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Articles tagged by FXPA

Jump Trading Joins FXPA Jump Trading has become the latest addition to the Foreign Exchange Professionals Association (FXPA), joining the group as a governing council member of the FX trade group. “We are pleased to have the opportunity to participate in FXPA, which promotes active discussions around the most pressing matters in the changing FX space,” says Mark Bruce, business development, head of FICC at Jump Trading. “The vision for FXPA is expressed in the mission statement, which is to represent the collective interests of professional foreign exchange industry participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy. We are pleased to welcome Jump Trading to join us in this effort,” says an FXPA spokesperson.
FXPA Expands with HC Technologies Membership HC Technologies has joined the Foreign Exchange Professionals Association (FXPA) as a supporting member of the FX trade group. “HC Technologies is pleased to support the FXPA in its efforts to promote discussion between regulators and market participants in the ever-changing global FX environment,” says Joe Niciforo, managing partner of HC Technologies. The addition of HC Technologies brings the FXPA’s membership up to 24 firms, after Jump Trading joined the group as a governing council member earlier this month. “FXPA’s aim is to represent the breadth of the industry’s views to those in legislative and regulatory policymaking roles in an effort to educate and support those with oversight of our markets. Being a consensus-driven organisation enables members to come together on a variety of essential topics to produce views that represent a market with many variables. We are pleased to welcome HC Technologies into the growing number of firms that are lending their voice to the work that FXPA is doing,” says an FXPA spokesperson.
Goodbody to Leave Bats Hotspot Bill Goodbody is set to leave his position as senior vice president, head of FX, at Bats Hotspot. A spokesperson for the company in New York, where Goodbody is based, confirms the news. There is no set date for his departure, but a transition period is planned with the broad expectation that he will officially leave the firm sometime in January 2017. Goodbody has been working at Hotspot since before it was acquired by Bats Global Markets in March 2015, having been made a managing director at the platform in 2008 when it was owned by KCG.
INTL FCStone Becomes 25th Member of FXPA The Foreign Exchange Professionals Association (FXPA) has announced INTL FCStone as the newest Supporting Member of the FX trade group, bringing the total number of institutional members to 25. Edgar Ramon, global head of foreign exchange at INTL FCStone Markets, says: “We are proud to now be an FXPA member firm and to join with other members in education, research, and advocacy initiatives for the foreign exchange industry. As the first non-bank swap dealer, we are intimately familiar with the constantly changing FX landscape, and will leverage our significant knowledge to further the FXPA’s goal of advancing a sound global currency market.
Why FX Needs a Unique Regulatory Approach Matt Kulkin, a partner at Steptoe and Johnson, explains to Profit & Loss deputy editor, Galen Stops, why a “copy and paste” approach to regulation won’t work for FX. FX is often referred to as an “unregulated” or “self-regulated” market, and yet in recent years bans have been fined billions of dollars by regulators for alleged infractions in this market, while criminal charges are being brought against FX traders in the US courts. Kulkin explains this disparity by pointing out that the entities involved this market are regulated and therefore subject to oversight by a various national authorities. However, unlike the securities markets or the OTC derivatives markets, there aren’t concrete regulations regarding the market place, he says.
FXPA Elects New Officers, Board Members The Foreign Exchange Professionals Association (FXPA) announced the results of its elections, which took place on February 16, and resulted in a slate of new Board members, as well as four officers to serve on the FXPA’s Executive Committee (ExCom). FXPA members re-elected Chip Lowry, senior managing director of State Street Global Markets, as chair, and Sean Tully, senior managing director, financial and OTC products, CME Group, as treasurer. FXPA members also elected two new officers to the ExCom, Fulinda Rouse, co-head of global accounts, EBS BrokerTec, as vice chair, and Paul Millward, head of FX product strategy, Bats Global Markets, as secretary.
Webinar: “How Does the Global Code Apply to Me?” The Foreign Exchange Professionals Association (FXPA) is hosting a webinar on Wednesday, May 31, that looks at “How Does the Global Code Apply to Me?” at the following times: 10am (Eastern US) / 15:00 (UK) / 10pm (Singapore). Webinar participants include Chip Lowry, Senior Managing Director at State Street Global Markets and Chair of FXPA; Lisa Shemie, Associate Counsel at Bats Global Markets, a CBOE Company and Member of the FXPA Policy Committee; Tahreem Kampton, Senior Director, Microsoft and Board Member of FXPA; and David Puth, Chair of the Market Participants Group for the Global Code, and CEO of CLS.
Portware Joins FXPA to Engage in Critical FX Market Issues Portware, a FactSet Company, has joined the Foreign Exchange Professionals Association (FXPA) as a supporting member. Launched in 2014, the FXPA is designed to engage key regulators and policymakers to advance a sound, liquid, transparent, and competitive global currency market. Portware is a global provider of multi-asset trade automation solutions powered by artificial intelligence. As a supporting member, Portware says it will help drive the global FX regulatory reform conversation, construct execution frameworks for FX, and collaborate with other thought leaders on key FX issues and market challenges, the company says in a statement.
The FX Global Code: Now the Hard Work Begins Despite two years of intensive work to produce the FX Global Code of Conduct, Chip Lowry, senior managing director at State Street Global Markets and chairman of the Foreign Exchange Professionals Association (FXPA), warns that the hard work in terms of adherence to the Code is just beginning. Having just participated in a panel at Forex Network New York discussing the implementation of the Code, Lowry comments: “It took two years to get to this point with the Code, and that’s been a lot of work. But I think that one of the things that came out on the panel was: now the hard work begins.”
FXPA Gets Behind the FX Global Code The Foreign Exchange Professionals Association (FXPA) will be promoting the FX Global Code of Conduct given that it addresses so many issues that the association has already been working on, according to its chairman. “There’s a preamble in the Code that it wants to promote a robust, fair, liquid, open, transparent market and those are the exact same adjectives that we use in the FXPA [mission statement], and so we look at this as being very complementary to our mission and we’re certainly going to be promoting the Code,” says Chip Lowry, senior managing director at State Street Global Markets and chairman of the FXPA.
Kulkin Named Director of CFTC Division The US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has appointed Matthew Kulkin to serve as director of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO). Kulkin comes to the CFTC from the law firm Steptoe & Johnson, where, as a partner, he advised financial market participants on legislative and regulatory issues. “I am pleased to welcome Matt to the commission,” says Giancarlo. “He comes with a wealth of knowledge on Dodd-Frank Act regulation and our derivatives market that will serve us well.”
Hotspot Commits to Global FX Code Hotspot says it has aligned its activities across its global business with the principles of the FX Global Code, issuing a statement of commitment today.  Following a comprehensive internal review, Hotspot says that its business practices, procedures, compliance framework and disclosure standards have been augmented to fully reflect the Code’s principles, as published in May 2017. The platform has also conducted a series of customer meetings to clarify how Hotspot’s adherence will impact them and their business. These efforts, which started over a year ago and developed as the Code’s drafting progressed, will remain a focus for Hotspot as adoption of the Code increases across the FX community and as its usage starts to further inform industry behaviour.
FXPA Hires Shay as President The Foreign Exchange Professionals Association (FXPA) has appointed John Shay as president of the organisation, a newly created role. Additionally, FXPA has hired Mercury Strategies, represented by Justin Slaughter, as its new legal counsel. “We are excited to welcome John and Justin to FXPA. They will be involved on a day-to-day basis, leading the group’s efforts to focus on the issues that matter most to the FX industry and help fulfil our mission statement, which is to advance a sound, liquid, transparent and competitive global currency market through education, research and advocacy,” says FXPA chairman Chip Lowry.
FXPA Announces Board Members, Working Groups The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board members at its annual meeting on March 6, and re-elected Chip Lowry, senior managing director at State Street Global Markets, as chairman, and Sean Tully, senior managing director at CME Group, as treasurer. Members new to the Board include Lisa Shemie, chief legal officer, Cboe FX and Cboe SEF; Jill Sigelbaum, head of FXall, Thomson Reuters; and Christopher Matsko, head of FX trading services, Portware. Members re-elected to the Board include: Jason Vitale, COO FX & head of client execution, BNY Mellon Global Markets; Jonathon O’Donnell, investment manager, CalPERS; Tahreem Kampton, senior director, Microsoft; Tod Van Name, global head of FX electronic trading, Bloomberg; Stephen Komon, senior portfolio manager, Colorado PERA; KC Lam, head of FX and rates, Singapore Exchange (SGX); and Lowry of State Street.
FXPA Webinar: “FX Global Code: One Year Anniversary – Where are We?” Join members of the Foreign Exchange Professionals Association (FXPA) on Wednesday, May 30, for a webinar on the “FX Global Code: One Year Anniversary – Where are We?” at 10am (Eastern US)/3pm (UK)/10pm (Singapore). This webinar, hosted by the FXPA, takes a look at how firms are approaching adherence to the FX Global Code of Conduct in the FX markets, which was released on May 25, 2017. Join FXPA’s chairman, Chip Lowry, senior managing director of State Street Global Markets; David Puth, vice chair of the Global Foreign Exchange Committee and CEO of CLS Bank International; Lisa Shemie, FXPA board member and chair of the policy committee, and associate general counsel, chief legal officer of Cboe FX Markets and Cboe SEF at Cboe Global Markets; and Mark Bruce, FXPA’s chair of the Global Code Working Group and head of FICC at Jump Trading.
Industry in Alignment Over CFTC Swap Dealer Rules There appeared to be a broad consensus in the responses to the Commodity Futures Trading Commission’s (CFTC) proposed swap dealer rules that the Commission should retain the current $8 billion de minimis threshold for swap dealer (SD) registration and that NDFs should be excluded from the threshold calculations. Since 2012, Commission regulations have stated that market participants will not be considered a "swap dealer" unless they trade over $8 billion per year in aggregate gross notional amount (AGNA). This $8 billion threshold was meant to be a temporary phase-in period, with the threshold ultimately due to be reduced to $3 billion.
Capitolis Joins FXPA The Foreign Exchange Professionals Association (FXPA) has announced the addition of Capitolis as the newest associate level member of the FX trade group. “The changing market landscape and regulations are forcing all of us to think differently around the future structure of the market,” says Gil Mandelzis, CEO and founder of Capitolis. “Capitolis is responding to those changes by finding new ways of connecting capital with the best collaborative solutions to clients all over the world. We are pleased to support the FXPA in their efforts to benefit the industry and the wider public by promoting better standards and practices in accordance with their mission to foster a healthy global FX market.” John Shay, president of FXPA, adds, “We are thrilled to welcome Capitolis to our ranks at FXPA, as Gil and team represent another vibrant, innovative and potentially disruptive solution to the global FX space that our membership community is well positioned to embrace.”