LeapRate Exclusive Interview… Continuing our series of interviews with some of the leading personalities in the FX world, we are pleased to speak today with Remonda Kirketerp-Møller.
If the name doesn’t ring a bell, her resume certainly should.
Remonda joined Saxo Bank in 2003 and played a key role in developing the Legal and Compliance Department to support Saxo Bank’s global strategy. She also founded the Market Data Department at Saxo specialising in big data analysis and process automation. In 2008 Remonda co-founded CFH Group Companies, including CFH Clearing, which was sold to Playtech in 2016 for $120 million. In 2012 Remonda left CFH and founded muinmos, a Copenhagen based law firm and Regtech company focusing primarily in financial services with the mission to eliminate the regulatory burden which has hindered financial institutions across the globe from entering new markets and offering its financial products.
Now returning to CFH Clearing as a non executive director, we’re pleased to find out Remonda’s views on how the FX liquidity business, and CFH, have changed in the years since she first left the company. Here is what she had to say…
LR: Hi Remonda, and thanks for joining us today. It has been six years since you left CFH. Please let our readers know a little more about what you’ve been up to, and how (and why) did you decide to come back?
Remonda: I left CFH Clearing after spotting a gap in the market to automate highly complex legal and regulatory processes for the financial services sector. I founded muinmos, a regtech company, which has created a single cloud-based platform for client onboarding in the financial sector. It has taken quite some time to develop the algorithms to systematise global regulations and create a fully automated platform but we have succeeded and the business is going well. Naturally, I have also followed CFH’s journey closely, and it is a great pleasure to be joining the organisation again, although in a different capacity. I am very much looking forward to bringing my perspective to the board and working with the team at CFH.
LR: From your perspective, is CFH a much different company now that it is part of a large publicly traded company, Playtech?
Remonda: CFH’s business is fundamentally the same – offering award-winning liquidity, proprietary technology and excellent service to a global institutional client base. However, a new major shareholder always brings new perspectives and procedures, in particular a well-known established publicly traded company.
There’s a huge advantage to the business – and to the clients – that CFH now has greater resources than ever before. Being part of Playtech’s financial division, TradeTech, with the resources of an organisation with a market capitalisation of more than $3 billion, means CFH Clearing can offer institutional clients access to a broader range of services and can continue to invest in technology and push boundaries within the industry.
CFH Clearing has been ambitious from the outset and the advantage of the Playtech acquisition is that CFH has the biggest balance sheet in the industry coupled with the enthusiasm and agility of a smaller, independent business. CFH is a market leading firm with huge potential and plans for future growth. It’s a great time for me to be involved in the business again.
LR: What will be your new role as a director at CFH Clearing?
Remonda: I will bring my industry expertise, in particular within the legal and regulatory area, into play. Having built and run several companies I also will bring my business and leadership skills to the board and management team.
LR: How has the FX liquidity business changed over the past few years, taking into account issues and events like the Swiss Franc spike, ESMA’s plans to limit leverage, and the cryptocurrency craze?
Remonda: I think it is fair to say that the FX liquidity business is even more volatile than ever before. Commissions and fees for trading and brokerages have been under significant pressure. To retain or increase profits, FX liquidity businesses need to focus on reducing costs through a high level of automation, utilising AI where possible. There is also a lot more to come from ESMA and other national regulators. The regulators are extremely in tune with the market like never before. They have the skills, understanding and focus to safeguard the stability of the EU’s financial system and are constantly enhancing the protection of investors. There will no doubt at some point be a uniform application of the relevant rules and regulations driven by technology to create a more harmonised EU. It is the only way ESMA and other authorities can truly safeguard and protect investors whilst still allowing these FX liquidity businesses to function.
Cryptocurrency will certainly be regulated in the very near future. This makes robust procedures even more important, but a volatile environment also provides ample business opportunities for the well prepared businesses.
LR: How do you see the opportunity for CFH in the current environment?
Remonda: CFH is a very professional company and I think it is in an excellent position to continue to take market share and to conquer new markets. It is a journey that I am very much looking forward to playing a key role in.