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eFX Pioneer Estes Leaves BNY Mellon

Richard Estes has left BNY Mellon after 23 years with the US bank, according to sources. Based in New York, Estes had most recently held the position of managing director, FX markets, prior to his departure.

Estes started his FX career in 1987 at JP Morgan, where he spent more than eight years, mainly in FX sales roles.

He joined BNY Mellon in 1995 as vice president, FX sales. In 1999, Estes helped design and launch one of the first Internet-based client-to-bank FX trading platforms – iFX Manager – and subsequently helped negotiate the sale of the multi-bank licensing rights for the platform to the then-nascent FXall group in 2000. In the September 1999 edition of Profit & Loss, BNY was named a top contender in an article titled, “Who’s Winning the Internet Race?”

In 2004, Estes helped design and launch BNY Mellon’s FX post-trade services platform, iConfirm, which provides trade confirmation delivery and affirmation services, mark-to-market reporting, and generates third-party messages for other custodians.

In 2007, the year in which Estes was named as managing director, head of FX e-commerce, global markets at the bank, he worked to design and launch the platform for BNY Mellon’s eventual currency administration business – iHedge.Estes was responsible for leading the FX integration efforts after two major M&A deals were concluded, once when Mellon Bank was acquired in 2007-2008 and again when PNC GIS was acquired in 2010.

Between 2010-2014, was promoted and tasked with building a global product management organisation for the Global Markets group, covering FX, fixed income, equities and derivatives. During this period, Estes was responsible for the eFX initiative with Virtu Financial, as well as the currency administration outsourcing business, FX payments and the revamp of its custody FX program. The client facing applications from FX, fixed income and equities, along with client reporting, markets research and the iFlow tool, were all integrated into Connect during this period as well.

The bank declined to confirm Estes’ departure.

Galen Stops

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