A Closer Look At: A New Way to Trade FX

Goldman Sach’s David Wilkins, global head of e-FX sales, and Ralf Donner, head of client FX algo execution, talk about a new algo launch that they claim offers a new way to trade FX. Profit & Loss: So tell us about the new algo that you recently made available to your clients. David Wilkins: It’s […]
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A Closer Look At: Deploying e-FX Tools in Emerging Markets

Yi Hahn Chin, MD and regional head of e-FX solutions – corporates, EMEA at Citi, talks about the most recent regional rollout of the bank’s e-FX platform for corporates, and the broader challenges associated with deploying this technology in emerging markets. Profit & Loss: Talk me through the roll out of Pulse in Nigeria – […]
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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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CTAs: All Grown Up

Susan Roberts, product specialist and director of investor relations at Campbell & Company, talks to Galen Stops about how the CTA industry has matured, what purpose these funds are really supposed to fulfill within a portfolio and why performance might be set for an uptick. Galen Stops: In the research paper, Prospects for CTAs in a Rising Rate Environment: A Refresh, your analysis finds that CTA performance has not historically been interest rate regime dependent. Is this pretty much what you expected the data to tell you when you began working on the paper?
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A Perfect Storm: The Buy Side’s Liquidity Conundrum

David Newns, senior managing director at State Street and global head of Currenex, speaks with Nicola Tavendale about the confluence of factors that are creating a unique set of challenges for the buy side. I ncreasing regulatory requirements, coupled with the changing characteristics of liquidity in the FX market place in recent years, has resulted in a heightened focus from the buy side on how it can effectively manage its FX exposures. The phase two release of the Global Code will also address specifics relating to the principle of execution.
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Ready for Launch

Profit & Loss talks to David Puth, CEO of CLS and Chairman of the Market Participants Group (MPG), about how the FX Global Code of Conduct will work. Profit & Loss: What was the process like to develop the Code from start to finish? Were there challenges in achieving consensus amongst so many different market participants? David Puth: The development of the Code has generally been a constructive process. The committees involved in its creation are: the FX Working Group (FXWG), which is the central bank working group; the Market Participants Group (MPG), which is the group that I chair; and a number of industry groups, including regional FX committees.
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Unshackling the FX Market

Darren Jer, CEO of MarketFactory, talks to Galen Stops about flash crashes, the new latency arms race and how technology will enable the FX market to keep growing in size. Galen Stops: What’s going to be the main focus for MarketFactory as a company in 2017? Darren Jer: Well let me just start by saying that FX is the biggest market that not everyone knows about. In the equities market last year, $114 trillion was traded across all exchanges; in FX, that figure is $1.4 quadrillion. In FX we talk in average daily volume (ADV) numbers all the time so we’re just used to the size of the market, $5.1 trillion per day, but the general public and traders in other asset classes don’t know the degree of notional liquidity.
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Thinking Big

Carlo Koelzer, CEO of 360T Group and global head of FX at Deutsche Bo?rse Group, talks to Galen Stops about the importance of building critical mass amidst the changing landscape of the FX market. Galen Stops: It’s now about one year on from Deutsche Bo?rse’s acquisition of 360T. Can you shed some light about why you agreed to the deal? Carlo Koelzer: Prior to this deal we were a big trading platform in the market, but a small organisation in comparison to our competitors. When you look at the larger platforms in the market they’re backed by firms like Icap, Thomson Reuters, Bloomberg and State Street, all of whom had larger balance sheets than us.
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A Closer Look at: FXPB

Andrew Rosoman, regional head of FXPB for EMEA, and Colin Wood, FXPB Sales, discuss the migration of UBS’ electronic FXPB platform onto Neo. Profit & Loss: What was the biggest challenge in terms of getting your existing FXPB offering integrated into the Neo platform? Colin Wood: With UBS being one of the early entrants to […]
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Q&A with Lynn Martin, President and COO, ICE Data Services

Profit & Loss: ICE has made significant investments in its market data business in recent years, with the purchase of SuperDerivatives and Interactive Data. Why is ICE investing so heavily in market data services and how do these acquisitions fit in to the exchange’s overall growth strategy? Lynn Martin: We see customers requiring more data […]
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