P&L Talk Series with Baton Systems’ Arjun Jayaram

Arjun Jayaram, CEO of Baton Systems, talks to Profit & Loss about how distributed ledger technology (DLT) is already helping the FX market, why the hype cycle around this technology is coming to an end and who he expects to win the “blockchain wars”. Profit & Loss: What is the problem in the FX market […]
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P&L Talk Series with Bid FX’s Jean-Philippe Male

Bid FX recently announced that Singapore Exchange (SGX) has bought a 20% stake in the company, with an option to acquire a controlling interest. The firm’s CEO, Jean-Philippe Male, talks to Profit & Loss about the rationale behind the deal, and some of the structural trends that he sees shaping the FX market. Profit & […]
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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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P&L Talk Series With: Kate Lowe

Kate Lowe, global head of trade services at State Street, talks to Profit & Loss about how new margin requirements could shape buy side behaviour in the FX market, and why 2019 is likely to be a “staging” year for many of these firms.Profit & Loss: As you’ve been talking to clients at the start of 2019, what’s been the major areas of focus for them?Kate Lowe: Well one of the big talking points at the moment is the impact that the uncleared margin rules (UMR) are going to have on the industry. In September this year, the threshold for firms that have to post initial margin for u
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P&L Talk Series with Ensemble Capital’s Damien Loh

At the Profit & Loss conference in Singapore Damien Loh, CIO of Ensemble Capital, talked how AI tools can be applied to FX trading. Profit & Loss: Artificial intelligence has become a big buzzword in finance. What does this term mean to you and how are you actually using this technology? Damien Loh: So it's a very buzzy term, and that's why we make a distinction by saying that we're using deep learning. AI can just be a general definition where any process that requires thinking is automated in some way and there are people using the AI catchall buzzword that just have a linear regression in an excel spreadsheet.. And you can tenuously call that AI, but it's nothing really game changing.
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P&L Talk Series with Nomura’s Ian Daniels

Ian Daniels, executive director, head of e-FX distribution, EMEA, at Nomura, talks about algorithmic trading trends in the FX market. Profit & Loss: Since you joined Nomura, you’ve been working on developing the bank’s algo offering, what are the latest developments there? Ian Daniels: Our algos are now live on Bloomberg and will soon be live on a number of other major third party venues. I think that one of the benefits of being a later entrant into this space is that you have the experience of previous roll-outs to draw upon. So we knew that access to liquidity and the customisability of our algos would be important characteristics for our clients and that’s why we created algos that enable clients to execute in a default mode or that can be tailored to meet their specific needs.
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P&L Talk Series with Carlos Mosquera Benatuil

Carlos Mosquera Benatuil, the CEO of Mexico-based Solidus Group, which focuses on digital finance through its crypto hedge fund, Solidus Capital, and crypto OTC desk, Solidus Markets, talks to Profit & Loss about why cryptoassets are more than just a vehicle for speculation in Latin America. Profit & Loss: What are some of the key differences you see between crypto trading in Latam compared to the US? Carlos Mosquera Benatuil: So there are only a few places for cryptoasset price discovery in Latam, but the bigger exchanges are pretty good. The market still lacks sophisticated traders, however, which has actually been a challenge for us as we’re looking to hire staff for the proprietary trading desk that we’re building out.
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P&L Talk Series with Edward Woodford

Edward Woodford, the co-founder of the trading venue Seed CX, talks about what it really means to offer an institutional grade platform in the rapidly evolving crypto market. Profit & Loss: You recently secured $15 million of investment. There’s obviously a lot of crypto-related ventures out there looking for investment, what was the focus of your pitch? Edward Woodford: The key is that we’re entirely focused on the institutional market, which in turn affects how we build our systems, how we build our products, and it dictates our entire outlook and approach. The trend that we see is more institutional players coming into this space, this institutional flow dominates retail flow, and we’re looking to service these institutions.
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P&L Talk Series with Marcus Samuelsson

Marcus Samuelsson, portfolio manager at Ericsson, talks about what “best execution” means from a corporate’s perspective. Profit & Loss: It’s often assumed that corporates are less sensitive to FX pricing because they view it as part of a broader cost of their banking relationship. Do you think that assumption is fair or is it a bit outdated now? Marcus Samuelsson: While Ithink that you’re correctthat many corporates do think oftheir FX as being part of a broader banking relationship, for us this is not the case.
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P&L Talk Series with Bill Lipschutz

Bill Lipschutz talks to Profit & Loss about how the FX market has changed since he founded Hathersage Capital Management, and why the barriers to entry for currency-focused hedge funds are going up, not down. Profit & Loss: What products do you trade and what types of strategies do you deploy? How would you describe your trading philosophy? Bill Lipschutz: Hathersage trades G10 currency pairs and plain vanilla options on those pairs. Our strategies embrace one or the other of two basic approaches. They are either: tactical, momentum driven or strategic, macro fundamental. We are 100% discretionary, highly focused and uniquely experienced.
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