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.
Read MorePound Extends Losses as Concern Over No-Deal Brexit Increases
Pound Extends Losses as Concern Over No-Deal Brexit Increases – Bloomberg
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
Johnson Takes Tough New Line on Brexit Trade Talks
Johnson Takes Tough New Line on Brexit Trade Talks – The Times
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
US and China Reach a Trade Agreement, But Some Key Details are Still Unclear
US and China Reach a Trade Agreement, But Some Key Details are Still Unclear – CNBC
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
Pound Soars as Johnson Scores Landslide British Election Win
Pound Soars as Johnson Scores Landslide British Election Win – Reuters
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
Sterling Derivative Markets Flash Red as British Election Gets Underway
Sterling Derivative Markets Flash Red as British Election Gets Underway – Reuters
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
UK’s Johnson Now Less Certain of Election Victory: YouGov
UK’s Johnson Now Less Certain of Election Victory: YouGov – 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