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On the Move

Change at the Top of Newedge FX, Commodities Business

Newedge has announced that Francois Combes and Franck Borgel have been appointed as global co-heads of its commodities and currencies business and will join the firm's executive committee.

John Fay, former global head of C&C at Newedge, has decided to leave the company to pursue other opportunities outside the firm, as it nears a change of ownership following a turbulent year (Squawkbox, November 12).

Combes will be based in London and will be responsible for leading Newedge's global commodities business, while Borgel will be based in New York and oversee the currencies business, while retaining his responsibilities as COO for C&C.

Combes joins Newedge from Societe Generale Corporate & Investment Banking and brings with him more than 30 years of commodities experience and expertise, most recently as deputy head of commodities and head of metals and ags. Prior to that, he was head of commodities trading from 2007 to 2011.

Borgel has led a range of business lines and regions over the last 14 years at Newedge, and has served as the C&C COO for the last three years.

Govender Rejoins Credit Suisse After Brevan Stint

Neilan Govender has returned to Credit Suisse’s FX desk as a trader, having left his previous role as senior global currency trader with the bank in March.

After departing Credit Suisse in March he joined Brevan Howard as a senior portfolio manager, but left in October after less than seven months with the fund.

His first role with Credit Suisse also last less than a year. He was previously head of emerging markets FX cash and options trading for Barclays, which he joined in 2008. Prior to which he also worked for Deutsche Bank and Citigroup.

In his new role he reports to Simon Horwood, co-head of trading for global foreign exchange and short-term interest rate trading.

Credit Suisse was one of the banks to combine its FX, rates and commodities businesses recently, in response to changing market conditions.

The new unit is led by co-heads David Tait, formerly global head of FX and short-term interest rate trading, and Jon Kinol, formerly global head of rates.

Brevan Howard’s in turn is believed to have recently hired Vincent Craignou, HSBC’s former global head of foreign exchange and metal derivatives at HSBC as reported by P&L last week.

In June one of Brevan Howard’s partners, Luke Ding, also left resulting in the closure of the fund on which he was the lead manager.

R5FX Confirms Faulkner Hire Ahead of Launch

David Faulkner has joined the launch team of new London-based venture, R5FX, as head of open market.

The interbank liquidity pool for emerging market FX trading plans to go live in Q1 2104, subject to regulatory approval.

Faulkner joins from a few months with Integral Development, which he joined in-turn after nine years with EBS. He has also held FX-trading roles with Nomura and Republic National Bank of New York.

His appointment follows that of Stuart Crooks as head of liquidity with R5FX, having joined from his previous role as head of electronic commerce sales for fixed income, currencies and commodities in Europe, the Middle East and Africa with Royal Bank of Scotland.

Ed Nelson, former global head of business operations with Thomson Reuters, is also named as R5FX’s head of operations, while Anne Pounds, ex-Commerzbank and CQG, joins in an advisory role.

ADS Opens in Hong Kong

Desmond Yeo has been appointed to run brokerage firm ADS Securities’ newly established Asian headquarters in Hong Kong.

The Hong Kong office is the first fully licensed and regulated office ADS Securities has set-up outside of the UAE. The firm says it will work in conjunction with its Singapore office.

Philippe Ghanem, managing director and vice-chairman of ADS Securities, says, “This is excellent news for our clients as Hong Kong is a very important market which we need to be part of. London is still the largest FX centre in the world and being based in the Middle East we are perfectly positioned to bridge flows from Asia to Europe. Hong Kong will be our regional HQ, run by Desmond Yeo, a highly experienced FX specialist. He will develop our position in the region and provide traders with the prices and quality of service that defines the ADS Securities offer.”

The office will provide leveraged FX and bullion trading services.

“This market is extremely competitive but we know that many clients are looking for a strong well managed trading partner with the access to tier one bank and non-bank liquidity,” says Yeo. “Our Orex trading solutions and sales management will make us very competitive and help many clients to meet their trading goals.”

Yeo joined ADS in July 2013, prior to which he worked for GFT Asia in Singapore.

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