OpenFin, which offers and operating system (OS) for financial services, has hired Tim Dinsdale as its European CTO. In this role Dinsdale will be responsible for leading the firm’s technology efforts across the region, expanding OpenFin’s London-based development team and driving its desktop services initiatives globally. He is also set to lead the development and […]
Tag: Goldman Sachs
This year Profit & Loss decided to update the format and judging categories of our annual Digital FX Awards. The process remains subjective but we have not restricted ourselves to the narrow confines of previous years’ categories. Instead of many of the categories, we have created Awards for Excellence in e-FX, something that we believe […]
Portfolio Algo Execution Goldman Sachs has rolled out its new algo product suite including its NDF hybrid algo – it had long offered an NDF TWAP strategy – but of more interest was its portfolio rebalancing and gamma algos. We go into the portfolio strategy in more detail in our Closer Look feature, but it […]
Goldman Sach’s David Wilkins, global head of e-FX sales, and Ralf Donner, head of client FX algo execution, talk about a new algo launch that they claim offers a new way to trade FX. Profit & Loss: So tell us about the new algo that you recently made available to your clients. David Wilkins: It’s […]
This week’s podcast opens with Galen Stops gloating over Colin Lambert because CTAs – and in particular ones using trend following strategies – are (finally!) producing some positive returns. One swallow doesn’t make a summer, argues Lambert, but Stops is convinced that this is the beginning of an upswing for these hedge funds. This leads into a more serious discussion about some the challenges facing CTAs when their trend following models aren’t working. For example, do they alter their models to improve returns at the risk of diluting their potency as a diversifier within investors’ portfolios?
Goldman Sachs has launched a Basket Algo, which gives clients the ability to take numerous FX trades and then trade them as a basket.“The launch of this algo came from really recognising the pinch points of clients’ workflows and understanding what they’re trying to achieve,” David Wilkins, global head of e-FX sales at Goldman Sachs, tells Profit & Loss. “And I want to make it very clear: this is not any kind of simple trade batch uploader. Indeed, we think this is an entirely new way to trade FX.”The essential thesis behind the algo is that deeper examination of client workflows and trading activity shows that although these firms tend to execute trades on an individual basis, in many cases, they don’t need to be, and it would in fact be cheaper and more efficient for them to instead execute them as a basket.
Profit & Loss understands that two FX traders at Goldman Sachs have left the firm to set up a sports betting site called Sportstack. The two traders, Kristian Brauten-Smith and Nick Smith were both based in London, Krauten-Smith had been at Goldman for seven years as a G10 spot trader and Smith had been at the bank for just under three years also as a G10 spot trader, having joined from a similar spell on Citi’s FX desk in London.
CLS’s new payment netting service based on distributed ledger technology, CLSNet, has gone live with Goldman Sachs and Morgan Stanley.
In a release issued today, CLS says that six additional participants from North America, Europe and Asia have committed to joining the service, although the only one it names is Bank of China (Hong Kong), and that the onboarding of several other market participants is planned in the next few months.
CLSNet has been designed to standardise and increase the levels of payment netting in the FX market for trades not settling in CLSSettlement. By standardising and automating the calculation of payment netting, CLSNet aims to reduce costs for market participants and increase liquidity in FX markets. The service was built in conjunction with IBM and runs on the Linux Foundation’s Hyperledger Fabric blockchain framework.
Former European head of FX spot trading at Goldman Sachs, Mitesh Parikh, has been told he must submit himself to questioning by US authorities over the benchmark manipulation lawsuit brought against a group of banks.
The class action lawsuit was brought against 15 banks, 14 of which have settled. The remaining bank yet to agree a settlement – which was finalised in New York earlier this month – is Credit Suisse. In a judgement released by the UK High Court this week, it is revealed that Parikh has lost his application to avoid giving oral testimony in New York.
Barclays has named Justin Brickwood as managing director, head of markets innovation. Based in London, he will join Barclays in September and will report to John Stecher, chief innovation officer at the bank.
In what is a newly-created role, Brickwood will, the bank says, be responsible for driving client focused innovation across its Markets division’s electronic offerings as well as increasing the efficiency of the bank’s internal platforms. “He will partner with colleagues across markets and technology to enhance the client offering, incorporating the best artificial intelligence, machine learning and optimisation techniques,” Barclays adds.