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.
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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.
State Street’s GlobalLink Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of GlobalLink, State Street’s suite of e-trading platforms, technology, data and workflow solutions.
“GlobalLink is very pleased to join the FXPA where, as representatives for the Currenex and FX Connect platforms, we look forward to contributing to the dialogue with global regulators and policymakers that the FXPA engages in driving the evolution of the FX market structure for the benefit of all participants,” said David Newns, head of Execution Services for GlobalLink.
“FXPA’s diverse membership puts us in a strong position to represent the views of the FX industry in a unique capacity. We welcome the addition of State Street GlobalLink as our newest member and look forward to their input on a variety of important topics as we seek to advocate, inform and educate around key FX market structure issues,” says FXPA Chair, Lisa Shemie.
To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.wpengine.com, become an institutional member, and sign up for our newsletter, FXPA globalFXsource.
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.wpengine.com
FXPA Submits Comments to CFTC on SEF Reforms
Last week, the Foreign Exchange Professionals Association (FXPA) submitted a comment letter to the Commodity Futures Trading Commission (CFTC) regarding its proposed rulemaking on SEF reforms.
FXPA’s letter was focused on the need for the CFTC to exempt NDFs and exchange-traded or cleared swaps from de minimis threshold calculations as part of any SEF reform.
As FXPA’s letter noted, “[E]xempting exchange-traded and cleared swaps from AGNA calculations can improve SEF and DCM market volume and liquidity…Such an action would be a market-oriented solution to the problem of low SEF volume and liquidity.”
FXPA also expressed appreciation for the CFTC’s interest in comprehensively updating its SEF regulations, “which were last comprehensively reviewed over five years ago”.
FXPA’s comment letter can be found here.
FXPA Announces New Officers, Board Members
The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board and Officers members at its annual meeting on February 5.
In roles that took effect March 1, 2019, Lisa Shemie, Associate General Counsel of Cboe Global Markets and Chief Legal Officer of Cboe FX and Cboe SEF, was elected as the group’s new Chair; Jill Sigelbaum, Head of FXall, Refinitiv, was elected Vice Chair; Paul Houston, Global Head of FX, CME Group, was tapped as Treasurer; and Jason Vitale, Managing Director, Chief Operating Officer FX & Head of Client Execution, BNY Mellon, was re-elected as Secretary.
Shemie succeeds two-term Chair Chip Lowry, Senior Managing Director at State Street Global Markets. “Chip has been a fantastic Chair of the FXPA, and his energy, ideas and leadership have resulted in a stronger and more visible organization poised to be even more impactful going forward. I look forward to continuing to work with Chip during the years ahead and to leaning on him for his assistance and guidance as I take on this role.”
Sigelbaum replaces Jonathon O’Donnell, Investment Manager at CalPERS, in the Vice Chair role, while Houston succeeds Sean Tully, Senior Managing Director at CME Group, who has held the Treasurer role for the past two terms.
Members new to the Board include Lauren Rosborough Watt, Economics & Investment Manager, CalPERS; Mark Bruce, Head of FICC, Jump Trading; Laine Litman, Global Markets Group, Virtu Financial; and Houston of CME. David Goone, Chief Strategy Officer at ICE, Jessica Sohl, President, HC Technologies;Tod Van Name, Global Head of FX Electronic Trading at Bloomberg; and Vitale of BNY Mellon, were re-elected to the Board. The latest appointments join current Board members Christopher Matsko, Head of FX Trading Services, Portware; Tahreem Kampton, Senior Director, Microsoft; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); as well as Lowryof State Street; Sigelbaum of Refinitiv; and Shemie of Cboe.
During the annual meeting, Shemie, FXPA’s new Chair, shared a proposed vision of the group’s mission, as well as ideas for efforts in the year ahead, including working groups focused on micro FX issues of interest to its membership, as well as advocacy, education and collaboration with other industry groups so as to secure a meaningful role in the continued development of global currency trading market structure and norms.Launched in September 2014, FXPA is a Washington, DC-based organization that represents the collective interests of a full array of professional foreign exchange industry participants. The group was developed to engage key regulators, policymakers, the news media and general public through education, research and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market.
FXPA Welcomes Fifth Third Bank as Associate Member
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Fifth Third Bank as the newest Associate level member of the FX trade group.
“The more we learned about FXPA, the more we realized that the core values of Fifth Third Bank and FXPA were aligned. We fully support the advancement of competitive currency markets in a constantly changing global landscape. The commitment to educating all participants on industry issues is a positive endeavor that we want to be part of,” says Bob Tull, SVP, Global Head of Financial Risk Management at Fifth Third Bank.
“We are very excited to now be a member of FXPA. We believe we can provide unique perspectives on issues faced by regional banks and look forward to working with FXPA on current and future initiatives,” says Tim Lyons, MD, Head Trader – FX & Derivatives, at Fifth Third Bank.
“A diversity of perspectives is a key pillar of FXPA,” says FXPA Chairman Chip Lowry. “FXPA represents a broad group of constituents that have come together to collectively help shape the future of the FX industry, and we are pleased to welcome Fifth Third Bank as our first regional bank member.”
Launched in September 2014, FXPA is uniquely comprised of a cross-section of the institutional FX industry. Diversity of membership is embedded in FXPA’s organizational construct to ensure wide representation of the professional FX market. Founding members epitomize this diversity – including the buy side, exchanges, clearing houses, trading platforms, technology companies, banks and non-bank market participants.
The FXPA is a Washington, DC-based organization that represents the collective interests of the full array of professional foreign exchange industry participants. The group was developed to engage key regulators, policymakers, the news media and general public through education, research and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market.
To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.wpengine.com,become an institutional member, sign up for our newsletter, FXPA globalFXsource.