Tag: Morgan Stanley

Morgan Stanley

Eurex Begins Clearing Cross Currency Swaps

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 […]

Wright Exits Morgan Stanley

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 […]

Five on Friday: What Happened in Markets This Week

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 […]

A Closer Look At: Real-time Transaction Cost Estimation

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: […]

The 2019 Digital FX Awards – The Winners

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 Goes Live with DLT Netting Service

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 Fines Two Banks Over FX Manipulation

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.

Ogilvy Joins Morgan Stanley

David Ogilvy has joined Morgan Stanley as vice president, MSET macro e-FX and e-FI distribution.

Based in Tokyo, Ogilvy was working as head of APAC sales for Capitolis prior to this new role.

Before that he spent over nine years with Deutsche Bank, also based in Tokyo, where he held a number of different roles, including head of APAC FX prime brokerage. In this role, Ogilvy had additional responsibilities as a product expert across rates prime brokerage and OTC clearing, and as lead negotiator for all intermediation products.

A Closer Look At: Next Generation TCA

David Wright, managing director and global head of FX electronic distribution, and Jian Chen, head of Quantitative Solutions and Innovations (QSI), at Morgan Stanley, talk about how Transaction Cost Analy- sis (TCA) is moving to real-time.

Profit & Loss: Given that all the major single-dealer platforms have a TCA component now, how do you look to differentiate yourself in this area?

David Wright: So where the post-trade TCA adds value from the client perspective is as a basic benchmarking tool for the algos that they’re running. Then on the pre- trade side where we initially differentiated ourselves was on calculating transaction costs under a number of regimes, giving clients the ability to better understand the expected execution costs of one algo versus another.

FCMs Begin NDF Clearing for Clients at CME

CME Group announces that three of the larger FCMs in the market – Citi, Credit Suisse and Morgan Stanley – have started to clear NDFs for their clients at CME.

This follows on from the announcement from the exchange in late 2017, that seven market participants had agreed to clear NDFs, including three of the top four emerging markets FX liquidity providers, according to the Euromoney survey.

CME claims in a release issued today that its strength in the interest rate swaps (IRS) markets in LatAm and APAC make it “the natural home for participants to clear FX NDFs”.