Last quarter was a challenging for the Street in general, however our volumes started to recover in May with daily counts breaking and remaining above 20k lots. This rally can be attributed to a number of factors, but specifically the I-desk has seen a huge leap courtesy of changes in our banking arrangements, and the Multi-Asset team have facilitated a significant new Crypto-driven client who is very active. Metals volumes for both the LME desk and the Swaps desk have enjoyed a slight renaissance as hedgers in particular, make a tentative return to the market, this in turn has enhanced liquidity for day-traders.

Around the room, the quarter was mixed with, Multi-Asset, I-Desk, Ag’s, and LME seeing improved performances. FX onboarded their first Prime client in May, and with the 3 team members across UAE and Japan already embarking on joint marketing trips in anticipation of their own regulation, we expect FX revenues to start looking sharply north. I am also pleased to report that Michael Benhamou, our new exotic options broker, printed his first tickets this quarter and in conjunction with Laurent in Geneva is a great prospect.

Focusing on MENA for a moment, we are seeing constant demand from varied sources particularly BWAM for custody services in the region. There seems to be a wave of homeless cash crashing into the UAE, which we are taking steps to try to accommodate. We co-hosted a social event in the DIFC in late May with TT and SGX which was well attended by both our existing clients and prospects from our co-sponsors. This was a great opportunity for our previously Abu Dhabi-centric new hires to meet our long-standing DMCC and DIFC clients, and we are already on-boarding new clients as a direct result of this event. We remain very bullish for this office and the region in general.

The LME Nickel saga that I mentioned in my last report continues to dominate the industry headlines. Elliot Management and Jane Street are both suing the Exchange with more waiting in the wings, and the MFA which represents managers of $2.7 trillion of assets publicly accused the LME of a “lack of pre-trade control” and not managing the “conflict of interest”. With the BoE and FCA already investigating, and Ken Griffin of Citadel also putting the boot in, The LME in its current form looks terminally damaged. BGM resigned it’s Cat2 membership and will focus on further electronification and OTC opportunities in the space.

Elsewhere, the Marex/EDF news should be seen as an opportunity for us to harvest from the huge overlap that the merging of individual desks will create and may provide an opportunity to bolster our reach and offering as we look ambitiously to the second half of this year. I wish you all a continued success within the ever expanding world of Britannia.