- Morgan Stanley - The TRADE
- Algorithmic Trading in India: Past, Present and Future
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Morgan Stanley - The TRADE
Michael Stothard. Globe and Mail Update. Published May 16, Updated May 16, Published May 16, This article was published more than 8 years ago. Text Size.
Algorithmic Trading in India: Past, Present and Future
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Show comments. Log in Subscribe to comment Why do I need to subscribe? There is a bit of a debate over who exactly discovered pairs trading. Bamberger, a computer science graduate from Columbia University, left Morgan Stanley in and disappeared from Wall Street around Others believe that it was NunzioTartaglia, a brilliant quan trader, working with a small group of researchers at Morgan Stanley in that discovered pairs trading.
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In the early s Morgan Stanley was assembling a team of computer scientists and traders to work in an independent, ultra secretive group, which would exploit the discrepancies in the stock prices to generate abnormal profits. It would be a well-planned assault on the Efficient Market Hypothesis. One of the members of that team was a computer scientist from Stanford named David Shaw, who would later founded the legendary Wall Street investment firm D. Bamberger, Tartaglia and Shaw, all worked as a part of this ultra-secretive group that was in search of the Holy Grail of trading.
Orlacchio previously headed fixed-income sales for the region and will retain sales responsibilities. Several other banks have struggled amid a rise in rates volatility in recent months, according to one market source. The MOVE index of US interest-rate volatility roughly doubled from a few months earlier to hit levels in August last seen in early The bank trading desks that sell these contracts can be left vulnerable if market interest rates move before they can hedge their positions. It proceeded to skid to 1. US swaption volumes have surged as rates have declined.
That was the day after Fed chairman Jerome Powell suggested that the central bank could cut interest rates if the economy weakened as a result of the US-China trade war. People Moves. Morgan Stanley. Tags - 4 Issuers - 1. More from IFR magazine. Mitsubishi UFJ Financial Group has taken a knife to its markets business in Asia, joining the growing ranks of international banks that have made deep cuts to their trading divisions amid dwindling profitability across the industry.
Around 60 people are expected to leave Mitsubishi UFJ Securities in Hong Kong, Singapore and Sydney from a workforce of about in the region, a person familiar with the matter said.
Morgan Stanley jobs near Westmount Qc
Staff in credit and rates trading, equities and structured products are expected to be most affected, with debt capital markets, which straddles both the securities division and the bank, largely unaffected. The bank will also relocate a number of credit traders from Hong Kong and Singapore to Tokyo. Structured solutions is largely unaffected by the cuts, although some employees will relocate from Singapore to Hong Kong, while the Japanese equities business will mainly be booked out of London in future.
Staff were informed of the changes at a townhall meeting on Thursday. Line managers are due to speak in the next two to three weeks with individuals being made redundant and those being asked to relocate. The cuts did not come as a complete surprise after chief executive Kanetsugu Mike launched a review of the business. Pierre Ferland was also drafted in as head of the securities division in Asia last year. In his last role at RBS, he was co-CEO of its capital resolution division, overseeing the divestment of its bad assets stemming from the financial crisis.
The big five US banks posted a fourth consecutive quarter of lower revenues from fixed income, currency and commodities trading in the April-June quarter. Leveraging the collective strengths of our global network to meet our clients' needs in the region will enable us to continue to invest in providing innovative solutions in the future.
That was unrelated to the latest cuts in Asia and followed a voluntary redundancy offer to senior staff, which was partly aimed at freeing a path for more junior staff to advance. Several other banks have also been paring back their trading divisions in Asia as steep competition from local brokers, the rise of algorithmic trading and the shift towards passive investment have eroded fees, especially in equities.
The syndicate team was unaffected by the changes, with Malcolm Mui continuing in his role as head of pan-Asia debt syndicate. The cuts to MUFG's securities business contrasts with the rest of the group, where overseas expansion is one of the cornerstones of a medium-term strategy unveiled in May The bank has bought other lenders, including Indonesia's Bank Danamon, to offset a stagnant domestic environment. Several sources, both internally and externally, played down the prospect of a retreat from Asia.
It's a case of better aligning our resources within the business," said one senior banker at MUFG. Thomas Blott, Steve Slater. Goldman Sachs continued to reshape its leadership ranks as the one-year anniversary of its chief executive approaches.
The investment bank named Pete Lyon global head of the financial and strategic investors group, which is newly combined with the financial institutions group. She joined Goldman as a partner in Mahoney will continue to serve as global co-chairman of FIG. Fels will continue to serve as co-head of the insurance sector in the Americas. Giovanni only became co-head of global TMT in February. He joined Goldman in and was named partner in Tammy Kiely was named co-head of global technology investment banking, alongside Ryan Limaye.
Posnett is global head of internet investment banking. Kiely is currently global head of semiconductor investment banking. The promotions are the latest in a series of high level changes that have been announced on a rolling basis since the beginning of September. Long-time senior partners leaving the firm in the coming months include chief risk officer Robin Vince; co-head of securities and former chief financial officer Marty Chavez; chief information officer Elisha Wiesel; head of research Steven Strongin; co-chief operating officer of global equities Jeff Nedelman; and Dane Holmes, head of human capital management.
The changes will take place just before Solomon announces a strategic update, and the flurry of promotions provide an indication of who will be the key lieutenants to implement his plans. Natixis has launched a new framework to measure how green its corporate and investment banking products and lending are, which could create a template for how banks promote the use of green finance among staff and clients.
Natixis model affects the internal risk weightings it applies to its business, which the bank said provides "a strong incentive for Natixis' teams to favour green financing". For green deals, risk weightings could be cut by up to half under the internal assessment. Natixis said in June it planned to be the first bank to apply a framework on internal risk calculations based on how green a deal is.
Natixis said all origination teams must apply its "green weighting factor" to all sectors except financials, and the deal then goes to the credit committee with the adjusted profitability assessment.
Applying a reduced risk weighting to green loans will improve the internal calculation of its profitability while a higher risk weighting will reduce its profitability. Natixis will apply seven grades from dark brown to dark green. It will not affect any regulatory calculation of its RWAs. Natixis told IFR in June the green weighting factor could also be used to influence future staff bonuses. The rating applies to either the asset or project being financed, or to the borrower for general purpose financings, whether a corporate or public sector client. Half of the portfolio has been classified as brown in RWA terms, one-quarter is green and one-quarter is neutral.
Regulators have said banks need to be aware of risks from climate change and the impact of transition to a low-carbon economy, and should include those issues in their risk management. Regulators have considered ways to include environmental factors in their prudential assessments of banks - either by rewarding banks by reducing risk weightings for green activities, or putting a surcharge on brown activities.