Conference Dailys TRADETech FX Daily 2018 | Página 5

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Swaps drive new FX trading
record in London
AVERAGE DAILY FX TURNOVER IN THE UK HIT NEW HIGHS IN APRIL ACCORDING TO
DATA FROM THE BANK OF ENGLAND.
A
surge in foreign exchange (FX) swaps trading has led to a new average daily trading record in FX
turnover in the UK, according to research from the Bank of England.
The semi-annual research showed that average daily reported UK FX turnover stood at $2,727
billion in April, exceeding the previous record of $2,711 billio n set in October 2014.
Most notably the Bank of England said that FX swaps contributed the largest absolute increase
to overall FX turnover, with volumes up $241 billion in April to $1,398 billion representing an 18%
increase from six months prior.
The Bank of England used data from 28 major financial institutions actively trading FX in London,
including JP Morgan, Barclays, Credit Suisse, UBS, Morgan Stanley, Goldman Sachs, HSBC and Bank
of America Merrill Lynch.
In April, GDP/USD turnover increased 18% compared with October 2017 data with a record high
average daily turnover of $351 billion. EUR/USD and USD/JPY also increased during the analysed
period by 11% and 13% respectively.
Similarly, the New York Federal Reserve released the results of its semi-annual FX trading volumes
survey for North America in collaboration with the Bank of England. The research showed average
daily trading volumes in total over-the-counter (OTC) FX products was up 5% in April to $993.8
billion.
Volumes surged across several instruments, with spot, forward, and OTC options turnover up by
9%, 6% and 5.6% respectively. However, swap volume decreased slightly by 0.6% in April this year,
compared to data from the previous survey in October 2017.
The Federal Reserve analysed data from 21 financial institutions including Citigroup, Deutsche
Bank, Goldman Sachs, JP Morgan and State Street.
BNY Mellon
appoints FX
sales global head
from Morgan
Stanley
FOREIGN EXCHANGE INDUSTRY VETER-
AN HARRY MOUMDJIAN WILL LOOK TO
UNIFY BNY MELLON’S FX SALES TEAMS
GLOBALLY.
B
NY Mellon’s markets business has appointed
a global head of foreign exchange (FX) sales
from Morgan Stanley for a newly created role.
Harry Moumdjian joins BNY Mellon Markets
after more than seven years with Morgan Stan-
ley as an executive director, where he oversaw
the bank’s DeltaFX and e-FX sales. Prior to this,
he was a vice president for fixed income, curren-
cies and commodities at Goldman Sachs for just
over two years.
With around 20 years’ experience working in
FX, Moumdjian has also held several senior roles
at major financial institutions including Bank of
America, Citibank and Nordea Markets.
At BNY Mellon, Moumdjian will unify the
FX sales team globally under one leader and
review its currency product suite as it builds
out a full-service FX platform to improve client
experience.
The investment bank has made efforts over
the past year to expand its FX trading business,
most recently with the launch of its FX options
products in the US.
BNY Mellon’s currency trading desk currently
offers various FX derivatives products, including
spot, forwards, and non-deliverable forwards.
The addition of options complements its exist-
ing FX business which consists of FX custody,
payments and hedging, the bank said at the
time.
In January, BNY Mellon also confirmed plans
to launch its FX prime brokerage service taking
on rivals such as Deutsche Bank, JP Morgan
and Citi. The service was spearheaded by Jason
Vitale, Deutsche Bank’s former co-head of listed
derivatives, clearing and FX prime brokerage,
who joined BNY Mellon in May last year.
Moumdjian will be based in New York and will
report to BNY Mellon’s global head of FX, Adam
Vos.
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