Someone asked me last week what I considered to be the biggest change in the FX industry over the past decade and were somewhat surprised at my response – the influence of the legal profession. I think they were expecting something deep and meaningful but hadn’t realised it’s way too early in the year for […]
Tag: Citadel Securities
Brian Oliver has left his role as head of FICC sales and relationship management for Europe and Asia at Citadel Securities. Profit & Loss understands that Oliver’s is a planned departure and that he has left to pursue other opportunities – last week saw the departure of Nicola White, global FICC COO from Citadel Securities, […]
Amit Bhuchar has been appointed as COO of Citadel Securities global FICC business. According to market sources Bhuchar joined the firm in the new role in December after just over a year with hedge fund AQR Capital Management where he was COO of the firm’s fixed income business. Prior to AQR Bhuchar spent almost 14 […]
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 […]
Rashelle Salimi and Evran Ozkul have left Citadel Securities in New York, according to market sources.
Salimi, who was a FICC relationship manager at Citadel, joined from Bank of America Merrill Lynch (BAML), which she left at the end of 2016 to go to Citadel. At BAML, she was initially head of FX algo sales for North America and later a managing director, Americas e-FX sales.
Before joining BAML in 2015, Salimi spent over five years at Credit Suisse and nearly four at Bloomberg before that.
Market making in emerging market currencies is a key way for liquidity providers to differentiate themselves in an increasingly competitive G3 landscape, says Kevin Kimmel, global head of e-FX at Citadel Securities.
“Where there’s a lot of demand and where there’s also an opportunity to differentiate yourself as a liquidity providers is in the less liquidity currencies, in the Scandies, in Ems, where you don’t necessarily have as many people with really tight top of book liquidity,” he comments
In contrast, G3 spot FX market making has become so commoditised and the pricing is so tight already that Kimmel says that he is unsure whether a new market maker pricing just these currencies would really add significant value to the overall FX ecosystem.
Citadel Securities has partnered with BestX to provide its clients with independent analysis of its FX execution quality.
“We’re confident in the quality of our execution and partnering with an independent TCA provider demonstrates this. From a market structure standpoint, I think that the FX market can benefit from more transparency, whether it’s through independent measurement of execution quality or the creation of a central tape,” Kevin Kimmel, global head of e-FX at Citadel Securities, tells Profit & Loss.
Kimmel says that providing independent TCA provides value because it eliminates any potential concerns of bias in the execution analysis and because it helps create standardisation in terms of how the analysis is conducted.
Shortly after Citadel Securities won the Best Market Maker in Major Currencies category at Profit & Loss’ The FoXys Reader’s Choice Awards, Kevin Kimmel, global head of e-FX at Citadel Securities, sat down to discuss what firms want from a modern liquidity provider.
“I think it’s important for market makers to customise their liquidity to each individual consumer,” says Kimmel.
Although he acknowledges that “market impact” has become something of an industry buzzword recently, Kimmel maintains that there truly is a large segment of the liquidity consumer universe that is looking to trade with firms that are willing to warehouse risk because it will help minimise their market impact. There is also though, he says, clients that are much more aggressive in accessing the market that just want tight prices and a high fill rate.
Shawn Egger is set to join FastMatch has head of sales, Americas, effective June 5, 2017.
Prior to this latest appointment Egger headed sales for Citadel Securities’ market making group, a New York-based position that he had held since 2014.
Before Citadel, Egger had spent time working as head of institutional sales, Americas at Swissquote and VP of sales at Integral Development.
Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.
Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results.
The industry’s changing dynamics are starting to show. Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.