UBS Launches ORCA-Pro

Following on from the launch of its ORCA-Direct algo last year, UBS has introduced ORCA-Pro, a new GUI targeted at clients frequently using ORCA-Direct to execute FX. The ORCA-Direct algo tries to maximise the amount of liquidity available to users when executing FX by looking across ECNs, UBS’s principal liquidity and CME’s FX futures. The […]
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BestX Hires Salvatore

BestX has hired Pete Salvatore as VP, sales and client support. Based in New York, Salvatore joins having most recently worked at ITG/Virtu Financial as an FX analytics account manager for six years. At ITG, he worked with Jim Cochrane, who is now MD and head of sales for North America at BestX. Prior to […]
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CLS Volumes Confirm July Slowdown

The average daily volume (ADV) of FX trades submitted to CLS was $1.75 trillion in July, down 7.1% from June, but up 6.8% compared to July 2018. Swaps account for $1.25 trillion of CLS’s ADV last month, down from $1.3 trillion in June, but up from $1.15 trillion in July last year. Spot FX ADV […]
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Seegers Trades Jefferies for Citadel Securities

Bryan Seegers is joining Citadel Securities next month in an eFX sales role, reporting to Kevin Kimmel, global head of eFX. He will be based in New York. Seegers was most recently with Jefferies, where he was an SVP responsible for global eFX trading, algo execution and liquidity management. Prior to the last two years […]
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And Another Thing…

A fair bit has been made of the latest FX committee turnover surveys showing an increase in activity during a month in which people broadly experienced the opposite. Looking at the FX platform data and April was the worse month of the year thus far for everyone save 360T and Refinitiv non-spot products – and […]
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New York Fed Restructures Markets Division

As it seeks to appoint to senior roles in the division, the Federal Reserve Bank of New York has announced that it will restructure the leadership of its Markets Group to “best meet its critical responsibilities”. The previous position of executive vice president and head of the Markets Group was held by Simon Potter, who […]
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Primary FX Venues Suffer Steep Drops in July

Three primary trading venues in the FX market saw volumes decline sharply in July, to reinforce last week’s reported drops from other platforms. CME Group says its EBS platform handled average daily volume (ADV) of $67.6 billion, a 21.4% decline from June and 17.5% down year-on-year – only April of this year was quieter. In […]
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Gain Capital Fined Over Customer Order Malfunction

The US National Futures Association (NFA) has fined Gain Capital $50,000 for “failing to favourably adjust all customer orders adversely impacted by a recurring malfunction” in its e-platform. Gain neither admitted nor denied the charges and proposed to settle the case by paying the fine. The charges related to trade data submitted to NFA in […]
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BNY Mellon Hires Tenengauzer as Derrick Retires

BNY Mellon has appointed Daniel Tenengauzer as head of markets strategy and insights and leader of its Aerial View market commentary platform. He will also act as a media spokesperson for BNY Mellon on global macroeconomic and geopolitical issues, succeeding current strategy chief, Simon Derrick, who is retiring at the end of October. Tenengauzer started […]
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Edgewater Reshuffles Management

Edgewater Markets has reshuffled two of its management team following on from the recent announcement of its digital asset-focused spin–off, Edgewater Digital Technologies (EDT). Jeff Johnson, who is currently the chief accounting and control officer at Edgewater Markets, will now also serve as the COO of EDT in addition to his existing role, while Matthew […]
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