Jane Street has hired George Fordham, a former director within Barclays’ electronic foreign exchange trading team, in a sales and trading role. Fordham spent almost 10 years at Barclays in London, most recently on the automated market-making desk covering G10 and emerging market currencies. A spokesperson for Jane Street declined to comment. The high-frequency trading firm has expanded its spot FX market-making business […]
Electronic foreign exchange dealers have delivered their one-year report card on CME’s Spot+ platform, and the grades are mixed. The venue, designed to bridge the over-the-counter spot market and exchange-style futures, earned solid marks for pockets of tradable liquidity, though users note room for improvement in top-of-book spreads and order handling, which leave it trailing.
The London Stock Exchange Group’s (LSEG) foreign exchange trading venue, FXall, is preparing to launch a service that separates credit risk from market-making in FX forwards trades with buy-side clients. FX Markets understands the service – Split Risk – will allow buy-side users to enter outright forwards by trading a combination of spot and an FX
Robert DiTrapano has joined Deutsche Bank as its new global head of electronic foreign exchange and spot trading, FX Markets understands. Based in New York, he replaces Benedict Carter, who decided to retire last month after 15 years at the bank. DiTrapano joins from Morgan Stanley. He spent over 22 years at the US bank, most
Benedict Carter, the global head of electronic FX and spot trading at Deutsche Bank, has retired, FX Markets understands. Carter spent over 15 years at the German bank, beginning as an e-FX spot trader in London, before later becoming global head of the quantitative spot FX trading desk in 2022. He left the bank last month.
Bloomberg has launched a foreign exchange price discovery tool that uses natural language processing (NLP) to scan traders’ chatrooms and consolidate bilateral quotes into a single screen. The product, called MYQ, monitors price quotes across a user’s Instant Bloomberg (IB) chat sessions and groups them by currency pair, tenor and instrument in a curve-style display.
Morgan Stanley has cut four London-based foreign exchange salespeople and traders, who were covering real money clients, according to two sources with knowledge of the departures. The Wall Street Journal reported last week that the bank has cut 2,500 jobs in total – around 3% of the workforce – shortly after reporting record profits of
The Iran conflict has forced investors to liquidate profitable emerging market foreign exchange options positions, as a broad risk-off move triggered stop-outs and value-at-risk breaches across multiple currency pairs. “Any positions that people have held for the last few months – positions where they’ve actually made money – those are the ones getting cut very
Offshore speed, onshore depth: a new reality for FX liquidity – FX Markets Skip to main content End of drawer navigation content Stark differences emerge between onshore and offshore pricing during macroeconomic news events, finds LMAX Group’s head of data In foreign exchange spot markets, speed has long been treated as a reliable guide to
CME outage sparks FX soul search – FX Markets Skip to main content End of drawer navigation content How November’s halt exposed fragile wiring of new futures-led market structure Foreign exchange futures account for roughly 2% of total spot and outright forwards volume. Yet when CME Group’s futures exchange and the EBS spot venue went
CME outage exposed FX market’s futures dependency, says SNB – FX Markets Skip to main content End of drawer navigation content Study finds EUR/USD spreads widened eightfold as non-bank PTFs blew out by nearly 30 times in November halt The November 28 failure of a Chicago data centre that knocked out CME Group’s foreign exchange
Gap risk fears push FX traders into Sunday-night Asia hours – FX Markets Skip to main content End of drawer navigation content Volumes surge at Singapore open as Trump’s weekend announcements force early risk management The increased frequency of Trump-led market-moving news at weekends has seen venues report a sharp rise in volumes during the
Why FX liquidity is harder to read than ever – FX Markets Skip to main content End of drawer navigation content A breakdown of FX execution methods shows how liquidity is truly formed, writes Isomiq’s Jamie Rose The BIS Triennial Survey headline for April 2025 is something that has been widely publicised and talked about:
Bloomberg has reported significant volume growth on its dealer-to-client foreign exchange trading platform, FXGO, in 2025 despite the introduction of a controversial new brokerage fee scheme that liquidity providers warned would see clients migrate to cheaper alternatives. In April last year, Bloomberg began charging a new base fee rate before incentives and discounts of $2.75
I’ve just achieved – or endured? – the milestone of 10 years on an institutional FX trading desk. Either way, it feels like the right moment for a little reflection. Let’s start with an assumption: this morning I tapped in with my contactless card for the Elizabeth line, sipped canned matcha, scrolled TikTok and started
Like many dealers, NatWest has for years had a tool that automatically trades in the underlying spot or forwards markets to replicate and hedge its foreign exchange options sensitivities. Recently, though, the bank has given clients access to this tool – not to hedge their options but to replicate them in spot for those such
The increasing shift of foreign exchange spot market volumes into liquidity providers’ internalisation engines has made real-time visibility into the true magnitude of volumes traded in the market more and more difficult. During intense periods of high volatility, such as April’s tariff turmoil, liquidity providers noted that the flows they internally match within their client franchises
