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Articles by Richard M. Levich
Singh to lead Sucden's push into prime
Noel Singh: joined Sucden in November last year Softs giant Sucden Financial is set to make a push into the institutional credit provision space with the launch of a prime service in the second quarter of the year, Noel Singh, the broker's head of e-FX development, told FX Week. The new direction comes against a background of contraction in the wider FX prime broker segment, with banks increasingly reluctant to offer credit and market access to...
Imperial FX secures investment
Bigger remittance: “We are going to see more traditional FX brands moving online" – Ali Alani UK-based money transfer firm Imperial FX has secured a £50 million investment from a European company, which it is planning to use to launch its online platform in the coming weeks. "Thanks to our bespoke system, we can offer unrivalled security. Unlike our competitors who use third-party platforms to transfer money, we've built our own system that is more secure and agile," said Imperial FX chief...
Trump policy doubts may hit dollar – IGM
Confusion reigns: "Fed and markets hate uncertainty. Unfortunately for both, Trump brings just that" – Tony Nyman CLICK HERE TO VIEW THE PDF Growing doubts about the efficacy of US President Donald Trump's fiscal measures could bring the dollar rally to a halt and boost EUR/USD's prospects, says Tony Nyman, FX fundamentals manager for Europe at Informa Global Markets (IGM). "We think there will be a departure from the initial Trump-inspired dollar charge.
Tradition and LMRKTS deliver initial margin optimisation
Working gains: a series of optimisation tests involving 17 banks showed Simm reductions of 32–43% Interdealer broker Tradition has completed a standard initial margin model (Simm) optimisation for non-deliverable forwards (NDFs) in partnership with LMRKTS, a New York-based fintech start-up offering multilateral foreign exchange compression services. The two firms signed a strategic partnership in 2016, to handle execution and compression for G10 FX forwards. Over the past few months, a series...
Regulation doesn't get you to a better place than principles
Paul Chappell: there is a grim determination from regulators to make the Global Code work Prescriptive regulation can be as difficult to interpret as principles-based rules, despite a consensus view among delegates at FX Invest Europe in Zurich that the Global Code of Conduct (GCC) will not be enough to restore trust in foreign exchange markets. A poll question to the audience revealed scepticism among buy-side market participants that the principles set to be outlined in the GCC, when...
Yip joins Dymon in Singapore
Well connected: Yip has traded FX options for more than a decade Dominic Yip, former head of G10 FX options at Credit Suisse in Singapore, has joined Dymon Asia Capital in the city state as a portfolio manager, according to his LinkedIn profile. Dyman Asia Capital is a Singapore-based alternative investment management firm. Yip had worked at the Swiss bank since 2012, after leaving Citi in 2011, where he traded FX options at the London office. Previously,...
Prime-of-prime solutions: Sustainable solutions and evaluating means of access to credit in foreign exchange markets
The 14th annual e-FX Awards will be presented in New York on July 12th 2017, following the FX Week USA conference. Hosted by FX Week, these awards recognise industry excellence in electronic foreign exchange among banks, brokers, vendors and the buy side. Date: 12 Jul 2017 New York
SEB: overvalued dollar to remain strong
Dollar toughness: US economic muscle and Fed hawkishness CLICK HERE TO VIEW THE PDF The dollar will maintain its strength across the board, despite its already high valuation, says Carl Hammer, head of global macro and FX research at SEB, who sees little to reverse the trend in 2017. The greenback's momentum should be kept on track by improved economic expectations in the US since the Federal Reserve upped its growth forecast for the year to 2.6% and...
Saxo simplifies cross-border payments with virtual IBAN
Easier business: establishing banking relationships in multiple jurisdictions can be a challenge for small firms Saxo Bank has launched Banking Circle Virtual International Bank Account Number (IBAN), a service that allows foreign exchange and payments firms to issue virtual IBAN numbers to their customers in any currency, supported by the bank's payment business.
FastMatch replaces Niv and Ahdout on its board
Drew Niv: FXCM's former chief executive is banned from operating in the US Foreign exchange platform FastMatch has removed founding members Drew Niv and William Ahdout from its board of directors, FX Week has learned. The two men have been replaced by Leucadia National Corporation president Brian Friedman and managing director Jimmy Hallac. The changes follow on the heels of Niv, Ahdout and FXCM being banned on February 6 from operating in the US by the Commodity Futures...
Law firm starts client recruitment for case against FXCM
FXCM could see lawsuits start in wake of CFTC and NFA action A law firm has started to advertise its services to potential claimants against retail broker FXCM, as it says it is looking into the possibility of securities fraud at the broker which has been banned from operating in the US on February 6. Faruqi & Faruqi, a US national securities firm said on February 7 that it's investigating potential securities fraud at FXCM, focusing on whether the company...
Deutsche FX traders move on
Singapore base: Navandar and Lewer will remain in the Lion City Amol Navandar and Ryland Lewer, two former members of Deutsche Bank's foreign exchange team in Singapore, have moved to other financial institutions, sources have told FX Week. Navandar has joined BlueCrest Capital Management to trade emerging market macro products. While at Deutsche, he traded emerging market FX options between 2014 and 2007), which he began doing at RBS (2012–14) in the UK...
Evans takes post at UBS
Good fit: Jo Evans moves to a similar role and is based in London Jo Evans, a former member of the foreign exchange sales team for UK real money and hedge funds at Citi, has joined UBS in a similar capacity, according to her LinkedIn profile. London-based Evans left the US bank late in the third quarter of 2016, and joined the Swiss bank shortly before Christmas. She started working at Citi in 2009 through the bank's graduate scheme. UBS declined to comment.
FX swap margin treatment uncertain ahead of VM deadline
Market participants wonder: is it a forward or is it a swap? A touch of the surreal has descended upon the market for foreign exchange swaps in recent weeks, as participants ponder whether the instrument ever truly existed. This existential angst stems from the incoming derivatives margin rules. In Europe, most counterparties will have to pay variation margin on FX swap positions from March 1. Many buy-side users, however, book the instrument as a forward...
Hassett promoted to global head of FX trading at Barclays
Moving up: James Hassett has worked at Barclays since 2006 James Hassett was recently promoted to the position of global head of foreign exchange and emerging market trading, sources have told FX Week. He reports to Nat Tyce and Rob Bogucki, co-heads of macro trading at Barclays. Prior to his promotion, London-based Hassett headed FX trading for Europe at the UK bank (2015–16), as well as maintaining his previous post of global head of FX forwards and...
Effex used abusive last look tactics to cheat FXCM clients
The damage caused by abusing last look has become glaringly obvious to FXCM clients Effex Capital, the market-maker named as FXCM's de facto proprietary trading desk, has used preferential access to the order book and abusive last look practices to profit from retail customer orders directed to the liquidity provider by FXCM, according to the National Futures Association. The case, which, together with enforcement action from the Commodity Futures Trading Commission (CFTC), has...
Hotspot hires two, promotes two in sales
Hotspot has hired Matt Vickerman and Rahul Bowry to its sales team, and has appointed Ben Leit head of sales for Europe and Jon Watras as head of sales for Asia-Pacific. The platform's FX business is now headed by Bryan Harkins, the head of US markets and global FX, who replaced previous FX head Bill Goodbody in October last year. Vickerman was previously at Sun Trading, where he was a business...
FXCM’s US story ends: no-dealing desk claims false
Out: FXCM banned in the US after CFTC finds market-maker paid $77m in rebates over four years FXCM has falsely and misleadingly solicited retail customers by advertising and claiming to operate a no-dealing desk policy, despite having a close relationship with an important market-maker that took positions against client orders, the Commodity Futures Trading Commission has found (CFTC). As a result, the regulator has issued an order against FXCM, its parent company FXCM Holdings and two of...
Nex appoints new TriOptima CEO as Sjöberg leaves
Skilled up: "Connolly brings great regulatory expertise to his new role as CEO" - Jenny Knott Per Sjöberg, co-founder and chief executive of TriOptima, has left the firm to pursue other ventures, Nex Group announced on January 6. He will be replaced by Stuart Connolly, currently head of client product development. Sjöberg is the latest senior executive lo leave Nex Group, following the departure of Gil Mendelzis in July 2016. "We thank Per for all of his contributions since founding TriOptima...
2016 was the year of the new normal, in every sense
Eva Szalay: "Congratulations to all our deserving winners" CLICK TO VIEW 2016 BEST BANKS AWARDS TABLES There are three standout themes for the year 2016: the rise of the non-bank market-maker, regulatory costs and ways of mitigating them, and risk management. In a way, the past 11 or so months have been remarkable in that normal business has resumed after years of regulatory woes. Related articles Except normal today means something very different than it did two years ago, or even last year.
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