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PEOPLE MOVES
Morgan Stanley has appointed Gurpreet Ubhi head of electronic FX sales for the EMEA region . He has been selected to oversee FX sales for the region after most recently serving at Citi for the last eight years , most recently as director in electronic FX sales .
David Wright has been named head of FX trading and distribution at MUFG after three years with the business . He joined the bank in 2021 as global head of e-FX having and previously served as a strategic transformation consultant at State Street .
SELL-SIDE
BNP Paribas expands CobaltFX relationship to streamline bank credit allocation
EXPANDED PARTNERSHIP WILL HELP BNP PARIBAS ADDRESS “ REGULATORY CONCERNS AND SET A NEW STANDARD FOR PRECISION […] IN MARKET OPERATIONS ”.
Alex Livingstone , formerly head of trading for ETFs and FX at Titan Asset Management has joined Titan Investment Solutions as a junior portfolio manager and trader . In this position , he is set to assist in developing the fixed income trading .
Crédit Agricole has appointed Ryan Jones vice president , Latin American ( LatAm ) RFX trader , based in New York . Jones joined Crédit Agricole from Natixis Corporate and Investment Banking where he spent nearly three years , most recently as vice president , LatAm FX trader .
BNP Paribas has expanded its relationship with CobaltFX , part of United Fintech , in a bid to enhance market liquidity by streamlining allocation for credit for FX transactions between banks .
As part of the expanded relationship BNP Paribas has onboarded CobaltFX ’ s solution Dynamic Credit . It will also gain access to CobaltFX analytics .
A statement released by the pair said the new capabilities would allow BNP Paribas to address “ regulatory concerns and set a new standard for precision and effectiveness in market operations ”.
“ We see this as an important initiative to address regulatory and industry body concerns about the over-allocation and inefficiencies of credit distribution on dealerto-dealer venues ,” said Joe Nash , head of global macro digital at BNP .
“ Moreover , this approach , combined with CobaltFX Analytics allows us to right size our limit for each counterparty whilst improving market access with them .”
BNP now covers 100 counterparty banks and calculates dynamic credit across 12 electronic communication networks ( ECNs ). Darren Coote , CEO of CobaltFX , part of United Fintech said : “ This systemic problem has been long over-looked but there are a group of leaders in the industry that understand the benefits of this unique approach . We are very grateful for BNP ’ s leadership in this regard .”
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