The FICC Markets Standards Board (FMSB) has published the final version of a Statement of Good Practice on the issue of Information & Confidentiality, which seeks to bring clarity to what it terms the complex issue of sharing information in fixed income and commodities markets and dealing with confidential information within a firm. FMSB says […]
In the past year JP Morgan began offering clients a cocoa arb via its e-trading platform. Filippo Finelli, global head of commodities automated trading strategies (ATS), and Sandy Sehmi, commodities e commerce product head, discuss how this is part of their broader effort to bring more automation to commodities trading. Profit & Loss: So tell […]
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 […]
A US District Court in Connecticut has issued a Final Judgment and Consent Order against Andre Flotron, a former precious metals trader for UBS, requiring him to pay a $100,000 civil monetary penalty for spoofing and engaging in a deceptive or manipulative scheme through his spoofing in violation of the Commodity Exchange Act (CEA) and CFTC Regulations.
The Order also imposes a one-year trading and registration ban. Flotron was one of eight traders from three institutions charged by the Commodity Futures Trading Commission (CFTC) over a spoofing scheme.
Commodity broker Marex Spectron has signed an agreement to acquire the customer business of Rosenthal Collins Group (RCG), an independent Futures Commission Merchant (FCM).
The acquisition is expected to complete in January 2019 and Marex says it will maintain the RCG name and brand, gain 14,000 client accounts and balances, 150 associated staff and the Chicago headquarters. RCG has little overlap with Marex Spectron’s existing North American business, which operates out of New York, Calgary, Connecticut and Houston, the firm says.
Frederic Boillereau has left his position as head of global FX and commodities and head of global markets corporate services, at HSBC.
Based in London, Boillereau leaves after 20 years at the bank.
“I would like to take this opportunity to thank Frederic for his significant contribution since joining HSBC 20 years ago. His efforts have ensured the FX and global markets corporate services businesses are better placed to serve our client base with the products and services they need. I wish him well for the future,” says Thibaut de Roux, head of global markets at HSBC, in an internal memo seen by Profit & Loss.
In the memo, which was distributed internally at the bank on Friday, Rahul Badwar was named as the new head of global markets corporate services.
From a regulatory perspective, one of the challenges around operating in the crypto markets is that different regulators appear to define cryptoassets in different ways.
For example, the Commodity Futures Trading Commission (CFTC) has defined digital currencies as commodities, while the Securities and Exchange Commission (SEC) seems to think that at least some of them might be securities.
Speaking at Profit & Loss Forex Network New York, Mike Gill, chief of staff to US CFTC chairman, Christopher Giancarlo, and the CFTC’s COO, discussed some of the challenges facing regulators when it comes to defining these products.
Ronan Julien, global head of commodity derivatives e-distribution at BNP Paribas, talks about how the bank is doing things differently in the commodities space.
Profit & Loss: What do you think is differen about your approach to listing commodities on your e-trading platform?
Ronan Julien: The way that commodities trade is largely the same as it was 10 years ago. However, the demands from clients on the one side and regulators on the other have continued to evolve and so we looked to other asset classes for inspiration to help solve this disconnect.