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 […]
P&L Report Card In terms of banks seeking to make a move up the e-FX ladder the field has thinned out in recent years, mainly because so many have achieved their ambition to either rebuild or to establish themselves. The good news from this is that this report card can be very brief! Probably the […]
Ian Daniels, executive director, head of e-FX distribution, EMEA, at Nomura, talks about algorithmic trading trends in the FX market.
Profit & Loss: Since you joined Nomura, you’ve been working on developing the bank’s algo offering, what are the latest developments there?
Ian Daniels: Our algos are now live on Bloomberg and will soon be live on a number of other major third party venues. I think that one of the benefits of being a later entrant into this space is that you have the experience of previous roll-outs to draw upon. So we knew that access to liquidity and the customisability of our algos would be important characteristics for our clients and that’s why we created algos that enable clients to execute in a default mode or that can be tailored to meet their specific needs.
LCH has received approval for an extension to its clearing licence from the Japanese Financial Services Agency (FSA). The licence extension was granted on 31 October 2018 and enables LCH’s ForexClear service to clear NDFs on behalf of banks and clients based in Japan.
This latest approval comes in addition to LCH’s existing licence to clear non-Yen OTC interest rate derivatives in Japan, which was granted by the FSA in 2016. Prior to LCH obtaining this latest licence, Japanese customers could only access ForexClear through international subsidiaries.
Ian Daniels has joined Nomura as executive director, head of e-FX distribution, EMEA.
Based in London, Daniels most recently worked at NatWest Markets as director, head of e-FX sales, EMEA, prior to this new role.
At NatWest Markets, he was responsible for the distribution of the bank’s electronic offering to financial institutions and corporates across the EMEA region.
Daniels joined NatWest in 1998 and held a variety of roles within the bank’s FX business, joining the e-commerce team in 2006.
Asa Attwell has joined Nomura as head of EMEA EM and FX.
Based in London, Attwell joins from BNP Paribas, where he was head of G10 FX trading. Attwell had been at BNP Paribas since 2001, working in a variety of roles, including as a quantitative FX developer, an FX options trader and the G10 head of options trading.
Prior to working for the French bank, Attwell spent over two years as a quantitative developer at Deutsche Bank in London.
Mark Rossi, managing director, Kurt Magnus, head of real money FX sales, and Paul Lynn, managing director, head of macro sales, EMEA, for rates, FX, EM and F&O, have all departed Nomura in London, according to market sources.
A spokesperson for Nomura declined to comment on the departures.
Rossi first joined Nomura in April 2010 as an executive director in hedge fund sales. He joined from hedge fund Pharo Management, and had also worked at Bank of America and Goldman Sachs.
Magnus joined Nomura Australia in 2010 as an executive director and head of FX sales, and transferred to London in 2012 as an executive director on the real money desk. He was promoted to head the real money desk in 2013, according to sources.
Nomura has announced a number of changes to its senior management structure that includes a new role for Nigel Khakoo, formerly managing director and global head of FX trading.
Based in London, Khakoo is set to transition to a newly created role as global head of quantitative analytics and wholesale CTO. In this position, he will be responsible for leading the bank’s efforts to enhance its quantitative client proposition and build a technology strategy that delivers new products across the wholesale business. Khakoo will report into Steve Ashley, senior managing director, head of wholesale and global markets at Nomura.
Profit & Loss understands that Colin Devereux, former director and chief dealer of G10 spot FX at Bank of America Merrill Lynch, has joined Nomura in New York.
According to sources familiar with the matter, Devereux has joined as executive director and senior risk taker on Nomura’s FX desk.
Devereux left BAML in December 2016 after working there for four years, prior to which he was a director on the FX desk at BNP Paribas in London, having joined that bank from a six year stint at Citi in London. He has also worked at Brown Brothers Harriman and UBS on those institutions’ FX desks.
Market sources tell Profit & Loss that Arthur Mountain has joined Goldman Sachs.