One of the original software developers at Skype has joined tradable – the world’s first open trading platform – as Chief Product Officer. Janno Teelem, who headed up product development teams for Apple related Skype products, has been appointed to evolve the innovative tradable platform, positioning it at the forefront of the global retail trading industry. He joins with a wealth of international experience in software product development from working in Silicon Valley, the UK, Sweden, Austria and Estonia.
tradable, which allows traders to create a completely customised online platform using 3rd party developed apps to fully define their trading experience, has attracted a huge amount of interest since launching last year. Voted the most innovative financial product by the top 500 Forex industry CEOs at the Forex Magnates Summit in London 2012, tradable’s ‘app store’ model is rapidly gaining momentum through partnerships with some of the leading players in the industry – including one of Japan’s most prestigious financial organisations, Monex Group Inc, which will be offering the tradable platform to its client base of over 1,300,000 traders in Japan.
As Chief Product Officer at tradable, Janno Teelem will focus on evolving the tradable platform as well as building and executing the product roadmap, providing value and enabling new opportunities for traders, brokers and third party developers.
Jannick Malling, CEO of tradable comments, ““This is a major hire for us – Janno was one of the first guys at Skype and has an impressive career history in software development for international markets. He really is one of a handful of people that has proven they can build truly world-class user experiences. We think this ability will be key for driving the shift towards open trading platforms with fantastic trading experiences, a trend taking place in the industry right now. I am confident that, with Janno’s expertise, we can continue to transform the online trading industry and we are delighted to welcome him to the team.”
Janno Teelem adds, “tradable is a true innovator, with a very talented team. They have started a movement towards an open platform model that is accelerating the industry and I am very excited about the potential of the tradable platform. I believe my experience building software products and agile product teams will help the organization to further innovate and achieve its business goals.”
For further information, visit www.tradable.com
Oil drops on dollar strength and OPEC+ supply expectations
By Jessica Resnick-Ault
NEW YORK (Reuters) – Oil prices fell on Friday as the U.S. dollar rose while forecasts called for crude supply to rise in response to prices climbing above pre-pandemic levels.
Brent crude futures for April, which expire on Friday, fell 74 cents, or 1.1%, to $66.14 a barrel by 12:45 EDT (17:45 GMT). The more actively traded May contract slipped by $1.08 to $65.03.
U.S. West Texas Intermediate (WTI) crude futures dropped $1.42, or 2.2%, to $62.11. The contract was still on track to be up 4.8% on the week.
The U.S. dollar rose as U.S. government bond yields held near one-year highs, making dollar-priced oil more expensive for holders of other currencies.
“It’s a dicey time – it doesn’t seem like a time to load up on a risk-asset position,” said Bob Yawger, director of Energy Futures at Mizuho in New York, wary of a potential output increase from OPEC and allies at next week’s meeting. Also, the U.S. stockpile report this week showed a surprise build in oil inventories.
Friday’s gains also reflect profit-taking after both Brent and WTI headed towards monthly gains of about 20% on supply disruptions in the United States and optimism over demand recovery on the back of COVID-19 vaccination programmes.
Investors are betting that next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+, will result in more supply returning to the market.
U.S. crude production fell in December, the latest month for which data is available, according to a monthly report from the Energy Information Administration.
Despite talk of tightening fundamentals, the demand side of the market is nowhere near warranting current oil price leves, they added.
U.S. crude prices also face pressure from slower refinery demand after several Gulf Coast facilities were shuttered during the winter storm last week.
Refining capacity of about 4 million barrels per day (bpd) remains shut and it could take until March 5 for all capacity to resume, though there is risk of delays, analysts at J.P. Morgan said in a note this week.
(Reporting by Shadia Nasralla, Additional reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore; Editing by David Goodman, Louise Heavens and David Gregorio)
Bitcoin set for worst week since March as riskier assets sold off
By Ritvik Carvalho and Tom Wilson
LONDON (Reuters) – Bitcoin was headed on Friday for its worst week since March as a rout in global bond markets sent yields flying and sparked a sell-off in riskier assets.
The world’s biggest cryptocurrency slipped as much as 6% to $44,451 before recovering most of its losses.
It was last trading down 1% at $46,671, on course for a drop of almost 20% this week, which would be its heaviest weekly loss since March last year, when fears over the novel coronavirus caused havoc in financial markets.
The sell-off echoed that in equity markets, where European stocks tumbled as much as 1.5%, with concerns over lofty valuations also hammering demand. Asian stocks fell by the most in nine months.
“When flight to safety mode is on, it is the riskier investments that get pulled first,” Denis Vinokourov of London-based cryptocurrency exchange BeQuant wrote in a note.
Bitcoin has risen about 60% from the start of the year, hitting an all-time high of $58,354 this month as mainstream companies such as Tesla Inc and Mastercard Inc embraced cryptocurrencies.
Grayscale’s Bitcoin Trust, which has seen huge inflows amid the heightened interest in cryptocurrencies and manages almost $33 billion in assets, was down 5.5% versus its previous close at $45.63.
The Purpose Bitcoin ETF, which became this month the world’s first exchange traded fund physically settled by bitcoin, last traded at $7.41 versus a net asset value of $9.36.
Its stunning gains in recent months have led to concerns from investment banks over sky-high valuations and calls from governments and financial regulators for tighter regulation.
(Reporting by Ritvik Carvalho and Tom Wilson; editing by Dhara Ranasinghe, Karin Strohecker, William Maclean)
Sterling knocked back by bond rout and inflation fears
By Joice Alves
LONDON (Reuters) – Sterling fell against a stronger dollar on Friday, retreating from a three-year high touched earlier this week, as a rout in global bond markets sent yields flying and hurt the pound, while the Bank of England warned of inflation risks.
After rising above $1.42 for the first time in three years earlier this week, the pound fell to $1.3890 at 1059 GMT, its lowest since Feb. 18..
Versus the euro, the pound fell 0.1% 87.03, after hitting a 10-day low of 87.30 pence in earlier trading..
Bank of England Chief Economist Andy Haldane warned on Friday of a risk that inflation will prove difficult to keep under control as the economy recovers from the pandemic.
Analysts also attributed sterling’s fall on Friday to a sell-off in bond markets.
Benchmark U.S. Treasury yields vaulted to their highest since the pandemic began, driven by the prospect of accelerating growth and inflation that could trigger a faster rise in interest rates than many expect. Gilt yields also rose sharply on Thursday.
“The aggressive Cable capitulation has seen macro and leveraged players retreating from an increasingly overbought market,” said Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets.
“The correction came as the UK curve 2-10 flattened by 2bp yesterday and short sterling rallied into the close”.
The pound has strengthened about 2% this year as traders expect Britainâ€™s speedy vaccine roll-out will help the economy rebound from its biggest contraction in 300 years.
Relief over a Brexit trade deal and pushed back expectations for negative interest rates from the Bank of England had also supported sterling.
Sterling was still on track for its fifth consecutive month of gains against the greenback and the euro, with analysts maintaining a positive outlook on the currency.
(For graphic of Sterling monthly performance – https://fingfx.thomsonreuters.com/gfx/mkt/oakperraqvr/Sterling%20monthly%20performance.png)
(Editing by William Maclean)
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