The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Officers and Board members at its annual meeting on February 5.In roles that took effect March 1, 2019, Lisa Shemie, Associate General Counsel of Cboe Global Markets and Chief Legal Officer of Cboe FX and Cboe SEF, was elected as the group’s new Chair; Jill Sigelbaum, Head of FXall, Refinitiv, was elected Vice Chair; Paul Houston, Global Head of FX, CME Group, was tapped as Treasurer; and Jason Vitale, Managing Director, Chief Operating Officer FX & Head of Client Execution, BNY Mellon, was re-elected as Secretary.
The Foreign Exchange Professionals Association (FXPA) has announced the addition of Capitolis as the newest associate level member of the FX trade group.
“The changing market landscape and regulations are forcing all of us to think differently around the future structure of the market,” says Gil Mandelzis, CEO and founder of Capitolis. “Capitolis is responding to those changes by finding new ways of connecting capital with the best collaborative solutions to clients all over the world. We are pleased to support the FXPA in their efforts to benefit the industry and the wider public by promoting better standards and practices in accordance with their mission to foster a healthy global FX market.”
John Shay, president of FXPA, adds, “We are thrilled to welcome Capitolis to our ranks at FXPA, as Gil and team represent another vibrant, innovative and potentially disruptive solution to the global FX space that our membership community is well positioned to embrace.”
There appeared to be a broad consensus in the responses to the Commodity Futures Trading Commission’s (CFTC) proposed swap dealer rules that the Commission should retain the current $8 billion de minimis threshold for swap dealer (SD) registration and that NDFs should be excluded from the threshold calculations.
Since 2012, Commission regulations have stated that market participants will not be considered a “swap dealer” unless they trade over $8 billion per year in aggregate gross notional amount (AGNA). This $8 billion threshold was meant to be a temporary phase-in period, with the threshold ultimately due to be reduced to $3 billion.
Join members of the Foreign Exchange Professionals Association (FXPA) on Wednesday, May 30, for a webinar on the “FX Global Code: One Year Anniversary – Where are We?” at 10am (Eastern US)/3pm (UK)/10pm (Singapore).
This webinar, hosted by the FXPA, takes a look at how firms are approaching adherence to the FX Global Code of Conduct in the FX markets, which was released on May 25, 2017.
Join FXPA’s chairman, Chip Lowry, senior managing director of State Street Global Markets; David Puth, vice chair of the Global Foreign Exchange Committee and CEO of CLS Bank International; Lisa Shemie, FXPA board member and chair of the policy committee, and associate general counsel, chief legal officer of Cboe FX Markets and Cboe SEF at Cboe Global Markets; and Mark Bruce, FXPA’s chair of the Global Code Working Group and head of FICC at Jump Trading.
The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board members at its annual meeting on March 6, and re-elected Chip Lowry, senior managing director at State Street Global Markets, as chairman, and Sean Tully, senior managing director at CME Group, as treasurer.
Members new to the Board include Lisa Shemie, chief legal officer, Cboe FX and Cboe SEF; Jill Sigelbaum, head of FXall, Thomson Reuters; and Christopher Matsko, head of FX trading services, Portware. Members re-elected to the Board include: Jason Vitale, COO FX & head of client execution, BNY Mellon Global Markets; Jonathon O’Donnell, investment manager, CalPERS; Tahreem Kampton, senior director, Microsoft; Tod Van Name, global head of FX electronic trading, Bloomberg; Stephen Komon, senior portfolio manager, Colorado PERA; KC Lam, head of FX and rates, Singapore Exchange (SGX); and Lowry of State Street.
The Foreign Exchange Professionals Association (FXPA) has appointed John Shay as president of the organisation, a newly created role. Additionally, FXPA has hired Mercury Strategies, represented by Justin Slaughter, as its new legal counsel. “We are excited to welcome John and Justin to FXPA. They will be involved on a day-to-day basis, leading the group’s efforts to focus on the issues that matter most to the FX industry and help fulfil our mission statement, which is to advance a sound, liquid, transparent and competitive global currency market through education, research and advocacy,” says FXPA chairman Chip Lowry.
Hotspot says it has aligned its activities across its global business with the principles of the FX Global Code, issuing a statement of commitment today.
Following a comprehensive internal review, Hotspot says that its business practices, procedures, compliance framework and disclosure standards have been augmented to fully reflect the Code’s principles, as published in May 2017.
The platform has also conducted a series of customer meetings to clarify how Hotspot’s adherence will impact them and their business. These efforts, which started over a year ago and developed as the Code’s drafting progressed, will remain a focus for Hotspot as adoption of the Code increases across the FX community and as its usage starts to further inform industry behaviour.
The US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has appointed Matthew Kulkin to serve as director of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO).
Kulkin comes to the CFTC from the law firm Steptoe & Johnson, where, as a partner, he advised financial market participants on legislative and regulatory issues.
“I am pleased to welcome Matt to the commission,” says Giancarlo. “He comes with a wealth of knowledge on Dodd-Frank Act regulation and our derivatives market that will serve us well.”
The Foreign Exchange Professionals Association (FXPA) will be promoting the FX Global Code of Conduct given that it addresses so many issues that the association has already been working on, according to its chairman.
“There’s a preamble in the Code that it wants to promote a robust, fair, liquid, open, transparent market and those are the exact same adjectives that we use in the FXPA [mission statement], and so we look at this as being very complementary to our mission and we’re certainly going to be promoting the Code,” says Chip Lowry, senior managing director at State Street Global Markets and chairman of the FXPA.
Despite two years of intensive work to produce the FX Global Code of Conduct, Chip Lowry, senior managing director at State Street Global Markets and chairman of the Foreign Exchange Professionals Association (FXPA), warns that the hard work in terms of adherence to the Code is just beginning.
Having just participated in a panel at Forex Network New York discussing the implementation of the Code, Lowry comments: “It took two years to get to this point with the Code, and that’s been a lot of work. But I think that one of the things that came out on the panel was: now the hard work begins.”