Following the results of the UK referendum decision to leave the European Union last week the common consensus amongst FX market participants has been that the biggest surprise – apart from the result itself – was how well the FX market handled ...
Market sources tell Profit & Loss that systematic hedge fund BlueCrest Capital Management is closing its FX volatility desk.
Sources familiar with the matter say that up to 20 employees could be affected by the closure. BlueCrest continues to trim its business, at the end of last year it returned all money to investors and focused on managing its own funds, mainly through macro-economic strategies.
At the same time, Reuters reports that six members of the firm’s equities team have left to join US fund Citadel to run its global quantitative strategies fund.
ADS Securities, Citadel...
Shawn Egger, co-head of FX market making sales at Citadel Securities in New York, has left the firm, sources say.
Meanwhile, Rashelle Salimi, who was managing director, Americas e-FX sales at Bank of America Merrill Lynch (BAML), has joined the firm, according to sources.
Salimi joined BAML in 2015 as head of FX algo sales for North America. Prior to BAML, she spent nearly eight years at Credit Suisse and was at Bloomberg prior to that.
While a BAML spokesperson confirms Salimi’s exit, her new role, which is believed to be in e-FICC sales, at Citadel and Egger’s departure could not be confirmed by press time.
On a panel discussion entitled “The Twists and Turns of FXPB”, speakers at Profit & Loss Forex Network Chicago discussed the possibility for technology to radically re-shape the prime services ecosystem.
Technology’s impact on prime services was the jumping off point for the last panel at Profit & Loss Forex Network Chicago. Peter Plester, head of prime brokerage at Saxo Bank A/S highlighted the impact that technology had already in terms of risk management in this segment pointing out that the traditional plumbing for starting up a prime broker was to connect to NEX Traiana and the various ECNs and have STP for tickets, but that the central risk system internal to the PB was fairly manual.