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O’Brien Leaves BNY Mellon Patrick O’Brien has left his position as managing director, foreign exchange, at BNY Mellon. Based in Pittsburgh, O’Brien had been with BNY Mellon since 2006. Profit & Loss understands that his departure is part of a broader move by the custodian bank to consolidate its FX dealing room in New York. Prior to working at BNY Mellon, O’Brien spent just under two years as a senior vice president, FX trading, at National Australia Bank (NAB) in New York. Before joining NAB in 2005, O’Brien was a manager and chief dealer for spot FX at Commonwealth Bank for twelve years, operating out of both New York and Sydney during that time.
Nevistich Back at Nex Douglas Nevistich has re-joined NEX (Nex) Group in New York. He joins as a senior product manager after a brief stint at 360T, where he was also a senior product manager. Prior to joining 360T in August 2016, Nevistich spent 16 years at Icap, which transitioned into Nex Group after it completed the sale of its voice broking business to Tullett Prebon in December 2016. Nevistich was initially on the technology side of the business at Icap before moving on to product management, where he was the global API product manager and EBS market product manager for the Americas.
Noble Hires Former CME Counsel Noble Bank International (Noble) has hired Jason Silverstein as its general counsel. Based in New York, Silverstein joins the firm from CME Group, where he spent the past seven years as an executive director and associate general counsel. At the CME Silverstein’s advised the systemically important clearinghouse division on the Commodity Exchange Act, Dodd-Frank, clearinghouse rules and product development within IRS, CDS and FX asset classes. His responsibilities at the Chicago-based exchange group also included drafting and submitting clearinghouse rules, developing recovery and resolutions plans and advising the internal risk, margin model, default management, credit risk, market risk, settlement, collateral, treasury and product development teams.
CFTC Continues Developing FinTech Initiative With its New Hire Christopher Giancarlo, the acting chairman of the US Commodity Futures Trading Commission (CFTC), has appointed Daniel Gorfine to serve as director of LabCFTC and chief innovation officer, effective immediately. “Daniel is a well-respected leader whose expertise in market-enhancing fintech will help the CFTC disrupt the status quo and change the way government interacts with our ever-innovating marketplace," says Giancarlo. "Daniel's addition to the team will move our LabCFTC initiative into its next phase and will further our efforts to make the CFTC a 21st century regulator for our 21st century digital markets." LabCFTC is a new initiative announced by the Commission in May, which aims at promoting responsible fintech innovation to improve the quality, resiliency and competitiveness of the markets the CFTC oversees.
Devereux Joins Nomura Profit & Loss understands that Colin Devereux, former director and chief dealer of G10 spot FX at Bank of America Merrill Lynch, has joined Nomura in New York. According to sources familiar with the matter, Devereux has joined as executive director and senior risk taker on Nomura’s FX desk. Devereux left BAML in December 2016 after working there for four years, prior to which he was a director on the FX desk at BNP Paribas in London, having joined that bank from a six year stint at Citi in London. He has also worked at Brown Brothers Harriman and UBS on those institutions’ FX desks.
Baggioli Handed COO Role at ADS Securities Marco Baggioli has been appointed as COO at ADS Securities. He is currently the firm's executive managing director – global head of brokerage, and in his new role will take on additional direct line responsibility for operations, legal and compliance, product and change, IT, marketing and HR across the firm's business lines. Baggioli will continue to be based in ADS Securities’ Abu Dhabi head office reporting into CEO, Philippe Ghanem, and will also have dotted-line management responsibility for ADS Securities’ London and Hong Kong subsidiaries as a board director.
Barclays Names Zorzoli as Macro Distribution Head Barclays has appointed Filippo Zorzoli as head of macro distribution for EMEA and Asia Pacific. In addition, Filippo will also be head of solutions sales globally. He starts at Barclays in September 2017 and will be based in London. Barclays’ macro business is part of its investment bank, helping both institutional and corporate clients trade FX and interest rate products. The macro team works in close partnership with Barclays’ research team, which publishes daily insight for clients on global macroeconomic and political issues.
Former Deutsche Director Joins Wells Fargo Sandra Francisco has joined Wells Fargo as a director, according to market sources. Francisco joins from Deutsche Bank, where she was a director, focused on prime brokerage sales, FX hedge fund sales and derivatives clearing. Prior to joining Deutsche in 2008, she worked for over seven years as a vice president at Goldman Sachs, focused on credit sales and prime brokerage sales. Both her Deutsche and Goldman roles were based in New York.
Giancarlo Nomination Proceeds to the Senate The US Senate Committee on Agriculture, Nutrition, and Forestry has voted to confirm the nomination of Christopher Giancarlo as chairman for the US Commodity Futures Trading Commission (CFTC). He has served as acting chairman since January, and today’s vote paves the way for his nomination to move forward to consideration on the Senate floor. After the vote, Giancarlo issued the following statement: “I am humbled by the bipartisan support in the Senate Agriculture Committee for my nomination as chairman of the CFTC, and I look forward to consideration by the full Senate.
RIP Alan Attwood Alan Attwood, former ACI UK president and long-standing supporter of ACI – the Financial Markets Association, has died after a long illness. Attwood was a well known figure in the UK and wider FX community. His career began in the back office of British Bank of the Middle East, from where he moved to the dealing floor. BBME was later amalgamated with HSBC, and after 14 years he moved to Credit du Nord in London as chief dealer. He then joined Raiffeisen Zentralbank and in 1990 moved to Chartered West LB.