Day: 28 March 2011

New Video Available on

The latest in our series of video reports from Profit & Loss’s conference series is now available on our website. For a report on the recent conference in Mexico City, please go to and click on “faces”.

BBVA Hires Industry Veterans

Spanish bank BBVA, which recently appointed Andrew Brown as global head of foreign exchange, has made two senior appointments to its FX business, according to several sources in the market. Former e-commerce managers Alan ‘Shoulders’ Clarke and Jon Healey are set to re-join Brown, with whom they worked at HSBC, at BBVA in London, the […]

Tullett Prebon Shifts Americas Management

Interdealer broker Tullett Prebon has made changes at the top of its Americas business, according to market sources. Squawkbox is told that Marcus Bolton is stepping down from his role as CEO of the Americas to return to the firm’s London office in an as-yet undefined role. He will be replaced by John Abularrage, who […]

Senior Departure from Hotspot

Market sources tell Squawkbox of a senior departure from Knight Capital’s FX ECN Hotspot FX. The sources say that Zoran Mavrinac, managing director for Hotspot’s bank relationships is leaving the firm next month. He is said to be joining FX technology provider Curex in New York. A source familiar with the situation says Mavrinac is […]

UBS Makes Changes to FX Management

UBS is seeing the departure of two of its senior foreign exchange managers. Arie Adler has left his role as the bank’s global co-head of foreign exchange, while Fabian Shey is said to be leaving his role as global head, securities client scalability, although both remain employees at the firm, a person familiar with the […]

Morgan Stanley Hires for FX Prime Brokerage

Morgan Stanley has made two trans-Atlantic hires for its FX prime brokerage business, with both new employees joining from JP Morgan. Rob Sagurton will join the New York FX prime brokerage team as executive director and senior marketer while Juha Sternberg is joining the team in London as executive director and senior marketer. Sagurton and […]

Khan-Gandapur Departs SocGen

Chico Khan-Gandapur has resigned from his role as global head of fixed income and currencies at Societe Generale Corporate and Investment Banking. A spokesperson for the bank says he is leaving the London-based position in order to spend more time with his family. Khan-Gandapur joined SG CIB in May 2005 as head of euro rates […]

BBH Opens HK Desk, Makes Series of FX Hires

Brown Brothers Harriman (BBH) has opened a foreign exchange desk in Hong Kong to provide 24 hour access to FX trading in conjunction with New York, London and Tokyo locations. BBH says the new desk will provide Asia-based clients with execution services, seamless coverage and global currency research. It will be headed by Chris Gothard […]

Citi Joins Traiana

In a sign that banks are preparing themselves for big regulatory changes, Citi has become the first customer of Traiana’s post-trade central counterparty (CCP) connectivity service for the clearing of foreign exchange derivatives. Traiana’s CCP Connect offers connectivity to central counterparties through the Harmony network, providing trade routing, affirmation, matching, allocation, and reporting services for […]

Morgan Stanley Launches FX Algo Tool

Morgan Stanley has released Morgan Stanley Fix, a new algorithmic trading product that provides institutional clients with flow-weighted average execution (F-WAP) in currencies. Similar to volume-weighted average pricing (V-WAP) in exchange traded markets, F-WAP minimises the chance of trading on extreme prices over an execution window. “Institutional investors can incur significant additional cost if currency […]