Citadel Securities has hired James Edwards in a FICC sales and relationship management role.
Based in London, Edwards joins the firm from JP Morgan, where he was vice president, e-FICC sales, for over three years.
Prior to joining JP Morgan in 2013, Edwards worked at Bloomberg, initially in analytics and sales, specialising in FX and commodities, and later as an associate focused on Scandinavian financial sales.
Between 2008 and 2010, he worked on the FX corporate sales desk at MoneyCorp.
Citadel Securities has hired Evran Ozkul as an e-FX trader in New York.
Prior to joining the non-bank market marker, Ozkul had been with Goldman Sachs for three years, having joined the firm in April 2013.
Ozkul has also worked as a trader at Jeffries and Bank of America Merrill Lynch.
Citadel Securities and XTX Markets have signed up as Cobalt launch participants.
Cobalt’s FX solution is set to launch later this year. There are currently 22 beta participants on Cobalt’s peer-to-peer network including Citi, which became a Cobalt investor in 2016, and Cobalt’s technology partners, including Setl, First Derivatives and Tradepoint.
Cobalt has also announced the expansion of its core team and the opening of a New York office.
Devika Darbari joins Cobalt as COO from JDX Consulting, where she was a board member and CEO Americas. She will also head up operations in the US.
Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.
Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results.
The industry’s changing dynamics are starting to show. Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.
Shawn Egger is set to join FastMatch has head of sales, Americas, effective June 5, 2017.
Prior to this latest appointment Egger headed sales for Citadel Securities’ market making group, a New York-based position that he had held since 2014.
Before Citadel, Egger had spent time working as head of institutional sales, Americas at Swissquote and VP of sales at Integral Development.
Shortly after Citadel Securities won the Best Market Maker in Major Currencies category at Profit & Loss’ The FoXys Reader’s Choice Awards, Kevin Kimmel, global head of e-FX at Citadel Securities, sat down to discuss what firms want from a modern liquidity provider.
“I think it’s important for market makers to customise their liquidity to each individual consumer,” says Kimmel.
Although he acknowledges that “market impact” has become something of an industry buzzword recently, Kimmel maintains that there truly is a large segment of the liquidity consumer universe that is looking to trade with firms that are willing to warehouse risk because it will help minimise their market impact. There is also though, he says, clients that are much more aggressive in accessing the market that just want tight prices and a high fill rate.
Market making in emerging market currencies is a key way for liquidity providers to differentiate themselves in an increasingly competitive G3 landscape, says Kevin Kimmel, global head of e-FX at Citadel Securities.
“Where there’s a lot of demand and where there’s also an opportunity to differentiate yourself as a liquidity providers is in the less liquidity currencies, in the Scandies, in Ems, where you don’t necessarily have as many people with really tight top of book liquidity,” he comments
In contrast, G3 spot FX market making has become so commoditised and the pricing is so tight already that Kimmel says that he is unsure whether a new market maker pricing just these currencies would really add significant value to the overall FX ecosystem.
Citadel Securities has partnered with BestX to provide its clients with independent analysis of its FX execution quality.
"We're confident in the quality of our execution and partnering with an independent TCA provider demonstrates this. From a market structure standpoint, I think that the FX market can benefit from more transparency, whether it's through independent measurement of execution quality or the creation of a central tape," Kevin Kimmel, global head of e-FX at Citadel Securities, tells Profit & Loss.
Kimmel says that providing independent TCA provides value because it eliminates any potential concerns of bias in the execution analysis and because it helps create standardisation in terms of how the analysis is conducted.
Rashelle Salimi and Evran Ozkul have left Citadel Securities in New York, according to market sources.
Salimi, who was a FICC relationship manager at Citadel, joined from Bank of America Merrill Lynch (BAML), which she left at the end of 2016 to go to Citadel. At BAML, she was initially head of FX algo sales for North America and later a managing director, Americas e-FX sales.
Before joining BAML in 2015, Salimi spent over five years at Credit Suisse and nearly four at Bloomberg before that.