The client experience is everything and with that in mind Colin Lambert takes a look at a firm seeking to deliver analytics with a difference, as well as the impact of this service on a client. One of the biggest changes in the foreign exchange industry in recent years has been the explosion of data […]
Tag: Sucden Financial
Sucden Financial has appointed Kirsty Gillies as global head of e-FX sales as it seeks to further enhance its presence across worldwide FX markets.
Gillies joins Sucden Financial after spending eight years at UBS, where she held the position of executive director. She was responsible for running its e-FX sales team in London, having begun her career at Barclays Capital.
Reporting to co-heads of e-FX Peter Brooks and Wayne Roworth at Sucden Financial in London, Gillies will be responsible for “elevating its sales strategy in order to generate new business and solidify Sucden Financial’s presence across worldwide markets”.
On a panel discussion entitled “The Twists and Turns of FXPB”, speakers at Profit & Loss Forex Network Chicago discussed the possibility for technology to radically re-shape the prime services ecosystem.
Technology’s impact on prime services was the jumping off point for the last panel at Profit & Loss Forex Network Chicago. Peter Plester, head of prime brokerage at Saxo Bank A/S highlighted the impact that technology had already in terms of risk management in this segment pointing out that the traditional plumbing for starting up a prime broker was to connect to NEX Traiana and the various ECNs and have STP for tickets, but that the central risk system internal to the PB was fairly manual.
Ayhan Gurcuoglu has been appointed by Stater Global Markets as regional sales manager (Turkey). He joins from Sucden Financial, where he was also regional manager for Turkey.
In addition to three years at Sucden Financial, Gurcuoglo was at Sanko Securities for five years, where he progressed from financial dealer to foreign markets assistant manager and was, the firm says, instrumental in building up the organisation’s FX and CFD departments. His career history also includes working at Tera Brokers and at Raymond James in Turkey.
Michael Davies has been appointed global head of sales at Stater Global Markets, joining after over 14 years at Sucden Financial where he was head of e-FX sales EMEA.
Stater says the newly created role is “a major development” for the FCA-regulated prime of prime brokerage, following its announcement that it plans to build a sales function. The firm has also appointed Max Moriarty to an EMEA sales role, reporting to Davies.
Davies joined Sucden Financial in 2004 as a research analyst before becoming head of research in 2007.
Sucden Financial has partnered with FairXchange, to provide its e-FX clients and partners with independent analysis of execution performance.
FairXchange is a data science firm specialising in microstructural analysis. It will supply Sucden with its Horizon platform, which provides users with tools to manage their e-FX businesses.
Wayne Roworth, co-head of e-FX at Sucden, says: “Partnering with FairXchange has enabled us to further enhance our client offering, as we remain at the forefront of innovation in our space. The need for transparent, independent data on performance has never been greater; it informs discussions with our clients and valued liquidity partners, as well as giving us unparalleled insight into our own business.”
Phil Kim has joined Sucden Financial as head of e-FX sales for the Asia Pacific (APAC) region.
Based in Hong Kong, Kim joins from LMAX Exchange where he had been working as the head of institutional sales for APAC since 2015.
Prior to that, Kim spent over nine years with FXCM, where he was a vice president.
Darren Barker has joined Sucden Financial’s FX team to help expand its institutional client base, selling the firm’s range of electronic and voice services.
Barker has over 30 years of experience in FX and specialises in selling a full range of FX products to institutional firms, including hedge funds, CTAs, private equity funds and banks.
He joins the firm from RJ O’Brien, where he was a senior director for sales and trading. Previous roles included senior sales and trading positions at Natixis, Unicredit, JPMorgan, Bank of America, UBS, Citi and Deutsche Bank.
“Sucden Financial is a highly reputable foreign exchange participant, with a strong financial position, experienced teams and established trading and support infrastructure,” says Barker. “The ambitions to grow and broaden the firm’s client base, together with the existing capability to offer a full range of instruments make it a great fit for me.”
Peter Brooks, co-head of e-FX at Sucden Financial adds, “We are delighted to welcome Darren. He has a wealth of experience and expertise to help us expand our institutional FX services to a broader client base.”
The traditional assumption in the FX industry is that accessing a bank prime broker is always preferable to using a prime-of-prime. Galen Stops speaks to service providers seeking to challenge that assumption.
“One thing that’s quite interesting is that in the mindset of the FX industry, there’s a certain hierarchy,” says Jonathan Brewer, managing director of IS Prime. “There’s basically an assumption that if you want to participate in the FX market, then the pinnacle provider that you should aim for is a tier one prime broker (PB), and then you should only go and look for a prime-of-prime if, for whatever reason, your face didn’t fit at a tier one PB.”
Although to some degree this hierarchy might be psychologically driven, there are also very valid reasons why market participants might prefer an FXPB to a prime-of-prime (PoP) offering.
Galen Stops takes a look at some of the potential risk concerns associated with the prime-of-prime model in FX.
I n a recent survey conducted by Profit & Loss 57.25% of respondents said that they think the trend towards more firms using prime-of-primes (PoPs) rather than traditional FX prime brokers (FXPBs) could increase the impact of a shock event.
This is in contrast to 27.48% who said that it won’t and 15.27% who think the impact of a shock event would be unaffected by this change. The logic underpinning this concern is based on the fact that risk is increasingly being pushed towards less well-capitalised institutions.