Bernie Sinniah, global head of e-solutions at Citi, is to retire from the bank. According to an internal memo seen by Profit & Loss, Sinniah – who joined the Citi in Colombo as a spot trader 38 years ago, will step down in the first quarter.
Sinniah moved to Australia in 1986 with Citi and later joined the FX sales team, becoming head of sales for Australia before moving to the UK in 1999 to run the UK and subsequently corporate desk for Europe.
The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced the appointment of Marshall Bailey as chair of the Financial Services Compensation Scheme (FSCS) with effect from 1 April 2018.
The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Bailey succeeds Lawrence Churchill who is stepping down after two terms as chair. Bailey has worked in financial services for over two decades, and has held senior positions in a number of firms.
CME Group has announced that chairman emeritus Leo Melamed and retired chairman Jack Sandner will both retire from its board of directors at the conclusion of their current terms in May 2018. Following their retirement, both men will serve as a consultant to the company for the next two years. After that time, Melamed will continue to retain his title as chairman emeritus.
Melamed is recognised as the founder of financial futures and introduced the International Monetary Market in 1972.
David Ullrich has rejoined State Street as North American head of sales for FX Connect.
Ullrich rejoins State Street from FlexTrade, where he was senior vice president of execution strategies, responsible for expanding their FX offering. Prior to that he held various positions at Credit Suisse, Bank of America and Morgan Stanley. Ullrich previously worked for State Street as head of asset manager FX sales for North America.
“We are looking forward to David’s return to State Street,” says Beverley Doherty, global head of FX Connect. “The skills and knowledge that David brings from his more than 30 years of FX experience across the buy side and the sell side, including his knowledge of our institution, will add tremendous value to our business, particularly as we look to develop and deploy new functionality to meet our clients’ evolving needs.”
FlexTrade Systems has appointed Paul Thomas as vice president, FX business development for both the buy side and sell side markets in the Americas.
“With the FX buy side community looking to increase its aggregation and trading execution, FlexTrade is perfectly positioned to help them achieve these goals,” says Thomas.
Based in FlexTrade’s New York office, Thomas comes to the company having spent more than 20 years handling FX sales and trading for an array of industry players.
Most recently, he served as manager of New York FX sales for ED&F Man Group Capital Markets, where he provided dealing and market advisory services to a portfolio of hedge fund and institutional clients.
FlexTrade Systems has appointed Paul Alves as senior vice president, global FX business development, with a focus on expanding the company’s buy side trading solutions to asset managers.
According to Alves, automation efficiency, execution flexibility and cost conciseness for both the asset manager and their bank partners, are key areas in which the buy side is now focused.
“One size no longer fits all, and asset managers are looking for solutions that support varying degrees of execution automation and workflow customisation, while expanding their available execution methods and minimising risks. Regulatory requirements, liquidity access and increased efficiency demands are all driving asset managers to evaluate how they execute their FX trades. The need for an FX solution that incorporates all these factors into their trading environment while containing costs is critical,” says Alves.
Market sources tell Profit & Loss that Lisa Scott-Smith, co-head of portfolio investments and head of the currency team at Millenium Global, is stepping down from the firm to pursue other interests.
Scott-Smith has responsibility for the management of Millennium Global’s active currency overlay team and shares responsibility for managing currency exposures for client portfolios in team mandates on a day-to-day basis with Richard Benson, her co-head of portfolio investments. Benson is believed to be taking on Scott-Smith's responsibilities in addition to his own.
Jill Sigelbaum has been appointed as the new head of Thomson Reuters FXall, based in New York.
“We are delighted to have Jill onboard. Jill’s experience and expertise will bring a broad perspective to our FX offerings beyond front office execution,” says Neill Penney, global head of trading at Thomson Reuters. “As well as driving the FXall business forward, she has the leadership capabilities necessary to work at an industry level to continue Thomson Reuters’ tradition of innovation in the FX market.”
Prior to this appointment, Sigelbaum worked at Traiana, which she initially joined in 2003, and served as global head of foreign exchange at the time of her departure. This role was also based in New York.
Cobalt, the foreign exchange pre- and post-trade processing network, has appointed Darren Coote as a strategic advisor and investor.
Coote has more than 25 years’ experience working in the FX industry, having held a number of senior roles running global FX trading and e-FX businesses at UBS and Lloyds. He has also served on a number of FX boards and committees, including the Bank of England’s FX Joint Standing Committee and EBS’s executive board prior to the company’s sale to ICAP in 2006.
Adrian Patten, co-founder of Cobalt, comments: “Darren’s extensive and varied experience in the global FX industry adds invaluable expertise to our advisory board. His investment is another vote of confidence from a leading FX market player as we move towards our live launch later this year.”
Saxo Bank has hired Ulrik Ross as head of group treasury, effective March 1, 2018, he will replace Henrik Andersen, who has decided to step down to assume a new position on the board of management at KommuneKredit, according to Saxo.
Ross will report directly to Steen Blaafalk, head of group finance & risk (GFR), and will be part of the global management team in GFR and Saxo Group’s senior management team, in his role, Ross will assume the overall responsibility for all Treasury activities.