Ficc
The FICC Markets Standards Board (FMSB) has named Martin Pluves as its new CEO. Pluves joins FMSB from LCH Group, where he was CEO of LCH. He has spent a decade at the firm in a variety of senior roles and was appointed CEO in 2015. Pluves’ responsibilities at LCH included operations in London as […]
Singapore Exchange (SGX) has unveiled a new management organisation that the group says “capitalises on its strength as an international multi-asset exchange, to pursue growth opportunities and build scale in multiple asset classes”. With effect from July 1, four business and client units have been created to report to SGX CEO Loh Boon Chye – […]
In this week’s lively and extended podcast Colin Lambert and Galen Stops mange to disagree on just about everything as they dig into the details around the announcement that Citi has given notice to four of the biggest non-bank market makers in FX and discuss the potential implications for the industry as a whole. They […]
The FICC Markets Standards Board (FMSB) has published a transparency draft of a new statement of good practice on conflicts of interest – the ninth such statement since it was established in 2015. The primary aim of the latest statement is to provide guidance for FICC market participants as they consider ways in which to […]
BNY Mellon has made changes to its Markets Group following the departure of Michelle Neal, CEO of that group, who has joined RBC.Based in New York, Neal will start her new position as head of RBC’s US FICC business in June and will report into Jonathan Hunter, global head of FICC at the bank.“In this role, Michelle will be responsible for providing strategic leadership to our US FICC business in partnership with our global product, sales and regional heads. She will have oversight for all strategic and execution-related aspects of the business, including ensuring that we continue to expand RBC’s footprint and client franchise, that we manage our performance and risks effectively and that we continue to build and retain a team of top talent to strengthen our U.S. franchise.
The communications channels have been buzzing following Thursday’s column about banks taking more risk in their FICC businesses – especially FX – and some really good points were made by correspondents. But while there was general agreement that more risk-takers would benefit the broader industry, my correspondents and I diverged on a key point. To me this is not about spreads or the advantage of man over machine (or vice versa), it is about the risk taking role adding something different.
The early signs from US bank reporting season is that FICC divisions haven’t done well at all and the admission from one bank that the decline in earnings was due to clients being reluctant to enter markets signals to me that the FICC business model has to change. Just as news outlets can’t have hundreds of reporters sitting around waiting for the Titanic to sink again, so banks need a better balanced FICC business – and that means more traders proactively taking risk.
The FICC Markets Standards Board (FMSB) has published the final version of its Statement of Good Practice (SGP) on Suspicious Transaction and Order Reporting.The FMSB is an independent body set up by market practitioners to try and improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting practice and agreeing standards to improve conduct and market behaviour. Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (FEMR), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority (FCA).
Paul Humphrey, global head of FICC at Euronext, is leaving the firm to pursue other opportunities a spokesperson for the exchange confirms. He has been at Euronext for three years and was responsible for building and managing the FICC business and led the group’s purchase of a majority stake in FX platform Fastmatch.
Chris Topple, CEO of Euronext London, has been named to head the FICC business going forward.
Humphrey has more than 25 years experience in the FICC industry.
In the Profit & Loss 2018 Digital FX Awards, Barclays was the winner of the “One to Watch in 2018” category and, looking back now at the end of the year, it seems that the bank might be on its way to justifying this decision.
After a couple of years during which there was a clear slowdown in terms of product development within Barclays’ e-FX franchise, the bank appears to be shifting onto the front foot again.
It has made a raft of senior appointments within its FX business this year, with Alex Shterenberg hired as global head of G10 and EM e-FX trading, Jeremy Monnier as a managing director, Fabio Madar as the global head of G10 FX trading and distribution, James Hassett as global head of EM macro trading, and Mauricio Sada-Paz as global head of e-FICC product and distribution.
