RBC Dominion Securities is consolidating its Asia-Pacific FX trading unit alongside its fixed income operation in Sydney later this month [MARCH], confirms managing director, Peter Loaring, who oversees the regional FX business.
The FX spot, forward, money market and options trading teams will relocate to Sydney by the end of March, while a small sales team will remain in Singapore to service the Asian customer base, says Loaring.
RBC already has a six-strong FX team in place covering the spot/forward Australian dollar products, which operates within the 50-strong trading room. About eight FX dealers will be relocating to Sydney, where the FX unit should number about 20 when the final team is in place. In addition to Loaring, Chris Routledge will transfer to Sydney as head of the spot desk. Kevin Bossy will head the currency options desk, while Ben Yeo will head the sales initiative.
“RBC has a strong fixed income business in Sydney, so it makes sense to locate the FX platform alongside it,” says Loaring. “We now want to expand our profile in the commodity currency bloc.”
The bank last month hired a new chief forward trader, Kylie Harris, to run the forward book from Sydney, says Loaring. Harris was previously a senior forward trader at Commonwealth Bank of Australia. Loaring adds that he will be adding several more dealers, most likely on the sales side, to the Sydney team.
Loaring will look after the FX side of the business, while Paul Warren runs the fixed income side.