The euro came under pressure in early Asian trading Monday as first exit polls and then results indicated a strong majority rejecting the proposed changes to the Italian constitution.
The referendum was widely seen as a vote on the Italian government and Prime Minister Matteo Renzi quickly followed through on his promise by saying he would offer his resignation to the Italian president Sergio Mattarella. Early indications have the ‘No’ camp winning in the region of 60% of the vote.
EUR/USD fell steadily rather than spectacularly in early Asian trading, having opened at 1.0670. It ground lower to touch 1.0508 as Renzi announced his resignation, but then bounced to 1.0550.
Edgewater Markets has hired Felipe Alanís Suárez as its head of electronic solutions, based in Mexico City.
In his new role Suárez will be responsible for managing the Edgewater’s recently launched platform, which includes a matching engine in Mexico City's KIO-5 data centre.
He will report to Robert Sanchez, managing director and head of Edgewater’s LatAm business. Suárez joins the firm from Mexican bank, Banorte, where he has worked for 17 years, most recently as deputy director, FX electronic markets.
A round up of the latest technology news...
The Australian Financial Markets Association (AFMA) has announced that it will transfer administration of the BBSW (bank bill swap rate) benchmark rate to ASX. It is the intention of both parties that ASX will administer BBSW from 1 January 2017.
AFMA says ASX was selected following a “highly competitive process” that Profit & Loss understands included Ice Benchmark and Thomson Reuters, which began in July 2016 with a public invitation for interested parties to register their interest as a potential alternate benchmark administrator for the rate setting.
Participants in a class action lawsuit that alleges Barclays abused last look on its proprietary trading platform BARX have until March 30 2017 to opt out of the proposed $50 million settlement.
According to a release by law firm Scott+Scott, US District Judge Lorna Schofield will hear the details of last February’s settlement between the class – led by Axiom Investment Advisors – and Barclays on July 18 2017 at a Fairness Hearing.
This hearing will consider whether to approve the proposed settlement, the proposed plan of distribution, and class counsel's application to the court for an award of attorneys' fees, expenses, and a service award to class plaintiff.
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.
Neil McDonald has joined Oanda as global head of trading and quantitative analytics.
Based in New York, McDonald will be responsible for driving the strategic growth of Oanda’s electronic trading business, as well as leading the global trading, quantitative analytics and research groups.
Ed Eger, president and CEO of Oanda Corporation, says: “Neil’s 30 years’ experience in trading and the financial services sector is a tremendous addition to Oanda’s leadership. With Neil joining the team, I know we can continue to deliver the best execution and trading experience for clients across the globe.”
Market sources tell Profit & Loss that Simon Winn has left EBS Brokertec where he was head of sales for Asia-Pacific.
The sources add that Laurence Timmons, who recently relocated from London, where he was global head of fund sales, to Hong Kong, will be assuming the role.
Winn joined EBS in August 2014 from rival platform 360T, having spent two years there after a three year stint at Commerzbank. Prior to Commerz, Winn worked at Integral and before that he worked for 11 years at Societe Generale.
The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.
SmartTrade Technologies and Japanese firm SBI Liquidity Market haves extended their relationship with SBI adding SmartTrade's pricing and distribution models to LiquidityFX, SmartTrade’s platform which is already deployed by SBI
Under the deal, SBI adds SmartTrade’s market making solution to the existing implementation of LiquidityFX connectivity, aggregation and order routing.