WASHINGTON, DC, February 26, 2024 – The Foreign Exchange Professionals Association (FXPA) elected a new slate of Officers and Board of Directors members at its annual meeting on February 20, 2024, marking its 10th anniversary as an organization.
Encompassing buy side, sell side, exchanges, trading platforms, and technology providers, the elections showcase the key tenets of the association, which are to represent the collective interests of professional foreign exchange market participants to advance a sound, liquid, transparent and competitive global currency market to policy makers and the marketplace through education, research and advocacy.
FXPA’s new Chair is Joe Hoffman, CEO of Mesirow Currency Management at Mesirow Financial in Seattle; Vice Chair is Dale Haver, Senior Managing Director, Global Head of FX Sales at State Street Global Markets in Boston; Treasurer is Jeff Roberts, Director, EBS Market Product at CME Group in London; and Lauren Rosborough Watt, Economics & Investment Manager at CalPERS in Sacremento, continues as Secretary. The four officers form FXPA’s Executive Committee, which sets the agenda for the upcoming year.
“The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of the FXPA,” affirms Joe Hoffman, CEO of Mesirow Currency Management. “Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”
During 2023, FXPA launched three new working groups. The T+1 Settlement WG, working together with the Buy Side WG, produced a guidance paper for the buy side on preparations for the transition in May 2024. The Buy Side WG is also focussed on issues pertaining to transparency. The Trading Platforms WG is developing a white paper that focuses on FX Global Code compliance on trading venues, among other topics. Additional working groups include the Digital Assets WG and Off-Market Pricing WG.
FXPA also elected a slate of candidates to the Board, which is now comprised of:
Martin Knudsen, Senior Product Manager, FX Electronic Trading, Bloomberg
Lauren Rosborough Watt, Economics & Investment Manager, CalPERS
Scot Halvorsen, Assistant General Counsel, Cboe Global Markets
Jeff Roberts, Director, EBS Market Product, CME Group
Taylor Haberstock, Associate Trader, Global Income, Eaton Vance Management
Patrick Basilice, Chief Compliance Officer, Euronext US Inc, Euronext
Cathrine Poulton, Managing Director, Global Buyside Head of GlobalLink FX Product Sales, GlobalLink
Richard Turner, Senior Trader, Insight Investment
Joseph Hoffman, CEO, Mesirow Currency Management, Mesirow Financial
Christopher Matsko, Head of FX Trading Services, Portware
Dale Haver, Senior Managing Director, State Street Global Markets
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. Since 2014, the FXPA has established itself as a respected industry thought-leader and resource for the industry, media, and global policymakers.
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
The Foreign Exchange Professionals Association (FXPA) has published a guidance paper to assist buy side traders in their preparations for the advent of T+1 Settlement of US and Canadian equities, which takes effect in May 2024. The “Buy Side Guidance in Preparation for T+1 Settlement” includes a framework of voluntary, non-binding recommendations and was jointly developed by FXPA’s T+1 Settlement and Buy Side working groups.
The key driver behind the effort to create the guidance is the potential for T+1 settlement to increase the chances that transaction funding dependent on FX settlement may not occur in time, especially during busy periods. “Firms should consider the potential increase in operational risk across all aspects of their FX trading processes, including sales, trading, pre-, and post-trade operations, payments, and settlement,” FXPA states in the guidance.
FXPA acknowledges that the introduction of T+1 is not intended to increase FX settlement risk but cautions that there could be unintended consequences if market participants are not fully prepared. “FX Traders should conduct a full review of the scale of the challenge of T+1 for their FX trading businesses, considering trading relationships, credit, operational processes, funding, and settlement. Strategically, this may present an opportunity for firms to review the greater impact of an accelerating settlement cycle across asset classes,” FXPA concludes.
FXPA drafted the guidance to help buy side firms prepare for the transition to T+1 settlement based on feedback from members and guests during a September 2023 roundtable discussion on the impact of T+1 for FX trading that was jointly held with the Global Financial Markets Association’s Global Foreign Exchange Division (GFXD).
Since 2014, the Foreign Exchange Professionals Association (FXPA) has been representing 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. Current members include Bloomberg, Cboe Global Markets, CME Group, State Street Global Markets, Euronext, GlobalLink, LSEG, Portware, Singapore Exchange (SGX), Atlassian, CalPERS, Colorado PERA, Eaton Vance, Fidelity International, Insight Investment, Mesirow, and Microsoft. The guidance does not represent the specific individual opinion of any one particular member.
Enquiries: Julie Ros, Strategic Advisor to FXPA // +1 (646) 468-6550 // firstname.lastname@example.org
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of asset management firm, Fidelity International, represented by Nigell Todd, Head of Global FX Trading, as an Advisory Member.
The addition of Fidelity International further broadens FXPA’s unique membership base.
“FXPA’s work in areas that impact buy side traders of FX is what attracted me to the association. FXPA’s recent focus on the FX implications for buy side traders given next year’s planned move to T+1 settlement for US and Canadian equities has been of particular interest,” says Todd. “We look forward to working with industry colleagues from across the market landscape on this important issue.”
“We are thrilled to gain Nigell’s input on a variety of issues that our working groups are tackling this year. We welcome Nigell and his colleagues at Fidelity International into this intentionally diverse organization,” adds FXPA Chair, Susan Dauber, Head of Legal & Regulatory at Euronext FX and Chairperson of Euronext Markets Singapore.
Since 2014, the FXPA has been representing 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.
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
To learn more about institutional membership of FXPA, reach out to email@example.com