There has been a renewed focus on Transaction Cost Analysis (TCA) in recent years as buy side firms are becoming more savvy about how their execute their FX transactions and regulations such as Mifid II impose new best execution requirements.
But do market participants really know how to conduct effective TCA or is it just becoming a box ticking exercise designed to placate compliance staff, regulators and investors?
Banks are always quick to vouch for the accuracy and utility of their TCA reports, but can they be trusted to provide clients with an honest assessment of their own performance as a liquidity provider?
More than 500 are already registered for Profit & Loss Forex Network Chicago, the biggest two-day FX conference in the industry. It's happening next week, so make your plans now to head to Chicago for the premier international FX event of the year.
Both days in Chicago are jam-packed with top experts from around the globe, ready to share with you their knowledge and insights.
Day 1 features Think-Tank sessions where you dive in and get involved in solving a critical FX issue of your choice. Then on Day 2, the speakers link the findings from these sessions in their discussions.
Profit & Loss Scandinavia is right around the corner, and more than 175 registrations have already been received, but there is still time to register.
This is the FX conference that puts the Nordic region directly in the spotlight and focuses on the specific challenges and opportunities in the Scandinavian markets.
Kicking off with a keynote address by the Riksbank’s Deputy Governor, Per Jansson, and featuring speakers from across the Nordic region, Profit & Loss Scandinavia (held in partnership with ACI Sweden and ACI Denmark), brings you together with regional banks and buy side clients in an exclusive setting for networking and new business development.
After a hugely successful run of conferences in Copenhagen, Profit & Loss Scandinavian conference series is spreading its wings with the first conference in Stockholm. The all day event takes place on September 14 at the Hotel at Six.
After a busy morning programme featuring an address by Sveriges Riksbank deputy governor Per Jansson and two discussions on the Nordic economic outlook and the likely impact of MiFID II on algorithmic execution, our afternoon is taken up with a look ahead.
After a hugely successful run of conferences in Copenhagen, Profit & Loss Scandinavia is spreading its wings with the first conference in Stockholm. The all day event takes place on September 14 at the Hotel at Six.
After an opening address by Sveriges Riksbank deputy governor Per Jansson, the first panel will discuss the Nordic economic scene. How easy or difficult is it for the Nordic region to shrug off geo-political events elsewhere in the world? Is the two speed recovery evident elsewhere also happening across the Nordic economies?
Two Hedge Fund Rocktoberfest events, the annual fundraisers for children's charity A Leg To Stand On (ALTSO), will take place on 5 and 26 October in Chicago and New York
The two events events will unite over 2,000 leaders from the alternative investments and finance industry for rock & roll and acoustic music, featuring over a dozen bands whose talented performers are industry leaders. New York anticipates a total of more than 15 acoustic and main stage acts for its event on 26 October, while Chicago has nearly 10 performances scheduled to headline on October 5.
Speaking at the Profit & Loss Forex Network New York conference, panellists outlined how they think the application of fintech solutions will shape the FX industry going forward.
Nick Solinger, president of FIA Tech, broke down three specific areas where he sees the potential for distributed ledger technology (DLT), or peer-to-peer technologies, to have a major impact on the FX industry.
Firstly, he highlighted how these technologies could change payments systems.
“The current market structure has been the primary limitation in terms of who can provide credit to whom and trade with whom and access the market on the same basis as a large, highly regulated dealer. So there is a focus on improving the payment network, and that will have potential implications upstream in terms of who can trade with whom,” said Solinger.
As the distinction between bank and non-bank liquidity continues to blur in FX, panellists at Forex Network New York discussed how market participants should differentiate between different liquidity providers.
Speaking at the event, Kevin Kimmel, global head of e-FX at Citadel Securities, claimed that when it comes to liquidity, the bank versus non-bank narrative “has played out” as a distinction between market makers, with clients instead focusing on the core attributes of each firm, such as their reliability and whether they warehouse risk.
On the day that the second and final phase of the FX Global Code of Conduct was released, panellists at Forex Network New York debated whether it puts an unnecessary burden on buy side firms.
Philip Weisberg, a member of the Market Participants Group (MPG) that helped craft the Code, stated that it “puts an enormous responsibility on the buy side”.
Giving an example of this responsibility, he pointed to last look, a practice that some platforms do not allow and others allow to be implemented in a variety of ways. The platforms must disclose their last look policies, meaning that buy side firms need “to have some type of framework for evaluating the efficacy of a venue or liquidity provider choice or execution choice”, Weisberg explained.
The 2017 Profit & Loss Forex Network New York Conference in pictures.
Profit & Loss Forex Network New York took place on May 25, coinciding with the publishing of the FX Global Code of Conduct. More than 300 senior FX executives from across the banking and buy sides, as well as technology service provider sectors came together to discuss the most pressing issues facing the FX industry, including how to comply with the newly minted Global Code.
The full-day conference featured a new Sponsors’ Lounge, where attendees gathered to network between business sessions and demo the latest technology on offer.
The Profit & Loss Hall of Fame induction and The FoXys Readers’ Choice Awards took place over lunch, where the room was packed for a special honoree, Rita Saverino, and two-dozen banks, platforms and technology providers were recognized for outstanding services.