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TradAir Targets Crypto Growth Amid Management Changes TradAir is revamping its business to offer technology solutions for the crypto market, a move that coincides with senior management changes at the firm. When TradAir co-founder, Illit Geller, stepped down as CEO of the firm in June 2017, co-founder, Ayal Jedeikin stepped in to lead the company until the role of CEO was filled by Viral Tolat in May 2018. However, Tolat has now vacated this role, resulting in Jedeikin once again taking the reins. Profit & Loss understands that Tolat will remain a “strategic advisor” to the TradAir board.
Unpredictable Trend Changes Drive CTA Losses in September The flash estimate for the Barclay CTA Index, compiled by BarclayHedge, indicates a 0.19% loss in September. However, currency trading remains the best performing sector this year. “The US economy continues to strengthen in spite of pervasive trade war fears and continued Fed monetary tightening, while other countries have chosen to keep their rates low,” says Sol Waksman, founder and president of BarclayHedge. He adds: “These contradictory monetary policies have created unpredictable crosscurrents and trend changes in futures prices.” Eight of Barclay’s managed futures indices had losses in September, while only one had a gain.
Refinitiv Expands Data Service via Amazon Cloud Refinitiv, formerly the Financial and Risk business of Thomson Reuters, has announced that its Elektron real-time data delivery using Amazon Web Services (AWS) is being expanded. In a recent survey of 250 financial firms across the globe, Refinitiv found that over 90% of firms surveyed said that they will use public cloud for the majority of their market data needs in less than four years. Further, 24% of them said that they expect to use public cloud for the majority of their market data needs within just one year. In a release issued today, Refinitiv says that Elektron real-time cloud delivery can simplify access to real-time price information across the financial community and beyond by taking away the need to invest in on-premises infrastructure. The firm says that it also helps clients be more nimble by helping accelerate time to market for businesses that need access to real-time data.
The New Learning Curve: Using the Data The paradox of data is, as observed by panellists at Forex Network Chicago, while the data itself is becoming cheaper and more easily accessible than ever before, the resources being allocated to analysing it are increasing, bringing with it increased costs. “The core fundamental cost of collecting data and storing and processing it is cheaper than ever,” observed John Ashworth, CEO of Caplin. “The premium is going to be on the labour force that will be doing the work on the data.”
Shterenberg Exits BAML Sources familiar with the matter tell Profit & Loss that Alex Shterenberg, global head of FX algos at Bank of America Merrill Lynch in New York, has left the bank. The sources say he is moving to another, as yet unnamed, sell side institution in a senior FX role. Shterenberg joined BAML in May 2013 as head of FX e-commerce for the Americas before assuming his latest role. He joined from a six-year career at JP Morgan in New York, where he was head of FX algorithmic products. Prior to JP Morgan, Shterenberg had roles at Broadway Technologies and UBS.
ErisX Expands With Three Senior Hires The recently launched platform for digital asset trading, ErisX, has hired Kelly Brown as chief commercial officer, Liz James as head of clearing and Michael Piracci as senior counsel. Brown will be tasked with developing an “intermediary-friendly approach” to developing a safe and liquid digital asset market on the platform. Before joining ErisX, Brown was most recently managing director and head of intermediary, bank and membership segments at CME Group. Brown also held roles in institutional sales at Bank of America and Cargill Investor Services.
ADM Joins oneZero as FX Clearing, Liquidity Provider ADM Investor Services (ADMIS) will be providing FX prime brokerage, execution and settlement services through oneZero Financial Systems’ EcoSystem. This expansion of the FX services and distribution network will make ADMIS’s professional and institutional offerings available to a broader set of market participants. “Having ADMIS join our EcoSystem greatly enhances the current offerings available to our users,” says Andrew Ralich, CEO of oneZero. “ADMIS is an established, well-capitalised firm with global reach. Their participation in our EcoSystem gives our customers new access to a counterparty that is highly regarded across the derivatives industry.”
Lincoln Joins BNYM? Profit & Loss understands that Claire Lincoln has joined Bank of New York Mellon in London. Reporting to James Taylor, global head of e-sales and EMEA platforms, Lincoln will focus on European clients as the bank extends its e-platform Lincoln last worked in the FX industry in April 2016 when she left Credit Suisse after four years working in the bank’s e-FX sales including its proprietary platform and AES. Prior to that she spent almost seven years at Bloomberg in relationship management roles.
Fidelity Unveils Digital Assets Business Fidelity Investments, one of the world’s largest financial services providers with more than $7.2 trillion in client assets, has announced the launch of a new company, Fidelity Digital Asset Services, which will offer enterprise-quality custody and trade execution services for cryptocurrencies to sophisticated institutional investors such as hedge funds, family offices and market intermediaries. The launch culminates a more than four year programme by Fidelity that started with initial research conducted in February 2014. The firm says it believes that distributed ledger technologies can enable entirely new business models, lead to the creation of frictionless capital markets and improve existing financial market infrastructure.
Hedge Fund Performance Edges Lower in September Hedge Funds slipped 0.02% in September according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 0.57% increase in the S&P 500 Total Return Index. Year to date, the Barclay Hedge Fund Index is up 1.25%, while the S&P has gained 10.57%. “In spite of interest rates reaching multi-year highs, US equities were able to squeak out a modest profit,” says Sol Waksman, founder and president of BarclayHedge. “However, hedge fund returns were mixed. Winners and losers were evenly split.”