Standard Chartered has made some changes to its foreign exchange and rates business with the appointments of four senior traders to its global markets, Americas team. The new recruits join as two foreign exchange managers leave the bank in New York.
Felipe De Freitas, Aloisio Teles, Alfredo Alarcon and John Munley Jr have all joined in New York and report to Mohammed Grimeh, the recently appointed head of trading and deputy head of global markets, Americas. Grimeh, who previously worked at Lehman Brothers as global head of emerging markets, is responsible for managing FX, interest rate, credit and commodities trading across G10 and emerging markets at Standard Chartered.
The four senior traders have been hired to expand the bank’s products to provide a fuller range of Latin American interest rate, foreign exchange options, and G10 spot trading
“Our clients are increasingly seeking our help in accessing liquidity, and we see escalating capital flows between the Americas and our footprint markets of Asia, Africa and the Middle East. We view this time as an important opportunity to build our trading business in the Americas,” he says.
De Freitas joins as head trader in charge of Latin American FX options. He has more than nine years of experience in trading Latin American FX options and has previously worked at Credit Suisse, Deutsche Bank and Banco Santander.
Teles has been appointed co-head of Latin American rates, with a focus on Brazil. He has more than 12 years of experience in this area, most recently at SAC Capital Advisors. He also was with Lehman Brothers and Banco Santander.Â
The second co-head, who will focus on Mexico, is Alarcon who has 10 years of experience in this area including recent positions at Credit Suisse and Deutsche Bank Securities.
Finally Munley Jr. joins as a senior trader of G10 currencies.Â With 20 years of experience in currency trading, he was most recently a senior vice resident with the Royal Bank of Scotland.
The announcement of the appointments follow news that Keith Underwood, head of foreign exchange trading, Americas and Steve Santa-Maria, head of FX sales, Americas based in New York, have left Standard Chartered.
Underwood relocated to New York last June to take over the position from Todd McDonald who left to become global head of FX electronic pricing and trading at Standard Chartered in Singapore (Squawkbox, 1 September 2008). Before that Underwood was head of FX trading, UK and Europe.
“The positions were eliminated as we aligned our organisational structure with the rest of the bank,” the spokesperson says.
In addition to Grimeh being appointed head of trading for the Americas, Adam Freeman was named head of sales for Europe and Americas, based in London.