Insight Investment Joins FXPA as Advisory Member
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Insight Investment, a global asset and risk manager headquartered in London, as the newest member to the industry association. FXPA represents the collective interests of the institutional FX market to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy.
Insight’s membership is represented by Richard Turner, Senior Trader at Insight. Turner said: “I am looking forward to working with our industry peers at FXPA, addressing topics of particular interest to the buy side, as well as advancing best practices for all FX market participants.”
“We are excited to gain Richard’s input into a variety of topics that FXPA will be addressing in 2023,” adds Chair, Susan Dauber, Head of Legal & Regulatory at Euronext FX and Chairperson of Euronext Markets Singapore. “Insight Investment’s presence will further add an important dimension to the scope of our work.”
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.
-ENDS-
The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange industry participants. The group is designed to engage key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
Insight Investment is a leading global investment manager, founded in 2002 and headquartered in London. Insight primarily manages money for pension schemes by providing liability-driven investment strategies and investing in fixed income and currency and multi-asset. More information about Insight Investment can be found at: www.insightinvestment.com
FXPA Elects New Officers, Directors at Annual Meeting
The Foreign Exchange Professionals Association (FXPA) elected a new slate of Officers and Board Members at its annual meeting on February 14, 2023.
Effective immediately, Susan Dauber, Head of Legal & Regulatory, Euronext FX, and Chairperson of Euronext Markets Singapore, is Chair of FXPA; Chip Lowry, Senior Managing Director at State Street, is Vice Chair; Lauren Rosborough Watt, Investment Manager at CalPERS, is Secretary; and Paul Houston, Global Head of FX at CME Group, continues as Treasurer. The four officers form FXPA’s Executive Committee, which sets the agenda for the upcoming year.
Dauber succeeds Acting Chair, Chris Leonard-Appleton, Head of FX Risk & Regulation, LSEG, who remains on the Board, and Lowry succeeds Tod Van Name, Global Head of FX Electronic Trading, Bloomberg, who was serving as Acting Vice Chair. Rosborough Watt succeeds Jordan Barnett, MD at BNY Mellon.
“It is an honor to be elected as Chair of the FXPA and to have this opportunity to continue Chris’ fine work and leadership,” says Dauber. “With recent volatility driven by global tensions, inflationary pressures and shifts in monetary policy, the FX market will undoubtedly remain top of mind. It would appear FX volumes are set to continue to grow in 2023 with an increasing interest in the APAC region and we look forward to continuing to expand the FXPA’s membership and outlook. I look forward to working with all members as we represent the collective voice of the FX market.”
In other news, Alex Blackmur, Director of FX, Corporate Finance and Strategic Investments at Microsoft, will lead a new Buy Side Working Group for FXPA. FXPA has recently increased its buy side Advisory Membership with the additions of Mesirow and Insight Investment.
FXPA also elected a slate of candidates to the Board, which is now comprised of: Martin Knudsen, Senior Product Manager, FX Electronic Trading, Bloomberg; Rosborough Watt of CalPERS; Mike Margolis, Assistant General Counsel, Cboe; Houston of CME; Dauber of Euronext US; Leonard-Appleton of LSEG; Blackmur of Microsoft; Christopher Matsko, Head of FX Trading Services, Portware; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); and State Street’s Lowry.
The FXPA is a unique industry body that represents a diverse cross-section of the FX market to advance its mission to collectively represent the interests of professional FX industry participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy. Since 2014, the FXPA has established itself as a respected industry thought-leader and resource for global policymakers.
-ENDS-
The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange market participants. The group engages with key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
FXPA Welcomes Mesirow as Newest Member
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Mesirow as the newest member to the industry association. FXPA represents the collective interests of the institutional FX industry to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy.
Mesirow Currency Management just celebrated a record year – surpassing $130 billion in assets under management as of December 31, 2022.[1]
Joe Hoffman CFA, CEO, Mesirow Currency Management, says: “We look forward to working with the broad spectrum of FX market participants that comprise the membership of FXPA. Our deep commitment to advancing best practices align well with FXPA’s goals of championing a robust FX market for all industry participants.”
“We are thrilled to have Mesirow join the membership of FXPA,” adds Acting Chair, Chris Leonard-Appleton, Head of FX Risk & Regulation, LSEG. “We are excited to welcome Mesirow’s voice to our association.”
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 Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange industry participants. The group is designed to engage key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
[1] Data as of 12.31.2022 unless otherwise noted. Currency assets under management includes AUM associated with (i) active and passive currency risk management products $130.20 billion, (ii) non-fx overlay strategies such as equitization and beta overlays $671.03 million, and (iii) alpha strategies $32,482,451. In all such cases, AUM is calculated based on notional value of currency investments. Additionally, AUM for alpha strategies is adjusted because clients can select a volatility target (generally between 2% and 12% annualized), which is normalized to 2% in order to create a consistent depiction of alpha strategy AUM. This results in a “scaled” AUM, which is higher than the actual aggregate notional value of all alpha strategy portfolios if clients have selected a volatility target higher than 2%. As of 12.31.2022, the “unscaled” AUM for alpha strategies was $5,852,78
FXPA Board Member Lowry Named to CFTC’s Market Risk Advisory Committee
The Foreign Exchange Professionals Association (FXPA) is pleased to announce that Board member, Chip Lowry, Senior Managing Director, State Street Global Markets, has been selected as a member of the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC).
MRAC was created to address systemic issues that impact financial stability and financial market structure evolution. Specifically, MRAC advises the CFTC on derivatives and related financial markets as they pertain to clearinghouses, exchanges, swap execution facilities (SEFs), swap data repositories, intermediaries, market makers, service providers and end users.
Lowry, who previously served as FXPA chair, will represent FXPA on the committee, which is comprised of approximately 30 members. MRAC is sponsored by CFTC Commissioner Kristin Johnson.
“MRAC represents an important forum for the industry and the CFTC to confer on issues that impact financial markets. Our mission at FXPA is to advance a sound, liquid, transparent and competitive global currency market, so I look forward to being part of this consequential effort from the CFTC,” says Lowry.
The FXPA is a unique industry body that represents a diverse cross-section of the FX market to advance its mission to collectively represent the interests of professional FX markets participants through education, research, and advocacy. Since 2014, the FXPA has established itself as a respected industry thought leader and resource for global policymakers.
The FXPA has recently engaged on a number of FX-specific and market-wide regulatory and policy issues in the US, Europe, and Asia. More specific to derivative markets, the FXPA has been involved in questions related to the trading and clearing of non-deliverable forwards (NDFs), the regulation of digital assets, post-trade swap data reporting, and swap execution facility (SEF) registration and regulation.
-ENDS-
The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange markets participants. The group is designed to engage key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
Media Contact: Julie Ros, Strategic Advisor – Tel: (646) 468-6550 / jros@fxpa.org / www.fxpa.org
FXPA Chair Kevin Wolf Discusses 2022 Plans with The Full FX’s Colin Lambert
The Full FX’s Colin Lambert talks to newly-appointed chair of the Foreign Exchange Professionals Association (FXPA), Kevin Wolf (CEO of Euronext FX and Euronext US), about the challenges and opportunities facing the FX industry, and about how FXPA is helping it evolve. The two talk regulation, market structure, the influence of crypto, and much more in a packed 20 minutes.
FXPA Elects New Chair, Vice Chair at Annual Meeting
Wolf succeeds Chip Lowry, Senior Managing Director of State Street Global Markets, who has served as Chair for a total of five years, with the latest stint starting in 2020. Leonard-Appleton succeeds LSEG colleague, Jill Sigelbaum, and will also assume her seat on the Board. Sigelbaum has also served multiple terms as Vice Chair, with the latest beginning in 2019.
“I am honored to be elected to serve as Chair of the FXPA and build upon the strong leadership of outgoing Chair, Chip Lowry. It is an interesting time for the FX industry as we emerge from the pandemic, central bankers revisit monetary policy, and the market continues to react to the recently published update to the FX Global Code. I am excited to help FXPA leverage its broad and diverse membership to further increase the organization’s positive impact on the market,” says Wolf.
“It is an honor to join the Board of the FXPA, and I’d like to thank the other members for their support. I’d also like to thank Jill for all her dedication and hard work as Vice Chair. I look forward to picking up where she left off and helping the new Chair and the Association with its ongoing initiatives,” says Leonard-Appleton.
Wolf and Leonard-Appleton join FXPA’s Executive Committee, which includes Paul Houston, Global Head of FX at CME Group, who serves as Treasurer, and Jordan Barnett, MD and Global Head of Program Trading at BNY Mellon, who serves as Secretary.
FXPA also re-elected a number of members to serve two-year terms on the Board. In addition to Leonard-Appleton’s new seat on the Board, the following members were re-elected: Lauren Rosborough Watt, Economics & Investment Manager, CalPERS; Mike Margolis, Assistant General Counsel, Cboe; Tahreem Kampton, Senior Director, Microsoft; Christopher Matsko, Head of FX Trading Services, Portware; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); and State Street’s Lowry.
These Board members join existing members: Tod Van Name, Global Head of FX Electronic Trading, Bloomberg; BNY’s Barnett; CME’s Houston; Euronext’s Wolf; and Trabue Bland, President, ICE Futures.
The FXPA is a unique industry body that represents a diverse cross-section of the FX market to advance its mission to collectively represent the interests of professional FX industry participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy. Since 2014, the FXPA has established itself as a respected industry thought-leader and resource for global policymakers.
The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange industry participants. The group is designed to engage key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
FXPA Elects 2021 Board of Directors, Officers
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.
Bank of England and Fed Examine Traders’ Access to Audio Feeds
Bank of England and Fed Examine Traders’ Access to Audio Feeds – Financial Times
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
Hedge Funds Eavesdrop on Vital Bank of England Briefings
Hedge Funds Eavesdrop on Vital Bank of England Briefings – The Times
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.
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