Broadway Technology is extending its full software stack to support firms trading cryptoassets.
“We’re basically taking our entire software stack - which is already asset class agnostic - and making it available to both buy side and sell side firms that are trading cryptos. Fundamentally, what we’re trying to do is provide institutional market participants with much better software and access to what is a pretty volatile and challenging space for them to trade in,” explains Tyler Moeller, co-founder and CEO of Broadway.
This software stack can be used to power a firm’s entire risk management, trade management and e-commerce capabilities - meaning that it can be used for order routing, algo execution, quoting prices, hedging and risk and credit management.
Steven Englander has joined Standard Chartered as G10 head of FX research and North American macro strategy.
This new appointment comes shortly after Profit & Loss reported earlier this month that Englander has left his role at Rafiki Capital, an investment advisor based in Hong Kong that specialises in global macro strategy.
Englander has been with Rafiki since June 2017, prior to which he spent seven years at Citi, where he was head of G10 FX strategy in the bank’s New York office.
Englander has also worked as the chief FX strategist for the Americas at Barclays Capital and spent eight years with Citibank/Salomon Smith Barney, where he was global currency economist based in London.
The New York Department of Financial Services (DFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law, specifically relating to the bank’s FX business.
As investigation by DFS determined that from 2007 to 2013 Deutsche Bank repeatedly “engaged in improper, unsafe, and unsound conduct in its foreign exchange business due to its failures to implement effective controls”.
In addition, the DFS says that for certain time periods parts of Deutsche Bank’s electronic trading platforms had the potential to improperly disadvantage customers and improperly affect markets, when certain applications did not perform as intended.
OneZero Financial Systems has announced the appointment of Phil Weisberg as strategic advisor.
Weisberg has extensive background in the institutional foreign exchange markets, most recently as managing director and global head of FX, rates and credit for Thomson Reuters, a firm he joined following its purchase of FXall, of which he was CEO.
“As an early innovator and advocate for market ecosystems, I have watched the evolution of oneZero as an industry participant and have been impressed with the talent, passion and integrity of their team,” says Weisberg.
Mark Johnson has won his bail application in the US Appeals Court and will been released subject to terms laid down by the District Court.
Three judges of the US Court of Appeals for the Second Circuit, granted the bail application Wednesday, which suggests that as well as seeing Johnson as no flight risk, they also believe there are credible legal issues surrounding the original conviction.
Johnson was found guilty of several counts of wire fraud and sentenced to two years in jail in an original decision that potentially has tremendous consequences for the FX industry.
Data from CLS Group reinforces the message from the FX dealing platforms that May was a busy month in spot FX markets.
CLS says that average daily FX volume submitted to the mechanism was $1.779 trillion, up 0.8% from April and up 15.9% year-on-year.
Volume was highest in FX swaps at $1.188 trillion, a 4.1% decline from April but up 20.1% from May 2017. In outright forwards CLS handled $98 billion per day in May 2018, down 7.5% from April and also down 5.7% year-on-year.
The month-on-month decline in these products however, was more than matched by an increase in spot activity to $507 billion per day, up 16.9% from April and 11.7% higher than May 2017.
Northern Trust is partnering with Lumint Corporation, a provider of currency management services, to enhance its suite of FX solutions for asset managers and asset owners globally.
With this partnership Northern Trust is aiming to strengthen its platform for currency hedging, including portfolio overlay, share class hedging and look-through hedging. The banks says that the partnership will also help support further innovations in hedging program management and analytics to meet the evolving needs of global investors.
“Northern Trust is committed to delivering best-in-class foreign exchange services and we are excited to announce this strategic partnership with Lumint for currency hedging. This enables us to offer a differentiated and innovative solution to our clients who are looking to delegate their hedging needs and benefit from our expertise, coupled with Lumint’s powerful tools and technology,” says John Turney, global head of FX at Northern Trust Capital Markets.
The US Commodity Futures Trading Commission has issued an Order simultaneously filing and settling charges against JP Morgan for what it says was the attempted manipulation and "muscling" of the US dollar ISDAFix 11am benchmark including the submitting of false rates. The order also requires the bank to pay a $65 million civil monetary penalty and is related to actions undertaken by certain of its traders over a five-year period, beginning in at least January 2007 and continuing through January 2012.
With what appears to be immaculate timing, hedge fund investors turned cautious in April 2018 and redeemed $1.9 billion in assets from the industry, just in time for it to produce positive returns in both April and May.
According to the Barclay Fund Flow Indicator, even as the equities markets rebounded and volatility began to calm down, investors withdrew 0.1% of industry assets, which the firm says levelled off at an all-time high of $3 trillion. In April the BarclayHedge Hedge Fund Index gained 0.49% and in May it was up 0.9%, having ended the first quarter -0.7% year-to-date.
Bruce Wolf has left his role as head of FX business development at FlexTrade.
Based in the company’s headquarters in New York, Wolf was responsible for managing sales and business development for FlexTrade’s FX trading solutions for both the buy side and sell side markets.
Prior to joining FlexTrade last year, Wolf spent over four years as global head of banks and brokers sales at EBS.
Before joining EBS in 2013, Wolf worked at Integral Development as managing director, head of Americas, for over two years.