation when it takes effect on 3 January 2018.