There have been numerous attempts in the past to create buy side to buy side matching pools for FX, with very limited success. FX HedgePool is the latest venture seeking to do this and, as the company edges towards launch, Galen Stops takes a look at what it is doing differently. In April, Profit & […]
Tag: Standard Chartered
BidFX has added Standard Chartered Bank’s (SCB) full algo suite to its platform. John McGrath, chief revenue officer at BidFX, comments: “SCB are a leading liquidity provider on the BidFX platform and the expansion to add their algo suite has been very well received by the institutional buy side currently using BidFX. The evolution within […]
Scepticism abounds in this week’s In the FICC of It podcast as Colin Lambert and Galen Stops take a look at the latest bank to unveil a digital markets strategy – including all your favourite buzzwords. While Stops believes this is the latest move in what will be a growing trend, our podcasters also wonder whether it’s not really just a rebranding exercise?
They then move into more traditional areas and discuss JP Morgan’s survey on FX market conditions, and while they agree with a lot of the findings, there are one or two areas that raise an eyebrow, not least around internalisation and AI.
AI-generated trading and liquidity are also the forefront as they move on to share their thoughts around the flash crash in Jardine Matheson stock last week in Singapore, including asking the question, what does it mean for market maker programmes and certain order types?
The discussion then moves on to look at the latest FX turnover surveys from the world’s FX committees, with particular attention on three interesting/puzzling (delete as appropriate) elements of the UK report surrounding RMB, NDFs and voice brokers.
The podcast ends on with Lambert praising “the optimism of youth” after Stops highlights what he thinks could be a very important line at the end of the latest document detailing an FX-related fine in the US – in other words, the cynic in him won the day!
The New York Department of Financial Services (DFS) has fined Standard Chartered Bank $40 million for attempting to rig transactions in FX markets between 2007 and 2013. An investigation by the DFS, as well as an internal review by the bank, found that bank traders used a range of illegal tactics to maximise profits or minimise losses at the expense of the bank’s customers or customers at other banks. Specifically, it was found that between 2007 and 2013, traders based in New York and elsewhere joined traders at other locations in a chat room called “Old Gits”. According to the DFS, the chat room was formed so that traders could coordinate trading, share confidential information and otherwise affect FX prices, with one trader apparently describing the chat room to a new member as “a den of thieves”.
Neh Thacker has left Standard Chartered, where he was global head of macro trading, and Chris Allington is also going to be leaving his position as regional head, financial markets West.
A spokesperson for the bank confirmed the departures, stating that Allington is due to leave in the coming weeks “to pursue other opportunities”.
Profit & Loss understands that Cengiz Belentepe will become regional head, financial markets West, in addition to his current role as global head, commodities. Roberto Hoornweg, global head, financial markets will assume management responsibility for the macro business on an interim basis.
CME Group says it has completed its first initial margin optimisation cycle in collaboration with Quantile Technologies, which generated over $1.2 billion in NDF clearing across multiple currency pairs from banks including Citi and Standard Chartered.
CME announced its NDF service in late 2017 and started clearing at the start of this year with three futures commission merchants (FCMs), Citi, Credit Suisse and Morgan Stanley.
With the ongoing implementation of the uncleared margin rules across both sell-side and buy-side firms, CME has been focused on delivering the greatest capital and margin efficiencies for our global clients, the exchange group says.
Jason Leinwand has joined Standard Chartered as head of sponsored solutions Americas. Based in New York, he joins from FirstLineFX, a firm that he founded in 2016 to provide FX strategy advice.
Before that, Leinwand spent more than eight years at MetLife, where he was head of FX trading and strategy.
In that role he was responsible for providing currency trading and hedging strategies for all lines of business and all countries that generate currency exposure, which included managing overlay risk in an emerging markets debt portfolio, developing and executing a multi-billion dollar tail hedge program and actively managing a $12 billion currency portfolio that provided significant working capital to treasury on an annual basis.
Steven Englander has joined Standard Chartered as G10 head of FX research and North American macro strategy.
This new appointment comes shortly after Profit & Loss reported earlier this month that Englander has left his role at Rafiki Capital, an investment advisor based in Hong Kong that specialises in global macro strategy.
Englander has been with Rafiki since June 2017, prior to which he spent seven years at Citi, where he was head of G10 FX strategy in the bank’s New York office.
Englander has also worked as the chief FX strategist for the Americas at Barclays Capital and spent eight years with Citibank/Salomon Smith Barney, where he was global currency economist based in London.
Standard Chartered Bank (StanChart) has appointed Jens Andersen and Molly Duffy as co-heads, financial markets, Americas.
Based in New York, Andersen and Duffy report to Chris Allington, regional head, financial markets, Europe and Americas; and Torry Berntsen, CEO, Americas, and regional head, corporate and institutional banking, Americas.
Andersen also has the additional responsibility as head of trading, FX rates and credit (FXRC), Americas, while Duffy is also head, financial markets sales, Americas.
In a release issued today, the bank says, “These appointments demonstrate the bank’s focus on growing its franchise and capabilities to service OECD-based clients, and strengthening its financial markets platform to deliver more comprehensive product solutions to clients globally.”
Five banks have filed to settle a class action lawsuit brought against them over FX benchmark manipulation claims.
According to papers filed in New York, the settlement agreements resulted from “arm’s-length negotiations between highly experienced counsel and fall within the range of possible approval”.
Morgan Stanley has agreed to pay $50 million; Societe Generale $18 million; Standard Chartered Bank $17.2 million; Royal Bank of Canada $15.5 million; and Bank of Tokyo-Mitsubishi UFJ $10.2 million. All five banks continue to deny wrongdoing.