The Financial Markets Standards Board
(FMSB), established in the wake of last years Fair and Effective Markets review
(FEMR) process in the UK, has published its first draft standard aimed at
improving conduct in FICC markets.
The FMSB’s work ...
The past year has seen “significant progress” in the implementation of the Fair and Effective Markets Review (FEMR) recommendations; however, “the job is far from being done” as a “lack of trust in financial markets” remains and the focus is ...
George Harrington has left his role as the head of Bloomberg’s fixed income, currency and commodity (FICC) trading business (FICC).
In this New York-based position, he was responsible for overall strategy and delivery of the Bloomberg Fixed Income Trading (FIT) FIT and FXGO platforms.
Philip Cenatiempo, head of global markets at Bloomberg, will assume Harrington’s responsibilities.
Prior to this role, Harrington was head of product management for Bloomberg’s fixed income derivative trading business, overseeing single and multi-dealer execution services, clearing and legal execution services, and VCON – Bloomberg’s Voice trading network.
Hugh Killen, global head of fixed income, currencies and commodities at Westpac, stepped down from the role yesterday, Profit & Loss understands and is taking a career break.
Killen is leaving Westpac after a 16-year career with the bank having joined in June 2001 from State Street in Sydney where he was on the spot FX desk. Prior to State Street, Killen worked in spot FX at Dresdner Sydney and Elders Finance in Sydney.
In his time at Westpac Killen worked as country head of the Americas, based in New York, before returning to Sydney to head up first institutional FX and then the global FICC business.
In a speech delivered today to the FICC Markets Standards Board (FMSB) in London, Mark Carney, Governor of the Bank of England (BoE), expressed optimism that new measures aimed at preventing misconduct in the FICC markets are having a significant impact.
These measures, set out two-and-a-half years ago in the Fair and Effective Markets Review (FEMR), are designed to improve confidence in FICC markets after a series of scandals.
“Multiple factors contributed to a tide of ethical drift in FICC markets. Market standards were poorly understood, often ignored and always lacked teeth. Too many participants neither felt responsible for the system nor recognised the full impact of their actions. Bad behaviour went unchecked, proliferated and eventually became the norm,” noted Carney in his speech.
The traditional Markets business model in banking is under pressure, Colin Lambert talks to Imed Souki, global head of FRC trading at UBS, and Christopher Purves, recently appointed head of UBS’ Strategic Development Lab for FRC, about how the bank is responding to a such a challenging environment.
Colin Lambert: UBS recently announced a change in structure for its FX, Rates and Credit (FRC) business, can you outline the new business model?
Imed Souki: There has not been a significant change in the structure of the business, it is really a continuation with me taking sole responsibility for the business today, whereas Chris is tasked with taking it where it needs to be in the future. The client relationship dynamic is changing and we want to ensure we are, and remain, relevant to our clients.
FICC data analytics company Mosaic Smart Data has launched a new feature for its MSX platform enabling users to instantly generate text reports on their trading activity data using machine learning.
The feature will be available to all MSX users and will allow a trading activity report, which would take a member of staff hours to create, to be generated instantly.
The firm says the new service uses a machine learning technique called natural language generation (NLG), meaning MSX can generate trading activity reports on any set of analytics on the platform including both voice and electronic trade data.
In the Profit & Loss 2018 Digital FX Awards, Barclays was the winner of the “One to Watch in 2018” category and, looking back now at the end of the year, it seems that the bank might be on its way to justifying this decision.
After a couple of years during which there was a clear slowdown in terms of product development within Barclays’ e-FX franchise, the bank appears to be shifting onto the front foot again.
It has made a raft of senior appointments within its FX business this year, with Alex Shterenberg hired as global head of G10 and EM e-FX trading, Jeremy Monnier as a managing director, Fabio Madar as the global head of G10 FX trading and distribution, James Hassett as global head of EM macro trading, and Mauricio Sada-Paz as global head of e-FICC product and distribution.