And Finally…

We are in the midst of yet another culling season within various banks’ Markets divisions, with this round’s poster children appearing to be Societe Generale and Nomura thanks to heavy cuts across the FICC business. Staff comings and goings are a routine part of banking life of course, but I wonder if this is the […]
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And Another Thing…

I teased a theme on Monday in the column regarding the oversight of FX businesses to which I want to return. If there is one recurring theme that I hear from talking to managers in the trading businesses, both voice and ‘e’, it is that not only do their compliance teams not understand the nuances of markets, they take up valuable time from people on the desk asking unnecessary questions and having basic themes explained to them. It’s just not an efficient model.
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Second Barclays Trader Convicted of Euribor Manipulation

Just days after former colleagues Carlo Palombo was convicted of similar charges, a UK jury has found a second former Barclays interest rate trader guilty of Euribor manipulation. Former managing director at Barclays, Colin Bermingham, has been convicted of manipulating the benchmark rate at the height of the financial crisis following an investigation and prosecution brought by the UK’s Serious Fraud Office (SFO). A third trader, manager of the liquidity management portfolio at Barclays, Sisse Bohart, was acquitted last week.
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New York Fed Details Attitudes to Crypto

The Federal Reserve Bank of New York’s Liberty Street Economics Unit has published the results of a survey conducted in the May 2018 Survey of Consumer Expectations that sought to understand what motivates people to participate in cryptocurrency markets. The survey covers a sample of 1,146 people from ages 18 to 96, with broad representation by race and gender and finds 85 percent of respondents had heard of cryptocurrencies – something it says may be a testament to Bitcoin’s name recognition. Around five percent of respondents reported that they currently or previously owned cryptocurrency and an additional 15 percent reported that they were considering buying cryptocurrency.
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P&L Talk Series with Integral’s Harpal Sandhu

Harpal Sandhu, CEO of Integral, talks to Profit & Loss about the launch of his new cryptocurrency exchange, and how he sees the crypto markets evolving in the future.Profit & Loss: What was the genesis of Mint Exchange?Harpal Sandhu: A lot of people don’t realise that the derivatives markets in cryptoassets is actually quite a lot larger than the physical market. Because of this, we were speaking to a lot of FX brokers, people who were trading large amounts of crypto and CFDs, and they were having problems trying to hedge those positions because, unlike FX they can’t go to prime brokers or prime-of-primes in order to access liquidity, so there’s very few places that these firms can go in order to hedge their crypto exposures.
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FTSE Unveils Digital Assets Index

FTSE Russell, the global index, analytics and data provider, in association with DAR Data Services, have announced their intention to launch a new indicative FTSE Digital Assets Index. The new index will be used to evaluate and test a benchmark for the most actively traded digital assets, the firms say, claiming it will also help assist in the establishment of new industry standards for the digital assets market, in consultation with market participants. The indicative index, which will be available to registered users, will be calculated every 15 seconds.
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Flow Traders: Standing Out from the Crowd

Robbert Sijbrandij, head of FX at Flow Traders, talks to Galen Stops about why he thinks there’s still room for more non-bank liquidity providers in the FX market.Dutch proprietary trading firm, Flow Traders, has spent the past two years building out its FX business line. The firm trades in the region of €750- €800 billion of ETFs per year, of which roughly two-thirds has an FX angle, meaning that Flow Traders was already doing in the region of €2-3 billion of FX on a busy day before they decided to become a liquidity maker in FX.
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Flash Crash or the New Norm? Deciphering January 3

The foreign exchange industry got an early reminder of risk when on the second full day of trading this year the market saw another flash event. What, if anything, does this mean for FX market liquidity and volatility in the year ahead though? Colin Lambert finds out.The very sharp moves seen in FX markets at the start of the year triggered yet another round of introspection over conditions in the FX market with commentators pointing the finger of blame at one or more of algos, news from Apple, thin markets, Japanese retail and poor execution. Although Profit & Loss understands that industry players have been approached for data logs by certain regulators, the chances of an investigation turning up a convincing catalyst for the moves are thin.
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Flash Crash or the New Norm? Deciphering January 3

The foreign exchange industry got an early reminder of risk when on the second full day of trading this year the market saw another flash event. What, if anything, does this mean for FX market liquidity and volatility in the year ahead though? Colin Lambert finds out.The very sharp moves seen in FX markets at the start of the year triggered yet another round of introspection over conditions in the FX market with commentators pointing the finger of blame at one or more of algos, news from Apple, thin markets, Japanese retail and poor execution. Although Profit & Loss understands that industry players have been approached for data logs by certain regulators, the chances of an investigation turning up a convincing catalyst for the moves are thin.
Read More »

Flow Traders: Standing Out from the Crowd

Robbert Sijbrandij, head of FX at Flow Traders, talks to Galen Stops about why he thinks there’s still room for more non-bank liquidity providers in the FX market.Dutch proprietary trading firm, Flow Traders, has spent the past two years building out its FX business line. The firm trades in the region of €750- €800 billion of ETFs per year, of which roughly two-thirds has an FX angle, meaning that Flow Traders was already doing in the region of €2-3 billion of FX on a busy day before they decided to become a liquidity maker in FX.
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