CTAs: Feeling the Heat

2018 saw CTAs cap a generally poor decade of performance with a particularly bad year of losses. Given this, Galen Stops takes a look at whether the rationale for investors including CTA strategies in their portfolio is still valid. Post financial crisis, CTAs have struggled to produce returns, with only 2010 and 2014 standing out […]
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Profit & Loss Readers Choice Awards – Voting Now Open

Voting for the Profit & Loss Readers’ Choice Awards – the FoXys – is now open. The P&L editorial team has made its choices over the best in the banking industry, as unveiled tonight at the Digital FX Awards Dinner, now it is Profit & Loss readers that get the chance to vote for their favourite service providers in […]
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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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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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Trading Firms Cry “Last Look” in the Futures Market

As a futures exchange proposes a new speed bump mechanism, a number of market participants are coming out in opposition to it. Some of the arguments they’re making will sound familiar to those in the FX markets, says Galen Stops. On February 1 the Intercontinental Exchange (ICE) put the cat amongst the proverbial pigeons by […]
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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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And Another Thing…

Here are three statements. “Fragmentation exacerbates the already inherent challenge – adequate liquidity – and increases market fragility as a result.” “Fragmentation leads to smaller, disconnected liquidity pools and less efficient and more volatile pricing.” “Divided markets are more brittle, with shallower liquidity, posing a risk of failure in times of economic stress or crisis.” […]
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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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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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