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DeVere Group Launches Crypto Asset Fund DeVere Group has founded the DeVere Digital Asset Funds, something it says is “a suite” of digital currency solutions for experienced investors, in association with Dalma Capital Management, a hedge fund manager in the Dubai International Financial Centre. The firm has revealed that its strategy will be largely arbitrage-based, as it has identified "durable inefficiencies" across trading venues in cryptocurrency markets that it can exploit using algorithmic trading. The launch was announced the day after Bitcoin reached its 10th anniversary.
FiREapps Expands Software Beyond FX Risk FiREapps, a firm that provides technology to corporates that enables them to automate the analysis and management of currency data and exposures, has expanded its software offering from currency risk management to enterprise currency management (ECM). ECM solutions enable treasury and finance professionals to assess, mitigate and report currency impacts on corporate financial statements and results. But FiREapps says that what is more important than this is that the latest ECM solutions give financial planning and analysis (FP&A), supply chain and other finance professionals access to a common currency data platform that can be used to help avoid currency impacts, set and manage expectations of how currencies impact the business and make it easier to quickly and confidently answer currency-related questions from stakeholders.
CME Completes NEX Acquisition CME Group has completed its acquisition of NEX Group. “The combined company will be uniquely positioned to provide efficient access to futures, cash and OTC markets, as well as a wide array of optimisation services and analytical tools,” says CME in a statement issued today. Though the NEX brand will be retired, its primary sub-brands, including BrokerTec, EBS, Traiana and TriOptima, will remain. Other brand names will be folded into CME Group businesses. “CME Group will use its technology, trading expertise and product development resources to further strengthen and scale NEX businesses especially as market participants, like you,
New Systematic Currency Fund Launches Roger Boehler and Kevin Nay Yaung have launched a new currency fund called Limmat Currency Partners (LCP). LCP is headquartered in Westport, Connecticut, with Boehler serving as the firm’s CEO and Yuang operating as a general partner. According to the firm’s website: “The Limmat Currency Partners (LCP) LLC investment program applies a range of quantitative and systematic techniques to the most liquid currencies in the global foreign exchange markets. We use transparent and robust investment inputs combining momentum, relative value and risk parity elements in a clearly defined repeatable process.” LCP looks to approach the currency markets by combining algorithmic programming, unbiased and robust trade entry and exit signals and a rigorous risk management framework. The firm is registered as a Commodity Trading Advisor (CTA) with the US Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
Is the Global Code of Conduct in Trouble Already? The opening panel discussion of this year’s Profit & Loss Forex Network Chicago conference featured an unusually frank and honest discussion about the challenges associated with implementing the FX Global Code of Conduct.  I t has been well documented that buy side firms have been much slower than their sell side counterparts to commit to the Global Code, with one panellist at Profit & Loss Forex Network Chicago highlighting that of the 452 entities that have signed the statement of commitment only 23 were asset managers. Indeed, they noted that of the asset managers that have signed the Code, the majority trade currency as their primary business, or even as their sole focus.
Cobalt Hires Rayner as Global Sales Head Cobalt, the FX post-trade processing network based on shared infrastructure, has appointed Anoushka Rayner as global head of sales and business development. Rayner brings over 20 years of experience in the FX industry to Cobalt. She most recently worked as business manager and global FX sales specialist at Traiana. Prior to this, Rayner was a sales director at smartTrade Technologies and was the global head of FX option sales at FXCMPro, the institutional arm of FXCM. At Cobalt, Rayner will be responsible for managing the firm’s commercial relationships and will play a key role in scaling up the business as it gets ready for its launch later this year.
CFH Clearing Extends OneZero Partnership CFH Clearing has formed a partnership with OneZero Financial Systems to enable it to provide local liquidity from New York (NY4) to brokers and banks. The firm now offers local liquidity and connectivity from both New York (NY4) and London (LD4) through OneZero and becomes a key part of the OneZero hub environment. “This complex integration takes our overall offering to the next level as clients can trade in both LD4 and NY4 with a single centralised back-office account,” says Marc Levin, chief commercial officer, CFH Clearing.
Advanced Markets Launches in the UK Advanced Markets, a provider of FX liquidity and prime-of-prime services, has launched in the UK as an FCA regulated company. The new entity, Advanced Markets (UK), includes new trading servers in Equinix’s LD4 and LD5 data centres, as well as a new London office headed by Nina Baksh. “The launch of our comprehensive London operation is an important step in the company’s global strategy,” says Anthony Brocco, founder and CEO. “It enables us to better serve our institutional broker and fund manager clients in the UK and Europe, by providing a regional matching engine, which is fully cross-connected with our bank and non-bank liquidity providers.”
Agha Joins Stater as Strategic Advisor Ashraf Agha has been appointed by Stater Global Markets as a strategic advisor, focusing specifically on operations and compliance. Agha has almost 30 years' experience in the financial sector, with roles including head of treasury at Saxo Bank, COO for the FX business at Marex Spectron, and co-founder and executive director of CFH Clearing, where he was accountable for all operations. He is also currently a board member of the regtech firm, muinmos. Ramy Soliman, CEO at Stater, says: "Appointing Ashraf as a strategic advisor underpins our strategy of leveraging significant institutional experience to fast-track our growth.
CME Clears Final Hurdle for NEX Acquisition CME Group has received clearance from the UK Competition and Markets Authority for its acquisition of NEX Group. This means that all of the conditions relating to regulatory and antitrust approvals for the deal have now been satisfied or waived. The boards of NEX and CME announced on March 29, 2018, that they had reached an agreement on the terms of a recommended share and cash acquisition of the entire issued and to-be-issued share capital of NEX. On May 18, 2018, NEX shareholders approved the terms of the acquisition.