Do Cryptocurrencies Still Have a Role to Play in the Portfolio?

At the Forex Network New York event, Galen Stops, editor of Profit & Loss, sat down with Rob Catalanello, CEO of B2C2 USA, to talk about whether the case for including cryptocurrencies in an investment portfolio is as strong as ever. Galen Stops: In 2017 when the price of cryptocurrencies kept going up and up, […]
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Market Impact: Friend or Foe?

Speakers at the Profit & Loss Forex Network New York event highlighted that how you define, measure and respond to market impact when trading FX depends on a number of different variables. Opening the discussion ‘Market Impact – Finding Execution Styles that Work’ moderator Paul Aston, the CEO of Tixall Global Advisors, argued that while […]
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What Factors Will Drive Allocation Decisions This Year?

Institutional allocators, wealth managers and family offices want the best performance possible from their portfolios, but what does “best” really mean for these firms? When they allocate towards hedge funds or other alternatives, are they looking for improved returns or for portfolio diversification? And what are the trends that will drive allocation decisions in 2019?These are amongst the key questions that will be addressed by a panel of seasoned allocators at the upcoming Profit & Loss New York conference on March 27.
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Credit Pricing Under the Spotlight at P&L New York

In recent years there has been a significant re-pricing of credit, but are there more adjustments to come?This will be one of the key themes addressed by speakers at the upcoming Profit & Loss conference on March 27.Senior figures at Eaton Vance, Citi and JP Morgan will discuss some of the key factors impacting how credit is priced in the FX market, and discuss the major trends shaping post-trade decisions amongst trading firms.Talking points for the event will include:How are the structures of FXPB businesses changing in response to client demands?
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Looking for Liquidity

As cryptoassets continue to endure a tough bear market, Profit & Loss hosted an event called OnTheBlock to discuss what impact this has had on liquidity conditions.“Right now, we haven’t seen the wave of institutional money that everybody talked about in 2017,” said Martin Garcia, managing director at Genesis Trading. “The narrative then was very much that this is just the retail sector trading these assets and that when the institutional funds come in, it will grow to yet another scale.”To be clear, Garcia still thinks that institutional-sized money and liquidity will enter the crypto space, but that it will do so at a much slower and steadier pace than many were previously predicting.
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A Brave New World

At a recent OnTheBlock event in New York, Daniel Gorfine, chief innovation officer and director of LabCFTC, talked to Galen Stops, editor of Profit & Loss, about the challenges facing regulators overseeing crypto markets, why the rules in this space are often more clearly delineated than many will admit, and the key technology trends he sees shaping financial markets in the future. Galen Stops: As a regulator, how does the CFTC approach the crypto space? Because it seems to me like there’s a fairly fine line to walk between allowing and encouraging innovation and new markets on the one hand, but ensuring that there are protections against potential bad actors on the other…
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The Challenges of Managing Risk in Machine Driven Markets

The increasing automation of the FX markets is changing how firms manage their risk, said speakers at the Profit & Loss Scandinavia conference in Stockholm in October 2018. Marian Micu, director of quantitative research at Qube Research and Technologies, highlighted the emphasis on new technology and automation in trading by pointing out that five years ago he had no machine learning specialists on his team and that now over half of them are machine learning traders or researchers. Micu went on to explain that in the past, news that was likely to impact prices in the market mainly came from scheduled announcements from sources like the European Central Bank (ECB) or the Federal Open Market Committee (FOMC), and that such announcements could be very well monitored and understood by a team of human traders and then integrated into the trading strategies.
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Does the Crypto Price Plummet Tell the Whole Story?

At the start of 2018, the total market capitalisation of cryptocurrencies was above $828 billion, with many predicting that it would only rise further. Now, that market capitalisation is below $130 billion and continues to fall. Meanwhile, the price of bitcoin is down to $3,688, a 42% month-on-month drop and 65% year-on-year.  But does the price action of cryptos tell the whole story in this space right now? And what are the implications of this bear market on liquidity? After all, the Intercontinental Exchange (ICE) and Nasdaq both plan to launch new crypto trading platforms next year, while Fidelity is also set to launch an asset custody service in 2019. Trading volumes on the CME and CBOE bitcoin futures have ticked up even as (because?) the market price has trended down and there are still ETF proposals sitting on US regulators’ desks that could still be approved. 
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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.
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Non-Bank Firms Continue to Go Mainstream

FX market structure changes are behind a change in approach on the part of several non-bank market makers, and the direction of travel is very much the mainstream. “The market structure has changed and our model has definitely changed with it,” said Laine Litman, head of Virtu Financial’s customised and disclosed liquidity offerings in FX and fixed income, in kicking off the second panel on liquidity provision at Profit & Loss Forex Network Chicago. “What liquidity consumers needed two or three years ago has changed and with that, we have had to look at our models as well as at how we interact with markets.
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