Tag: Sucden Financial

Sucden Financial

Sucden Targets Growth Through Diversity

Following the launch of Sucden Financial’s new OTC FX options service, Galen Stops talks to Noel Singh, head of e-FX business development at the brokerage, about how it’s planning to diversify its FX offering.

Despite having an FX franchise that is over 30 years old, an e-FX offering that has been around for more than eight years and a balance sheet of over $100 million, Sucden Financial is not exactly a household name in the wholesale FX market.

But the firm is now working to change that as it seeks to diversify its FX business in response to changing market conditions.

Sucden Launches OTC FX Options Service

Sucden Financial has launched an OTC FX options service. The new offering is designed to provide users with the ability to price their own option structures online and benchmark those prices against independent data for greater transparency.

It will offer clients the choice of trading via an online trading platform or traditional voice methods.

Talking to Profit & Loss about the launch, Pritesh Ruparel, Sucden’s head of FX options origination and structuring, identifies three main goals for the new service. The first is improving the cost and availability of data for clients, the second is providing access to good liquidity and the third is improving the overall user experience for Sucden clients trading FX options.

How Does FX Get Back to Growth?

After the Bank for International Settlements (BIS) Triennial FX Survey revealed last year that the industry has shrunk in terms of notional volumes for the first time in 15 years, speakers at Forex Network London outlined the factors that could help this market get back to growth.

During the discussion the speakers on the panel outlined a number of issues that have constrained trading volumes over the past three years, including technology shortcomings, a lack of investment in some areas of the market, and regulatory challenges.

Against this background, the question was put to the panellists, how does the FX industry get back to the kind sustainable growth that it witnessed between 2001 and 2016?

Credit Not Only Factor Changing Prime Services

As access to credit has becoming increasingly constrained in the FX market, Noel Singh head of e-FX business development at Sucden Financial, explains that this is only factor at play in the evolving prime services space.

Questioned on the new credit reality in FX markets, Singh responded: “I think credit is only one aspect of the story and I think that post-SNB, when the top tier prime brokers lost money because their clients couldn’t make good the losses, that started it, but I think it’s now the concept of how much is the wallet worth to the prime broker.”

Sucden Appoints Singh Amid FX Expansion Plans

Sucden Financial has appointed Noel Singh as head of e-FX business development, where he will lead the firm’s growth of its non-bank FX prime brokerage business.

In his new role Singh will be tasked with targeting institutional firms, including asset managers, hedge funds and prop trading houses.

Sucden says that his appointment comes as part of a significant investment plan to expand the company’s FX business. This plan includes the introduction of Cobalt DL, utilising blockchain derived technology, which the firm claims can significantly cut post-trade costs and mitigate risk when trading across multiple venues.

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