Dave Reid has left Citi and is set to be named as the new global head of FX prime brokerage (FXPB) at Deutsche Bank, according to market sources.
Based in London, Reid had been with Citi since July 2006 and was responsible for prime brokerage sales at the bank.
Prior to joining Citi, Reid held roles in prime brokerage and e-FX at AIG Financial Products, Atriax and ANZ Investment Bank, as well as derivatives sales and trading roles in various locations globally for Swiss Bank Corporation.
Capitolis, the technology company founded by ex-Icap (now NEX Group) executive Gil Mandelzis, ex-Thomson Reuters CEO Tom Glocer and Igor Teleshevksy, formerly of Traiana, has launched a novation service in FX.
The firm says that Citi, HSBC, BlueCrest and Brevan Howard, among many other market participants, have collaborated with the firm on the service, which it adds is the first of its kind in FX.
Capitolis Novation automates the currently manual workflow in both FX prime broking and bilateral trading, thus providing capital efficiencies for the FX market.
Advanced Markets has signed Standard Chartered Bank as a foreign exchange prime broker. The addition will further extend the range of clients that can use prime brokerage to trade via Advanced Markets’ Direct Market Access (DMA) liquidity infrastructure.
Standard Chartered will provide prime brokerage services to the newly launched FCA-registered Advanced Markets (UK) Limited operation based in London as well as the company’s ASIC-registered operation in Australia. The companies operate as independent entities and will have discrete prime brokerage accounts at the bank.