Multiple sources tell Profit & Loss that Andrew Brown, global head of FX at Santander, is leaving the firm. Brown joined Santander in May 2018 after a six year spell at Spanish rival BBVA where he oversaw what sources familiar with the matter refer to as an “outperformance” of the FX business and he seems […]
LCH is now actively clearing trades on behalf of a Mexico-domiciled participant.
BBVA Bancomer completed a cleared Mexican peso denominated TIIE interest rate swap, with BBVA SA Madrid acting as the clearing broker.
The transaction marks the first time a Mexican participant has used LCH SwapClear, following LCH’s recognition as a Foreign Central Counterparty (CCP) by Banco de México earlier this month.
John Horkan, LCH Group COO and head of North America, says: “We’re excited that BBVA Bancomer has become the first Mexican participant to clear its interest rate derivatives at SwapClear. This milestone swiftly follows LCH’s recent recognition as a Foreign CCP by Banco de México, allowing Mexican entities the benefit of accessing the global liquidity available in SwapClear.”
Profit & Loss understands from market sources that Andrew Brown, formerly global head of FX at HSBC and BBVA, is to join Santander in the same role.
Santander has not responded to requests for comment, but the hire is being seen in some quarters as a statement of intent by the bank as it seeks to boost the effectiveness and profile of its FX business. Brown headed Spanish rival BBVA’s FX business for six years and oversaw an outperformance by the bank’s FX business.
BBVA and BBVA Bancomer are piloting an FX matching application developed by Calypso Technology and R3.
The application, which runs on R3’s Corda platform and is facilitated by Calypso’s cloud services, has already been used by the two Spanish banks to match a live FX trade.
BBVA and Bancomer entered into the pilot as part of their larger initiative to apply distributed ledger technology to their FX businesses to reduce total cost ownership, simplify operations and enhance overall efficiency.
BBVA is very excited about this initiative for two reasons. Firstly, it gives us the opportunity to assess the impact of a disruptive technology such as DLT, t
Profit & Loss understands that Andrew Brown, global head of foreign exchange, and Alan “Shoulders” Clarke, global FX product manager, are to leave Spanish bank BBVA at the end of the year.
The departures are part of a plan recommended by the two men to move the global FX roles back to the Madrid head office, according to sources familiar with the matter. As part of this change, both will leave.
BBVA did not respond to enquiries by press time but is believed to have agreed to the departure of two men who have overseen solid growth in its foreign exchange business.