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Madgavkar Exits Citi as Bank Relocates FXPB Business Citi is relocating its FX prime brokerage business from the global FX franchise to sit within its prime services business. As part of the changes, Profit & Loss understands that Citi veteran and global head of FXPB Sanjay Madgavkar will leave the firm and that Chris Perkins, head of the bank’s clearing business will take over. Madgavkar has been with Citi for more than 20 years, starting in FX sales before moving into the e-FX business in 2001 – from 2005 he was North American head of FX and fixed income e-commerce.
Edgewater Expands in London, Singapore Edgewater Markets has hired Phil Muldoon and David Fowler in its London office, and Ananda Ariesta and Marvin Ng in its Singapore office.In London, Muldoon has been handed the role of director of institutional e-FX Sales, prior to which he was global markets director, G10 FX and rates, at the National Bank of Abu Dhabi. Before that, he spent over 17 years at Credit Agricole, most recently as director on the FX trading and e-FX risk management teams. He has also worked at Credit Suisse, Manufacturers Hanover Trust and National Westminster Bank.Fowler, who joins Edgewater as institutional e-FX salesperson and trader, arrives from Sucden Financial, where he worked for over six years in different capacities, starting in operations within the e-FX brokerage business and then as an e-FX analyst on the sales desk. Fowler began his career at London Capital Group in institutional FX.
Malhotra Back to Barclays Gaurav Malhotra has joined Barclays in Singapore as director with responsibility for the e-FX business in the Asia Pacific region, Profit & Loss understands. The move represents a return to the firm for Malhotra who worked for Barclays for six years, latterly as head of e-FX spot trading for Asia Pacific, before moving to UBS in Singapore. Having spent more than seven years at UBS, Malhotra left the Swiss bank earlier this year to return to Barclays. The move continues Barclays' FX build out.
Leung Joins State Street

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Leung Joins State Street

Mary Leung has joined State Street as the global head of client algos in FX. Based in London, she will report into Jim Foster, global head of e-FX trading, and her responsibilities will include growing the client algorithms business within e-FX, developing the business strategy, design of the trading algorithms, liquidity analysis and selection, and pre- and post-trade transaction cost analysis (TCA). With more than 13 years' experience in banking, Leung joins State Street from Deutsche Bank, where she was a lead quant of the FX and listed derivatives algorithmic execution business. Prior to this, she held major roles in building FX algos at both Bank of America Merrill Lynch and Citi.
Makor Group Adds Two to FX Business Brokerage firm Makor/Oscar Gruss Group, which was formed by two former Cantor Fitzgerald Europe executives in 2011, has announced the hire of Tom Friedel and Matthew Lutz. Both men will be based in New York and will, the firm says, shortly be followed by more to mark the opening of its US FX Desk, which will be based in both New York and Chicago. They will report to Michael Benitah, head of FX and FI at Makor/Oscar Gruss Group, and locally to Michael Halimi, CEO of Makor/Oscar Gruss Group
FXTM Appoints Scott Retail FX brokerage firm FXTM has appointed Nicholas Scott as head of product development. The firm says he will be responsible for leading the company in the research, management and delivery of its digital user experiences. Scott has previously held roles in the marketing, strategy and product teams of several companies, including LMAX Exchange and Gain Capital. He joins FXTM following his time as senior director of digital investing at Gain. FXTM says the establishment of a dedicated product development team with Scott at the helm “strategically positions the company for further expansion into 2019”.
Calder Set to Leave Cboe FX

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Calder Set to Leave Cboe FX

Barry Calder is set to leave his role at Cboe FX in New York at the end of the year. Calder, whose current title is director, liquidity management, co-founded the Hotspot FX platform in 2000 and worked in various roles as it was subsequently acquired by Knight Capital Group (KGC), BATS Global Markets and then most recently, Cboe in 2017. “Barry has played an important role in the growth and evolution of Cboe FX. He has decided the time is right for him to pursue new opportunities. We have valued Barry’s dedication, keen insight and contributions over the years and we wish him all the best in his future endeavours,” says a spokesperson for Cboe.
Thomson Reuters Veterans Depart Following Blackstone Acquisition A number of long-serving staff members have left Refinitiv – previously branded as Thomson Reuters Financial & Risk unit – since it was acquired by a consortium led by Blackstone in October. Although a spokesperson for Refinitiv declines to comment, Profit & Loss understands that Mechelle Magante, Susan Gammage, Lorraine Ferrari, Jim Ball, Paul Callahan and Bob Bricken have all left the firm. All of them were based in New York. Magante joined then-Reuters in 2004 as an FX product specialist and stayed on after the firm merged with the Thomson Corporation in 2008. At the time of her departure, Magante was a senior FX relationship manager.
Salimi, Ozkul Exit Citadel Securities Rashelle Salimi and Evran Ozkul have left Citadel Securities in New York, according to market sources. Salimi, who was a FICC relationship manager at Citadel, joined from Bank of America Merrill Lynch (BAML), which she left at the end of 2016 to go to Citadel. At BAML, she was initially head of FX algo sales for North America and later a managing director, Americas e-FX sales. Before joining BAML in 2015, Salimi spent over five years at Credit Suisse and nearly four at Bloomberg before that.
Changes at the Top for Flow Traders Flow Traders will propose to appoint Dennis Dijkstra as its sole CEO at the May 2019 AGM. The decision was made by the firm’s supervisory board, with Sjoerd Rietberg, the current co-CEO along with Dijkstra, having previously announced that he will not opt for reappointment at the AGM. In addition, the firm’s CFO, Marcel Jongmans, is resigning to pursue other opportunities, according to a release issued today by the Dutch trading firm. Jongmans’ duties will be assumed by his fellow management board members with immediate effect.