New research from Morgan Stanley has concluded that emerging markets investors faced a “VaR shock” in the first two weeks of March which led to the “unprecedented” weakness in EMFX markets as they cut overweight positions., but that shock has passed. The research, by Min Dai, head of Asia Rates and FX strategy at Morgan […]
Tag: Morgan Stanley
Profit & Loss understands that Hishaam Caramanli, global head of e-commerce at UBS, has joined trading software provider Ion as chief product officer. Caramanli leaves UBS after a 10 year career, during which he led the team that developed the bank’s multi-award winning single dealer platform Neo. Prior to that he worked for almost eight […]
Market sources say that Hans Gunter Redeker left his role as global head of FX strategy at Morgan Stanley in London last month. Redeker has been with Morgan Stanley since March 2011 when he joined the bank in the global head role after an 11-year career at BNP Paribas – most latterly as global head […]
Eurex Clearing has cleared its first cross currency swap transactions, with the trades being submitted by JP Morgan and Morgan Stanley. In a release issued today, Deutsche Börse Group says that cross currency swaps represent an “important component” of its overall FX strategy, which it is executing across Eurex, Eurex Clearing and 360T. Eurex Clearing’s […]
David Wright has left Morgan Stanley, according to market sources. Based in London, Wright had been with the bank for 16 years and at the time of his departure, was managing director and global head of Morgan Stanley Electronic Trading (MSET) macro. A spokesperson for the bank declines to comment or confirm his departure. Prior […]
Lizzy Birmingham provides a brief roundup of the major FX moves this week, and the drivers behind each. 1) US Economy on “Recession Watch” says Morgan Stanley This Tuesday, chief US equity strategist at Morgan Stanley, Michael Wilson, warned investors of a possible upcoming US recession. In a note to clients, using recent data highlighting […]
Morgan Stanley’s Matt Thomas, global head of MSET macro sales, and Jian Chen, head of quantitative solutions and innovations (QSI), explain how transaction cost analysis (TCA) is evolving into a real-time estimative framework tool. Profit & Loss: Talk to me about how you see transaction cost analysis (TCA) evolving in the FX space? Jian Chen: […]
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 […]
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.
Brazil’s Tribunal of the Administrative Council for Economic Defense (CADE) has approved three Cease and Desist Agreements to settle a cartel probe in the foreign exchange market, involving the Brazilian real and offshore currencies.
The agreements were signed between CADE and the Royal Bank of Canada and Morgan Stanley Bank, as well as Pablo Frisanco de Oliveira, a former Deutsche Bank trader in local markets. A total of BRL 42.9 million ($13 million) will be collected for the Fund for the Defense of Diffuse Rights, as a pecuniary contribution, CADE says.