Integral has announced the appointment of ex-ION Trading CEO Gavin Bambury as its chief technology officer (CTO).
He brings more than two decades of trading and technology experience to his role at Integral. In addition to serving as both CEO and COO at ION Trading, Bambury has also held positions as global head of business re-engineering at Deutsche Bank and CTO of fixed income, currency and commodities at Citigroup.
Harpal Sandhu, CEO of Integral, adds, “Gavin is an amazingly talented designer, technologist and leader.”
Ebrahim Rahbari has internally moved to join Citi’s FXLM business as global head of FX analysis and content and has also been named as the bank’s chief G10 currency strategist.
According to an internal memo seen by Profit & Loss, Rahbari will report into Itay Tuchman, global head of FX at Citi, and will also join the FX trading management team. He will be based in New York
In his new role, Rahbari will be responsible for developing and implementing Citi's strategy to provide FX analysis and other content across G10 FX strategy, FX Wire/trader content, trade ideas, technical analysis, and any other forms of FX-related product.
Minh Phung has joined Citi as director, FXLM trading, in Singapore.
Prior to this, Phung’s latest role had been with Natixis Asia, where he was head of G10 and emerging markets trading in the bank’s Hong Kong office.
Phung had been with Natixis Asia for over six years, having joined in 2011 after spending over two years as director, global emerging markets trading, at RBC Capital Markets.
Between 2004 and 2008 Phung was a managing director at Bear Stearns, and before that he spent over seven years as a senior dealer, global emerging markets, at Credit Agricole Indosuez.
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.
LCH says that its ForexClear members have reduced their notional outstanding by $4.5 billion through the use of the service’s compression solution. Citi and Standard Chartered Bank are among the first participants to actively compress their trades at ForexClear.
Compression is the process by which clearing members and their clients can eliminate offsetting trades to reduce notional outstanding and the number of line items in a portfolio. Capital requirements such as those introduced under the Basel III leverage ratio have incentivised banks to reduce notional outstanding.
Citi says it has raised a record $7 million through the 2018 edition of its annual e for Education campaign. Launched in 2013 by Citi's foreign exchange and local markets (FXLM), the initiative has raised $30 million over the past six years in support of several key projects focused on youth education and literacy.
The banks says that more than 300,000 students have been supported by the campaign globally through various initiatives spanning 28 countries worldwide. Citi's FXLM business donates $1 for every $1million of FX that clients traded via a broad range of electronic platforms including its single-dealer platform Citi Velocity and CitiFX Pulse for corporate clients. For the first time this year, the campaign also included local market bonds, in addition to FX.
In this week's podcast Colin Lambert and Galen Stops tackle two big stories in the FX market: the recent flash crash in the Asia markets and the changes at Citi's FX prime brokerage (FXPB) business.Both Lambert and Stops express skepticism that the news regarding Apple's profits in China was the cause of the flash crash, although the former is equally unsure about an alternative theory put forward by the latter to explain the price moves. Both agree though that the event was symptomatic of changes in the nature of liquidity in the FX market, and note a disparity between what many market participants will say in private and in public on this matter.
Citi and Eaton Vance Management have cleared the first FX cash-settled forwards at CME Group. CME cleared the two EUR/USD trades on January 15. The exchange group currently offers clearing for 26 currency pairs of FX cash-settled forwards and 11 pairs of NDFs.“CME Group is pleased to clear our first cash-settled forwards, which provide a new capital-efficient way for our customers to trade G10 foreign exchange. This first cash-settled trade, combined with the recent increase in our non-deliverable forward clearing volume in late 2018, allows us to work with our clients, clearing members and liquidity providers to help customers mitigate their risks through cleared solutions,” says Sean Tully, global head of financial and OTC products at CME.
Barclays has announced the appointment of Pritpal Gill as head of G10 foreign exchange and FX options trading for Asia Pacific. Based in Singapore, he will be responsible for developing and driving the G10 FX Trading strategy in the region, the bank says.
Gill has over 25 years of FX experience, mostly with Citi, from where he joins. He started his career at Citibank in London trading vanilla and exotic FX options, before moving eight years later to Lehman Brothers as global head of FX options trading. He then returned to Citi as head of FX trading for Asia, based in Singapore.