As technology continues to shape financial markets, what are the implications for how FX products are traded in Latin America? The electronification of markets in continuing apace, yet many FX products outside of the spot market have proven stubbornly resistance to this trend. What are the barriers to automating NDFs, swaps and options, and are […]
Carlos Mosquera Benatuil, the CEO of Mexico-based Solidus Group, which focuses on digital finance through its crypto hedge fund, Solidus Capital, and crypto OTC desk, Solidus Markets, talks to Profit & Loss about why cryptoassets are more than just a vehicle for speculation in Latin America.
Profit & Loss: What are some of the key differences you see between crypto trading in Latam compared to the US?
Carlos Mosquera Benatuil: So there are only a few places for cryptoasset price discovery in Latam, but the bigger exchanges are pretty good. The market still lacks sophisticated traders, however, which has actually been a challenge for us as we’re looking to hire staff for the proprietary trading desk that we’re building out.
Edgewater Markets recently hosted an event in Lima, Peru, to celebrate the continued roll out of its new LatamFX.Pro platform. Galen Stops attended the event and sat down with the firm’s senior management to discuss why they’re making such a strong push in Latin America.
n a nutshell, the central thesis behind Edgewater Market’s Latam strategy is that their technology can be used to convert the NDF market into an NDF trading platform and thereby enabling local market participants to aggregate, consume and distribute FX rates more efficiently.
Edgewater Markets has made its dedicated Latin American currency and NDF trading platform, LatamFX.Pro, available to European clients.
The aim of the platform is to service the needs of local banks, pension funds, hedge funds, brokers and end users for the hedging and execution of Latin American FX and NDFs.
Initially launched in the LatAm region, Edgewater says that it is making the platform available to European clients due to strong initial demand from its customers in the region, who have historically found it challenging to access LatAm liquidity that is untouched by HFT and algo trading systems.
Edgewater Markets has launched a new South American operation based in Santiago, Chile, that will be headed up by Jose Antonio Buenaño.
Prior to joining, Buenaño was head of financial institutions derivatives origination for Latin American clients at Sumitomo Mitsui Banking Corporation.
Before that, he was CEO at Tanner Corredores de Bolsa, a securities dealer firm, after holding management positions in New York City at Credit Agricole and the Royal Bank of Scotland as head of LatAm sales, focusing on financial institutions in Brazil, Chile, Colombia, Mexico and Peru.
Fortex has hired Paula Osorio Pérez as director of sales for the Latin American market.
Pérez most recently held the position of director, sales and relationship management for Thomson Reuters (TR) where she helped grow the Mexico business for TR and their FXAll trading platform.
Prior to that, Pérez held roles in commercial banking, e-FX Sales, and FX sales for global banking and markets at HSBC. At the bank she worked on the trading and sales desks, executing day-to-day FX and money market trades for global banking and markets’ clients.
Edgewater Markets is launching a local server in Tokyo.
The deployment of the server in the TY3 data centre will enable customers to connect directly to the Edgewater local environment.
The installation of the TY3 server follows a year’s worth of development by the firm.
It also follows a number of senior hires last year in Edgewater’s New York, London, Singapore and Mexico City offices and the launch of the first-ever local matching engine in Mexico City’s KIO-5 data centre.