Tag: Currenex

Currenex

GlobalLink CTO Set to Depart

Harsha Bhat is set to leave his role as senior vice president and CTO of GlobalLink at State Street. In this role he was responsible for overseeing the technology underpinning the Currenex, FX Connect, Fund Connect and Trade Services, managing an engineering department of over 150 people. A spokesperson for State Street confirms Bhat is […]

Colinders Handed New Role at State Street

James Colinders has taken on a newly created role at State Street working on its money market platform, FundConnect. In this role Colinders will be focused on creating a private label distribution business, developing institutional partnerships and expanding the platform’s client footprint. He will remain based in New York and will report into Eric Wolf, […]

Freeston, Flowerdew Set to Leave Currenex

Damian Freeston and Daniel Flowerdew are set to leave their roles at Currenex, which is owned by State Street.Both based in London, Freeston is currently a managing director and head of sales and relationship management in EMEA, and Flowerdew is a VP of sales and relationship management in EMEA for the platform.Profit & Loss understands that the pair are set to leave Currenex this month and will subsequently be launching a wealth management business in the UK. Freeston has worked at the platform for nine years, having initially joined State Street in 2010 as a sales and relationship manager for both Currenex and FX Connect. Prior to that, he held senior sales management roles at 360T and HiFX.

Currenex and FX Connect: An Aggressive Roadmap

2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.

Currenex and FX Connect: An Aggressive Roadmap

2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.

In the FICC of It

In this week’s podcast, Colin Lambert and Galen Stops take a look at the first in-depth analysis from a broker of the CME-NEX deal and while they accept that much of what was written was already known and had been discussed there were a few nuggets of useful information in there.
On the subject of mergers and acquisitions, they also discuss the recent changes at Refinitiv and clarify their thoughts on potential M&A activity involving that firm’s Matching, Dealing and FXall businesses. Will firms be willing to splash the amount of cash required to complete such a deal? Who would be the best buyers for the combined business or elements thereof? This and more is discussed.
In a quite remarkable conclusion, they close out by expressing sympathy for a regulator – something unlikely to ever happen again – before Lambert offers listeners the benefit(?) of his experience of trading Cable with a trading recommendation as the Brexit saga continues…what could go wrong?

Currenex Shifts White Label Technology Focus to Regional, Mid-Tier Banks

Currenex is shifting the focus of its white label business to increasingly target regional and mid-tier banks, citing a number of broader industry-wide trends for this change.

Traditionally, Currenex has focused on selling its institutional grade technology infrastructure to brokerage firms, which then re-brand it in order to provide FX trading services to their own customers.

The most recent example of this is the institutional platform launched by the retail broker Oanda at the start of May, which will utilise a branded version of Currenex’s HTML trading front-end.

And Finally…

It didn’t exactly take Nostrodamus to predict a bid for NEX Group from an exchange operator – even I was all over this in this column in November 2015 when the Tullett-Icap deal was announced, and frankly any opportunity since has been taken to reinforce the logic. It’s simply an inevitable deal and was the day Icap shed its voice broking business. CME may not have it all its own way, though – and what else is likely to be on the table?

State Street Reshuffles Senior FX Staff

State Street is reshuffling senior FX staff, with James Reilly being appointed as the global head of Currenex and Beverley Doherty as global head of FX Connect. As a result, David Newns, formerly head of Currenex and SwapEx, will now take on the newly created role of global head of GlobalLink Execution Services.  

Additionally, Stephen Dispenza has been promoted to global head of sales for Currenex, reporting to Reilly. Dispenza previously served as North American head of sales for the platform. 

State Street FX Platforms Get MTF Approval

State Street says it has received approval from the UK’s Financial Conduct Authority (FCA) to operate its FX Connect and Currenex platforms as multi-lateral trading facilities (MTFs) for foreign exchange within the jurisdiction of MiFID II.
Both platforms will now operate as MTFs and be upgraded to be compliant with MIFID II upon implementation in January 2018, State Street says.
For institutions that fall under the MiFID II regime in Europe, “financial instruments” can only be traded on the new MTFs.