Citi confirms that James Bindler, global head of G10 FX at the bank, is retiring.
Profit & Loss understands from sources that Itay Tuchman, currently head of markets for Citi in Sydney, is moving to London to take the reins of the business, however the bank was unable to confirm this.
Bindler has been with Citi since 1990, having joined the bank from Midland Bank in New York in 1982. Since 2000 he has been based in London and he has been a member of the Bank of England’s Foreign Exchange Committee since 2008.
Following his retirement from Citi, where he spent nearly 30 years and most recently served as global head of G10 FX, James Bindler, reflected at Forex Network London about the changes that he’s observed in the industry.
He’s also made a number of predictions regarding its future.
1. The line between banks and non-banks will continue to blur
“As always with all these things, it comes from both sides of the equation. Banks will get faster and high-frequency traders will seek capital to backstop their risk taking activities,” said Bindler.
Discussing the challenges facing market makers, Bindler noted that the cost of FX trading is generally rising, particularly for firms that need to use prime brokers to access the market.