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On the Move

Tonkin Named Head of FX PB at BAML

Dean Tonkin has been appointed head of futures, options, OTC clearing and FX prime brokerage with the Bank of America Merrill Lynch.

Based in New York, Tonkin joined BAML as a managing director in August 2012 from Barclays Capital, where he had worked for over eight years.

During his time with Barclays he served as head of G10 cash trading for the Asia-Pacific and as head of FX forwards for the Americas respectively.

BAML declined to comment.

Beale Swaps London Capital for Gain

Daniel Beale has joined Gain Capital in London, serving its institutional sales and trading business.

He joins the firm from London Capital Group where he served for over eight years, most recently as e-FX new business manager.

During his time with the group he also worked as an FX sales executive and in client relations. Prior to which he worked in FX operations for Citi for over four years.

Gain had not responded to requests for comment by press time.

Brazel Takes New Role With First Derivatives

Software and consulting provider First Derivatives (FD) has appointed ActivateClients’ Pat Brazel as global head of software sales following its acquisition of the firm.

As a result, Brazel is also stepping down as a non-executive director of software development and mobile technology vendor ActivateClients with immediate effect.

He will work alongside Gerry Buggy who takes up a new role as chief technology officer.

FD bought out Dublin-based ActivateClients last week for an initial consideration of €4.75 million (£3.4 million).

Prior to joining the firm, Brazel spent nearly a decade as president of Sungard Capital Markets, in addition to founding Sentry Financial Technology, now part of IBM and of GoldTier Technologies, which was acquired by Thomson Reuters in 2013.

Liedberg Joins TradAir

FX technology firm TradAir has hired Brian Liedberg as head of sales – Americas, based in New York. Previously, Liedberg was director of sales – Americas at Integral Development Corporation for over 11 years.

Before that, he spent four years at Cognotec as manager, sales. Liedberg also held sales positions at EBS and Thomson Reuters. He also spent 10 years as an FX trader at US Bank. 

TradAir confirmed the appointment.

Arslan Exits Nomura

Nomura has dismissed Guido Arslan, an FX hedge fund sales person, following an infringement of internal compliance unrelated to the FX probe.

Arslan joined the firm in London in July 2010. Before that, he spent more than two years in FX sales at Barclays and almost eight years at Goldman Sachs in a similar role.

Nomura confirmed Arslan’s departure.

Tera Appoints Niederauer as Advisory Director

Tera Group, the parent company of the TeraExchange derivatives trading platform, has appointed former New York Stock Exchange CEO Duncan Niederauer as an advisory director.

Niederauer will draw on his international experience to provide the firm with strategic advice and insight on growth strategies.

Niederauer says, “I have already begun advising them on how to approach and capture the opportunities that are emerging in the rapidly evolving global financial landscape for traditional and emerging financial products, such as Bitcoin.”

In September 2014, TeraExchange announced that it had launched the first regulated platform for Bitcoin derivatives and a spot Bitcoin price index.

Advanced Markets and Fortex Hire Global Sales Team

Advanced Markets, a prime-of-prime liquidity provider, and Fortex, a multi-asset trading platform provider, have hired a global, 10-person sales team formerly affiliated with Boston Technologies.

The team will build the two firms’ global sales presence with personnel located in Shanghai, London and Boston.

Advanced Markets and Fortex have co-developed a number of products and services for fund managers and brokers, including UltiMT, a fully integrated MT4 broker offering. The new team will provide a combination of offerings from both companies to best suit client specifications.

The hires come as the aggregated liquidity model for FX brokers, often termed prime-of-prime brokerage, is shifting in the wake of extreme market volatility around the Swiss National Bank’s surprise move to cease its intervention policy in January.

Advanced Markets says it was able to weather the market volatility with its technology and, because it routes all of trades to the top 10 FX banks, the banks priced Advanced Markets platforms throughout the SNB episode and worked with the firm to ensure no trades were repriced to the detriment of clients.

Boston Prime, the prime brokerage division of Boston Technologies, disabled all trading services in January, as a result of negative balances following the fallout from the SNB’s decision.

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