This column may come across as irritable, confused or just an incoherent babble – but all I can say is that the nation you love only wins the world championship in a sport you love for the first time once, but unfortunately I had to sit up until 5am to actually see it (and actually […]
Tag: FX Trading
Maxine Dennis has left her position as senior FX trader at Societe Generale/Newedge. She had been at the firm for more than five years, having joined from a short spell with Alpari (UK).
Dennis has spent more than 30 years in FX trading, prior to Alpari she took a career break after spending four years at Citi in London on the FX spot desk trading EUR/USD, Cable and USD/JPY. Prior to Citi she was at UBS in London for nine years, most latterly as a director trading G10 currrencies. She joined UBS from a five year trading career at Fuji Bank.
Profit & Loss understands that Colin Devereux has joined Barclays in London as a director and senior spot FX trader.
Devereux joins from a spell at Nomura in New York, prior to which he was at Bank of America Merrill Lynch as chief dealer G10 spot FX. Before BAML Devereux was a director on the FX desk at BNP Paribas in London, having joined that bank from a six year stint at Citi in London. He has also worked at Brown Brothers Harriman and UBS on those institutions’ FX desks.
The hire continues a build out of Barclays’ FX business that started with the hire of Fabio Mudar as global head of FX trading and distribution in mid-2018. This week also saw the bank announce the appointment of Pritpal Gill as head of FX cash and options trading for Asia Pacific.
Barclays has announced the appointment of Pritpal Gill as head of G10 foreign exchange and FX options trading for Asia Pacific. Based in Singapore, he will be responsible for developing and driving the G10 FX Trading strategy in the region, the bank says.
Gill has over 25 years of FX experience, mostly with Citi, from where he joins. He started his career at Citibank in London trading vanilla and exotic FX options, before moving eight years later to Lehman Brothers as global head of FX options trading. He then returned to Citi as head of FX trading for Asia, based in Singapore.
Trading technology and financial infrastructure provider Itiviti has launched Itiviti FX, a foreign exchange trading solution that the firm says is built for today’s dynamic FX market landscape and designed for compliance with the latest regulatory requirements including MiFID II.
Using a modular, app-based architecture Itiviti FX combines out-of-the-box FX trading capabilities with flexibility, enabling highly scalable and easily customised solutions. It offers cross-asset trading functionality, including algorithmic trading, distribution service, order and pre-trade risk. It also features a liquidity aggregation service, which allows for mixing of different types of liquidity from multiple sources.
This column is going to sound angry, but it isn’t really, it is more mystified!
I think this morning in Asia we saw how the lack of risk takers in banks is confusing and, possibly, deterring customers from having a punt on events. Into the bargain I think they highlighted the point I made last week about how a couple of opportunistic macro funds, who were not ring-fenced by their mandate, are actually having a decent run of things at the moment.
The Global Payments Division of INTL FCStone’s London based subsidiary, IFL, has introduced FXePrice, a proprietary Web-based platform allowing IFL local currency liquidity providers to streamline executable prices to 140 currencies and 175 countries, according to the firm.
The company says it has released the platform to select members of its global network of more than 300 correspondent banks, to obtain feedback and incorporate recommendations. A full roll out to its entire network of counterparties is planned for later in 2018.
BNP Paribas has appointed Neehal Shah as its global head of G10 FX trading with immediate effect.
Shah will be based in London and report directly to Adrian Boehler, global co-head of FXLM and commodity derivatives.
Shah joins BNP Paribas after more than 18 years at Deutsche Bank, where he held a number of senior positions including global head of currency options and complex risk trading, head of FX trading Americas as well as global head of FX investor sales.
Traders do like to moan – I know I did – maybe because it’s therapeutic, maybe because it is (occasionally) true that they are unlucky. More often than not though, it’s because they’re wrong. That said, looking at those indices that track global macro, and listening to traders around the world, it does genuinely appear to be a struggle to make money in FX and rates at the moment. But why is that? We have events – we even have a trend!
It is a conundrum of the current foreign exchange market that while the world is awash with events and opportunities to trade, successful traders seem thin on the ground. Tony Sycamore recently left his FX sales role at Commonwealth Bank of Australia in Sydney and – leveraging his background in sales there and BNP Paribas, as well as his time on the prop trading team at Goldman Sachs in Sydney – has established TechFX Traders, a new advisory firm that seeks to provide structure and discipline to individual traders, and ideas to professionals.