FX Markets

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Despite ballooning to a record $4 trillion a day, the foreign exchange swaps and forwards markets have been surprisingly slow to adopt electronification – unlike their counterparts in spot trading. Dealer-to-client trading may have shifted onto venues like Bloomberg and FX Connect where requests-for-quote (RFQ) are electronically executed, but behind the scenes, price formation and risk management work is often just down to a voice trader still using complex and unwieldy Excel spreadsheets. Now, a

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Philippe Lintern, head of the Bank of England’s foreign exchange division, has left the central bank, FX Markets has learned. A former FX derivatives trader, Lintern spent over six years at the BoE, four of which were spent leading the division. He has also stepped down as a member of the BoE’s Joint FX Standing Committee and from the Global FX Committee (GFXC). According to Lintern’s Linkedin profile, he is taking a “short sabbatical” before starting an MSc in artificial intelligence at Queen

Nomura is weighing whether to issue its own stablecoin, as the Japanese bank deepens its push into digital asset markets. For now, it intends to use stablecoins rather than mint one – but it has left the door open to becoming an issuer as client demand and regulations evolve. “Depending on the use case, Nomura issuing its own stablecoin is a possible option,” says Toshinori Sasaki, managing director in the digital asset strategy department at Nomura. “But at this stage, our intention is first to

Trafalgar Capital Management, a Hong Kong-based hedge fund, has hired Michael Rothlin from Natixis as its new chief investment officer for macro trading strategies. He was one of several key hires the French bank made last year in the region, where he spent a year as head of Asia-Pacific G10 linear rates and FX trading. Prior to that, Rothlin was a founder of White Elk Partners in Hong Kong, a global macro and relative value hedge fund, and also spent over nine years at HSBC as Apac head of G10 FX

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