Capitalab, a division of BGC Brokers LP, today announced the execution and subsequent compression of its first swaption margin optimisation trades leveraging LCH SwapAgent, a service for the non-cleared derivatives market. As part of Capitalab’s Rates Initial Margin Optimisation service, swaption notional was created between Nomura and Deutsche Bank and processed by LCH SwapAgent. The […]
Two guests for the price of one on this week’s podcast as Colin Lambert is joined by Keiren Harris, co-founder of Data Compliance LLC to discuss the recent first quarter results, and the future of, the inter-dealer broking industry. Lambert sees some interesting observations in the reports regarding how people are trading, while Harris discusses […]
Changes at the top of the technology stack at BGC Partners have seen the departure of Eric Hirschhorn, CIO, and the hire of Paul Reidy, formerly COO at CboeFX Global Markets, as senior managing director, head of brokerage technology, sources familiar with the matter say, adding that the former co-head Steve Sadoff has assumed sole […]
Profit & Loss understands that Liam Hudson, global head of electronic FX at Fenics, recently left the firm. Hudson joined the BGC-owned business in August 2018 after an eight-year spell at Bank of America Merrill Lynch, where he was global head of FX e-commerce. Prior to BAML Hudson also had senior e-FX roles at Barclays […]
The US Commodity Futures Trading Commission (CFTC) has fined BGC Financial and GFI Securities a combined total of $25 million for making false representations regarding the execution of FX options contracts The CFTC says that BGC was engaged in this fraudulent activity between January 2014 to at least December 2015 and that GFI was between July […]
The average daily volume (ADV) of spot FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018.This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively. Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.
Profit & Loss understands that Liam Hudson is joining BGC Partners to run its e-FX businesses, including Fenics FX, which was launched last year, MidFX and the electronic FX options offering.
Hudson was last at Bank of America Merrill Lynch in London where he was global head of e-FX for more than eight years.
Hudson joined BAML from Barclays, a firm he joined when it took over the FX business interests of Lehman Brothers. At Lehman, he spent seven years in the e-FX business, including helping develop the FXLive platform as well as the firm’s algo execution capabilities.
I was not surprised to hear that another two FX platform providers are working on the delivery of a mid-market matching, or ‘dark’ mechanism to add to their suite of services. Inevitably given the (apparent) success of BGC’s dark pool MidFX, this is an avenue that they should explore. Given that nothing is launched without extensive customer feedback, one has to assume this is client driven, but that begs the question. If customers like ‘dark’ trading, why has there been no serious challenge to BGC?
Fenics Market Data, the market data division of BGC Partners, and China Credit BGC Money Broking Company (CCT-BGC) have agreed to a distribution partnership, whereby Fenics Market Data will exclusively provide CCT-BGC’s Chinese market data products to clients.
Through this agreement, Fenics Market Data is becoming the sole international commercial agent for CCT-BGC’s onshore Chinese data, covering the fixed income, interest rate and FX markets.
CCT-BGC, established by China Credit Trust Co and BGC, is the first money-broking company granted a licence by the China Banking Regulatory Commission (CBRC) in Beijing.
Fenics Market Data, which is owned by brokerage firm BGC, has added two new members to its Americas team, both based in New York.
Damien Fitzpatrick joins BGC as head of sales, Fenics Market Data, for the Americas, reporting to Elliott Hann, Fenics Market Data’s director of sales.
Fitzpatrick joins from Icap, a subsidiary of TP Icap, where he was most recently head of sales and business development for Asia Pacific. Prior to that, he worked at Thomson Reuters in various commercial roles in New York, London and Singapore.