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Darragh Mullin and Blair Nicol joined Fidelity International’ s FX desk, based in Dublin. Both will report to Nigell Todd, global head of FX. Mullin most recently worked as an FX trader at BASF, and prior to this served as a senior associate – ETF capital markets at JP Morgan Asset Management in London, while Nicol joins from Fideuram Asset Management where he served as a trader for three and a half years.
POST-TRADE
BME unveils new FX settlement system
THE IMPLEMENTATION OF SETTLING EXCHANGE TRANSACTIONS IN A PAYMENT VERSUS PAYMENT MODE HAS BEEN APPROVED BY THE BANK OF SPAIN.
Citi named Nathan Swami Singapore head of markets. He is set to simultaneously continue his current role as head of FX trading for APAC, which he has held since September 2019. He holds 17 years of experience with the firm and has also served in leadership positions including head of FX options trading, head of FX trading for APAC and chief executive of CIBSL.
Jose Manuel Ortiz
Mona AlMagboul joined JP Morgan as a Middle East and North Africa( MENA) FX trader. Dubai-based AlMagboul joined the firm following a six-year stint at HSBC, where she most recently served as an associate director and MENA FX trader for the firm. She has also covered G10 short term interest rate( STIR) trading for HSBC and served as a global markets analyst, working in locations across both Dubai and London.
IMC Trading appointed Will Douglas as a FX options trader. London-based Douglas joined from BNP Paribas, where he spent nearly two years as a FX options trader and vice president in electronic market making. He has also previously worked at NatWest, Rothesay and Barclays.
SIX Group’ s Bolsas y Mercados Españoles( BME) has launched a settlement system for foreign exchange transactions in a payment versus payment( FXS) mode.
The implementation has been approved by the Bank of Spain.
Specifically, the new system improves efficiency and reduces risks in FX transactions – an advantage over bilateral settlement, according to the exchange, wherein one counterparty faces the loss of the total transaction amount if the other does not deliver the sold currency.
The offering is also set to reduce the reliance on credit lines, thus increasing both the number and volume of potential counterparties. José Manuel Ortiz, head of securities services( interim), said:“ We are convinced that our neutral position as an operator of financial markets and the robustness of our technical infrastructure will allow us to offer a high-quality and highly available service to participants.
“ The implementation of the FXS service represents an important step towards greater efficiency and security in foreign exchange transactions in Europe.”
FXS also offers potential for integration of the service into the SWIFT network and netting of all transactions between two counterparties.
Once live, the system will be available to financial institutions across the EU and Switzerland.
Going forward, BME confirmed that it is also working on other initiatives aimed at increasing its presence across the FX landscape.
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