The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Officers and Board members at its annual meeting on February 5.In roles that took effect March 1, 2019, Lisa Shemie, Associate General Counsel of Cboe Global Markets and Chief Legal Officer of Cboe FX and Cboe SEF, was elected as the group’s new Chair; Jill Sigelbaum, Head of FXall, Refinitiv, was elected Vice Chair; Paul Houston, Global Head of FX, CME Group, was tapped as Treasurer; and Jason Vitale, Managing Director, Chief Operating Officer FX & Head of Client Execution, BNY Mellon, was re-elected as Secretary.
Capitolis, a technology provider for the capital markets, announces today that the number of participants on Capitolis Novation has grown to more than 20 bank and non-bank customers. As well as previously announced Citi, HSBC, BlueCrest and Brevan Howard, other market participants including Deutsche Bank, Standard Chartered, Nomura and Societe Generale are collaborating with Capitolis on the service, which Capitolis says is the first of its kind in FX. The platform is now fully live and processing the novation of FX options contracts amongst multiple participants. Additional functionalities and other balance sheet reduction models are currently being tested and rolled out including bilateral option novation and forwards and swaps novation.
BNP Paribas today announces the launch of the BNP Paribas MGI Systematic Currency Alpha Index using artificial intelligence through machine learning. The index, created by BNP Paribas in partnership with Millennium Global Investments (MGI), went live in Q1 2019.MGI provides systematic FX signals to BNP Paribas, determining the long or short exposure to four liquid currency pairs selected to represent the global FX market (USD/GBP, USD/EUR, USD/AUD and USD/JPY). In a statement, the firms say the Index can be considered as a new frontier for investors seeking cross-asset portfolio diversification, as it is enhanced by signals generated by an artificial intelligence model that uses machine learning to identify the dominant factors driving the performance of currency pairs each day.
Following recent news of planned staff cuts at Societe Generale Corporate & Investment Banking (SG CIB), Profit & Loss understands that at least three senior FX staff have left the French bank. Tom Gillie, managing director, global head of FX trading, and Keith Hill, global co-head of e-FX sales at SG CIB, are among the early cuts to the FX team. Richard Ware, a senior sales/trader has also reportedly left. Sources say additional cuts were made to the FX team, but roles and numbers could not be determined by time of going to press. These sources add that the US team will also be impacted, but that the cuts have not yet been announced. SG declines to comment.
Robert Bogucki, who was facing six counts of wire fraud and one count of conspiracy, was acquitted by a federal judge in Northern California today. Bogucki, the former head of Barclays’ New York FX operation was charged last year in an indictment for his alleged role in a scheme to front run client orders. Bogucki was alleged to have misused information provided to him by Hewlett Packard (HP), which had hired Barclays to execute an FX transaction – which required the sale of £6 billion of options– related to the planned acquisition of a UK-based company in 2011. Bogucki previously lost a bid to dismiss the case.
Dan Torrey has joined OTC digital currency trading firm, Genesis Global Trading, in New York as head of institutional sales. He reports directly to Michael Moro, CEO.Torrey was most recently at Northern Trust, which he joined in mid-2016 as global head of FX e-commerce sales. Prior to that, he was briefly with ParFX, where he was head of FX sales for North America.The bulk of Torrey’s career was spent at EBS, where he spent 11 years in a variety of sales roles, culminating in his appointment as head of sales for the Americas.
Gavin Wells is leaving Digital Asset, where he has served as head of Europe, based in London. He is due to leave the firm next month, having joined in mid-2016. Wells had previously been at LCH Clearnet (LCH), where he was global head of ForexClear. He joined LCH in 2008 and led the team that designed and implemented the ForexClear service, which was launched in March 2012. Prior to LCH, Wells was at Citi, where he was a managing director in the FICC business. He spent 15 years at Citi in a variety of roles across FX trading, e-commerce and IT.
The Financial Stability Board (FSB) today published Crypto-asset markets: Potential channels for future financial stability implications. The report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The report includes an assessment of the primary risks present in crypto-assets and their markets, such as low liquidity, the use of leverage, market risks from volatility, and operational risks. Based on these features, crypto-assets lack the key attributes of sovereign currencies and do not serve as a common means of payment, a stable store of value, or a mainstream unit of account, says the report.
ErisX is making a bet on crypto-assets with plans announced last week that it will launch a derivatives exchange (DCM) and clearing organisation (DCO) that will include fully regulated digital asset futures and spot contracts on one platform. The new venture is already backed by an impressive group of investors spanning the traditional capital markets and digital asset markets, including DRW Venture Capital, Valor Equity Partners, TD Ameritrade, Virtu Financial, NEX Opportunities, Cboe Global Markets, CTC Group Investments, Digital Currency Group, Nico Trading, Pantera Capital and Third Stone Partners. It has additional support from CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F NMan Capital Markets Inc, which also participated in the investment round.
Jump Liquidity, the new direct trading focused brand of Jump Trading launched at Profit & Loss Forex Network Chicago last week, announces three hires for its sales team.
Harry Kent joins the European sales team from Barclays Capital, where he was most recently working in e-FX sales in London. He joined Barclays in mid-2010 and has worked across the firm’s eFX hedge fund sales desk, execution services and bank sales for the EMEA region. Prior to Barclays, he spent nearly four years with Bloomberg in EMEA FX sales.