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PEOPLE MOVES
Mark McMillan has joined Nomura as global head of electronic FX, after 11 years at Standard Chartered where he held senior roles across eFX trading, quant, product management and data analytics, most recently as MD, global head of markets product management and data analytics.
David Leech has been promoted to global head of FX trading at ING, succeeding Gary Prince, who moves into the role of head of financial markets EMEA. Leech joined ING in 2016 as a senior FX forwards trader and was later appointed head of FX UK in 2023. He previously worked in emerging markets bonds and derivatives trading roles at Morgan Stanley, UBS, RBS and ABN AMRO.
Chris Pizzotti has been appointed global head of FX sales and trading at State Street, after more than 15 years with the firm. He most recently served as head of FX voice trading, having previously joined as an FX trader in 2010 and later becoming head of Latam FX trading in 2017.
Ben White has joined Morgan Stanley in an eFX sales role, after more than two years in a similar position at BNP Paribas. He previously served as FX sales director, EMEA at Euronext, and as assistant vice president for Currenex sales EMEA at State Street, and has also held eFX roles at Santander and HSBC.
TRADING VENUES
LSEG unveils new post-trade offering to reduce FX options market risk
THE SERVICE LAUNCH FOLLOWS A SUCCESSFUL PROOF OF CONCEPT INVOLVING 13 SELL-SIDE FX OPTIONS DESKS.
LSEG’ s Post Trade Solutions has launched a new service – Market Risk Optimisation – to reduce market risk, specifically for FX options.
The new offering integrates with LSEG’ s multibank FX platform, FXall, and is expected to allow market participants to trade in and out of market risk, enhance liquidity and reduce transaction costs through access to a wide range of trading opportunities.
The development of the product has also involved industry input, following a successful proof of concept through the input of 13 sellside FX options desks.
Andrew Williams, chief executive of Post Trade Solutions at LSEG, said:“ Since launch, our optimisation runs have helped to reduce resource requirements, with a focus on counterparty risk. The next logical step in the evolution of our services is to use optimisation to reduce market risk.”
Specifically, the service analyses participant axes across a variety of tenors and risks, to then suggest an optimised set of trades that fit within a client’ s specified constraints.
Additionally, the end-to-end process is designed to be completed within 30 minutes and run at any frequency required by the market, to ensure it is responsive to market changes.
The launch also marks an expansion of LSEG’ s Optimisation service for counterparty risk, initially unveiled in 2017 as part of an effort to optimise cleared and uncleared margin.
“ FX options was an obvious asset class to target at launch, since its complexity and liquidity lends itself to optimisation,” added
Andrew Williams
Williams.
“ The front-office have been very receptive to the new service, and we look forward to working with new and existing clients as we evolve in line with market requirements.”
The launch of the offering also follows news in October that LSEG had partnered with 11 leading global banks to receive investment into its Post Trade Solutions business.
Bank of America, JP Morgan and UBS are among the banks participating in the deal.
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