The Foreign Exchange Professionals Association (FXPA) is announcing the results of its annual elections for Officers and Board Members for 2021, including the re-election of Chip Lowry, Senior Managing Director of State Street Global Markets, as Chair; Jill Sigelbaum, Head of FXall at Refinitiv, as Vice Chair; Jordan Barnett, MD, Global Head of Program Trading at BNY Mellon Global Markets as Secretary; and Paul Houston, Global Head of FX at CME Group as Treasurer.
In addition to the officer positions, which form the Executive Committee, the following were elected to the Board to serve two-year terms: Tod Van Name, Global Head of FX Electronic Trading, Bloomberg; Jordan Barnett, MD & Global Head of Program Trading, BNY Mellon Global Markets; Paul Houston, Global Head of FX, CME Group; Kevin Wolf, CEO, Euronext FX; and Trabue Bland, President, ICE Futures.
“With the recent US Presidential and Congressional transitions, 2021 poses unique risks to and opportunities for the FX markets, providing the FXPA the chance to ramp up meaningful engagement with legislators and regulators around the world,” says Lowry.
The new Board members join existing members: Lauren Rosborough Watt, Economics & Investment Manager, CalPERS; Jon Watras, Director FX Sales, EMEA, Cboe FX Markets; Tahreem Kampton, Senior Director, Microsoft; Christopher Matsko, Head of FX Trading Services, Portware; Jill Sigelbaum, Head of FXall, Refinitiv; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); Chip Lowry, Senior Managing Director, State Street Global Markets.
The FXPA is the only industry body that represents a diverse cross-section of the institutional FX marketplace. Since 2014, the FXPA has established itself as a respected industry thought leader and resource for global policymakers.
The US and UK central banks are scrutinising their broadcast feeds for potential weak spots after the revelation that some traders and hedge funds may have been paying for early audio access to the Bank of England’s press conferences.
- Bank of England Deserves to be Embarrassed About Security Breach – The Guardian
- How the ECB Moved to Foil the Market Eavesdroppers – Financial News
Following inquiries by The Times, the Bank has discovered that one of its suppliers has been sending an audio feed of its press conferences to high-speed traders who hope to profit by acting on the governor’s comments before the rest of the world.Read More
The pound fell against all of its major peers as renewed concern the UK may be headed for a no-deal Brexit spurred traders to dump the currency.
- Thank You for Playing the Forex – Financial Times
- Ratings Agencies Take UK Off Downgrade Watch After Johnson’s Win – Reuters
Boris Johnson will redraw his Brexit bill this week to make it illegal for parliament to extend the transition period – a move that will put him in direct conflict with Brussels.
- Pound Falls as Johnson Moves to Block Any Further Brexit Delay – Bloomberg
- Probability of No-Deal Brexit Has Decreased, Mark Carney Says – Bloomberg
After the US and China announced progress on a trade agreement, a critical point of the deal remains in question: agricultural purchases.
- US Exports to China to Nearly Double in ‘Totally Done’ Trade Deal: Lighthizer – Reuters
- Mnuchin: Trade Deal with China to Boost Global Economy – Reuters
- China Top Diplomat Says China-US Trade Deal Good News For All – Reuters
- China Faces Tough Task in Pledge to Boost US Imports – Nikkei Asian Review
The pound surged more than 2% on Thursday as Prime Minister Boris Johnson’s Conservative Party won a resounding election victory that markets believe makes an orderly British exit from the European Union all but certain.
- Investors Cut Pound Weakness and Rate Cut Bets After Johnson’s UK Election Win – Reuters
- British Vote Is Likely to Bring Brexit, but Not End Brexit Divisions – Wall Street Journal
- Brexit Will Now Happen but Boris Johnson’s Win Puts Future of the UK In Doubt – Financial Times
- The Dream is Dead: Johnson Election Triumph Breaks UK ‘Remainer’ Hearts – Reuters
- FX Liquidity Holds Up Well as UK Exit Poll Surprises – Profit & Loss
- Sterling Jumps on UK Poll – More to Come? – Profit & Loss
Traders rushed to the foreign exchange derivative markets on Thursday to protect their exposure to the British pound in case of a surprise election outcome.
- UK General Election 2019: Nation Faces ‘Historic’ Choice: Live Updates – The Guardian
- United Kingdom Votes to Decide the Fate of Brexit, Again – Reuters
Britain’s election race has tightened markedly over the past two weeks and Prime Minister Boris Johnson is now likely to win only a modest majority in Thursday’s vote, according to a closely watched forecast.
- Nightmare Before Christmas? Traders Dig in for Long British Election Night – Reuters
- What Would a Hung Parliament Mean for the UK and Brexit? – The Times
The latest Bank for International Settlements Quarterly Review provides execution method data relating to the recent Triennial Survey of FX Turnover and finds that while e-ratios generally are stable, there have been some significant shifts in the channels handling the volume.Read More