Macquarie Bank says it is merging two of its three capital markets facing businesses: Macquarie Securities Group (MSG) and the Commodities and Financial Markets Group (CFM).
The bank says that CFM group head, Andrew Downe, will become group head of the newly formed Commodities and Global Markets Group (CGM). MSG Head, Stevan Vrcelj, will step down from his current role and from the executive committee but will assist Downe with the integration of the two groups over the coming months.
In this week’s podcast episode, Colin Lambert and Galen Stops share their views on the takeover of BestX by State Street. What does it mean for BestX’ USP of independence? What drove the deal? Will it be a success?
They also touch upon the latest lawsuit in FX circles, served by former Fastmatch CEO and founder Dmitri Galinov against the firm and its owner, Euronext US, and ask whether this highlights yet another barrier to success for the swathe of fintech firms targeting the FICC sector?
Barclays has named Justin Brickwood as managing director, head of markets innovation. Based in London, he will join Barclays in September and will report to John Stecher, chief innovation officer at the bank.
In what is a newly-created role, Brickwood will, the bank says, be responsible for driving client focused innovation across its Markets division’s electronic offerings as well as increasing the efficiency of the bank’s internal platforms. “He will partner with colleagues across markets and technology to enhance the client offering, incorporating the best artificial intelligence, machine learning and optimisation techniques,” Barclays adds.
There has been more emphasis within the financial services industry on the responsibility of the individual in recent years as regulators have dealt with misconduct, but will this ever actually succeed when too many institutions – banks especially – have such a complex and over-lapping management structure?
How can an individual be responsible for something when they are a “co” head of business and into the bargain report to about seven people, all of whom are also “co” heads of something?
A survey conducted by Standard Chartered Bank, both internally and among its client base, finds that a “small” Democratic House win is “well priced in” to markets ahead of the poll next month.
“A Democratic win was associated with weaker equities, lower bond yields and weaker DXY, with a stronger Democratic win exacerbating the moves,” the bank says in a release detailing the results. “A Republican win was associated with stronger equities, higher bond yields and a somewhat stronger DXY.”