BTIG has hired three former Newedge staff to run its new Chicago-based FX desk.
Michael Artim, Brandon Walsh and Chris Karabelas have joined BTIG as it looks to continue expanding on the global FX desk that it opened at the end of 2012 in New York.
Artim, Walsh and Karabelas – who most recently worked together at Newedge Group in Chicago – will each serve as directors of foreign exchange sales. "They're a well-regarded team and complement our existing FX coverage," says Martin Ferraro, co-head of FX at BTIG.
Prior to working at Newedge, where he was a director of financial institutions, Artim had an FX sales role at BMO Capital Markets and has also previously held FX sales and trading roles at ABN Amro, ING Bank and Paine Webber.
Walsh joined Newedge in 2008 as part of the FX trading team. Prior to that, he was an FX trader and dealer in the Australian and Chicago offices of Fimat before it merged to form Newedge.
Walsh began his career as an analyst for Bank of America Securities, based in its Charlotte office in North Carolina.
Karabelas also joined Newedge as an FX trader in 2008. He began his career at ABN Amro in 2004 as an FX trader.
The team will report to Alan Circle and Martin Ferraro, the co-heads of FX at BTIG and ultimately to Anton LeRoy, BTIG's head of FICC. All three of them are based in New York.
As part of this expansion of its FX group, BTIG also hired Michael Paravati as an associate in its New York office to assist with FX operations. Paravati has spent the last four years at Federated Investors in various operational roles.