Holden Sibley has joined interdealer broker TP Icap as managing director and head of FX Hub, a newly created role, based in New York.
Sibley was most recently managing director and head of Americas eFX distribution within the macro division at Barclays, where he spent the past 17 years.
Sibley explains that the FX Hub strategy brings together the firm’s delivery of voice, hybrid and electronic capabilities across FX products, regions and brands. “Now that I’m two months into the role, I’m even more impressed and excited about TP Icap’s position and the opportunity we have in the market. There’s a lot of great stuff here already and plenty of other good things in motion. My role is really to bring it all together and shape it going forward,” says Sibley.
“There’s an interesting and probably under-appreciated, unfolding story about what a firm like ours is going to bring in terms of value to the FX market in the coming months and years,” he adds. “What I realised very quickly was what a powerful position TP Icap has in the FX market given the strength of the voice broking capability, and the depth of the liquidity flowing through the network of both the Tullett Prebon and Icap brands across products and across regions.
“What I didn’t have an appreciation for is the already very strong presence, technologically, that TP Icap has in FX. Overlaying that is the commitment of the firm and the strategy of senior management to continue aggressively driving and investing in that technological capability, but doing it in a way that remains cognisant of what it takes to maximise value to customers, which is that full range of channels across voice, hybrid and electronic,” Sibley continues.
“Over the medium term, we will deliver our entire FX capability across the FX product set – so everything from options to NDFs to forwards to spot, across regions and across the brands that TP ICAP has, and across that delivery channel spectrum – voice, hybrid, electronic – through a joined-up technological framework and approach,” Sibley says.
“The FX strategy and my role as head of FX Hub is to bring a global coherence and coordination around our FX technology delivery, across all those dimensions – from regions to products, to brands and to channels. Like any large organisation, and especially one that’s the product of a merger of two major broking organisations, you can imagine there’s still some scope for connecting the dots and tying all the pieces together – and a lot of it is in motion already,” he adds, pointing to the recent launch of FX options platform, FXOhub in March as an example of this approach.