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IC Markets Appoints Nick Twidale as General Manager

IC Markets Appoints Nick Twidale as General Manager

There appears to be a new General Manager at Australian foreign exchange (forex) and contracts for difference (CFD) broker, IC Markets, Finance Magnates has learned, with Nick Twidale assuming the role.

The new position was made public via Twidale’s LinkedIn account, which states that they commenced their new role in December of this year and is based in the company’s office in Sydney.

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It is not clear what duties will befall Twidale. Finance Magnates has reached out to both IC Markets and Twidale, but at the time of publishing, we have not yet received a response.

Nick Twidale’s career before IC Markets

Twidale has a long career in the forex space, more than two decades worth, in fact. According to his LinkedIn profile, he kick-started his career in the industry with the Commonwealth Bank of Australia, where he was an FX trader.

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Specifically, Twidale joined the largest bank in Australia in 1998. In this role, he managed spot EUR, GBR, CHF and Scandinavian currency books within appropriate risk limits and traded all major G7 currencies.

After eight and a half years with the Commonwealth Bank, Twidale moved on to work for RBC Capital Markets, where he held the position of Vice President, Senior forex trader for slightly more than four years.

In his capacity as a senior FX trader, he managed spot FX AUD and NZD currency books within appropriate risk limits, traded all major G7 currencies including EUR, GBP, CAD and FX Options on a proprietary basis.

During his career, Twidale was most notably the Chief Operating Officer (COO) at Rakuten Securities Australia, which he held for just under three years. As the COO for the broker’s Australian operations, he was responsible for running all the day to day operations of Rakuten Securities Australia, his LinkedIn states.

During his more than 20-year career, Twidale has also worked at a number of other recognisable FX companies, such as IronFX, Newedge and T4T Capital, among other companies.

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Four Senior Personnel Parting Ways with Tullett Prebon

Four Senior Personnel Parting Ways with Tullett Prebon

Inter-dealer broker Tullett Prebon has continued to see a shuffling of key personnel to close out the year. Finance Magnates has learned that four senior executives with the company have parted ways with immediate effect.

Managing Director of Tullett Prebon’s Volatility Group, Paul Dunkley, Managing Director, Kevin McDermott, CEO of Energy and Commodities at TP ICAP, Andrew Polydor, and Director, Nicholas Potter have all left the group.

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The moves were obtained from information released today via the broker’s companies house page indicates that all men have ceased to be directors at Tullett Prebon as of December 6, 2019. Potter has relinquished his directorship as of November 28.

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Marquee departures

The moves follow on the heels of last month’s announcement that Stephen Duckworth, a Senior Managing Director with Tullett Prebon, would be retiring at the end of this year.

Together with Duckworth, the departures of Dunkley, McDermott, Polydor, and Potter reflect several decades of experience worth combined at the group.

McDermott has been with Tullett Prebon for nearly twenty-two years. He has served in a multitude of different roles during his tenure, namely as Managing Director and Director of the company.

Finance Magnates contacted Tullett Prebon’s press office, though the company was unavailable for additional comment at this time.

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Crypto Wallet BitGo Poaches FX Exec Andres Cifuentes from Cboe

Crypto Wallet BitGo Poaches FX Exec Andres Cifuentes from Cboe

Crypto wallet and blockchain security firm BitGo has added a former Morgan Stanley FX sales executive to its leadership team. Andres Cifuentes, who also led FX sales at Bats Global Markets, has been appointed as Executive Director and Institutional Sales manager.

His hire represents one of the startup’s most senior appointments to date, following his career that spans over 15 years working in international finance with institutional investors.

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Andres Cifuentes

After their long career across the foreign exchange markets, several FX veterans were enticed to join crypto firms by the appeal of working in a fast-growing nascent industry where a background in traditional finance can be a big advantage. Earlier this year, the US arm of Japanese cryptocurrency platform Liquid.com appointed CEO of US-based introducing broker Forest Park FX Justin Hertzberg as its first chief executive officer.

More on Cifuentes’s background

Andres has left his position as a director and head of FX sales at Cboe Global Markets in November 2019. He had been with the exchange operator (formerly Bats) for nearly four years, his Linkedin shows.

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Prior to that, Cifuentes spent more than six years at Morgan Stanley, where he originally worked as vice president of its FX Prime Brokerage business unit from 2009 to 2013. The US bank promoted Cifuentes after three years to take on an executive role at its FX sales, a position he held until he left in 2016.

Other stops include working at JPMorgan Chase in its Prime Brokerage unit, and also as an analyst with Goldman Sachs, part of his career that dates back to 2005.

Founded in 2013, BitGo operated originally as a bitcoin wallet provider but then branched out into other cryptocurrencies and now supports multiple altcoins. Last year, BitGo raised $15 million in new funding, led by Goldman Sachs and Galaxy Digital Ventures LLC, the venture capital firm founded by the billionaire Mike Novogratz.

BitGo’s custody offering allows its users to cover up to $100 million worth of their digital assets held in their accounts with the blockchain security firm. BitGo obtained its insurance coverage from the prestigious Lloyd’s of London, one of the oldest insurance agencies in the world, with centuries of experience in this industry.

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UBS Hires EM FX Options Trader from Nomura

UBS Hires EM FX Options Trader from Nomura

US investment bank UBS has made a new addition to its EM FX trading team with appointment of former Nomura trader, Scott Rosenthal.

Based out of London, Rosenthal takes on the role of Executive Director, EM FX Options Trader, and he brings nearly ten years of experience in forex and emerging markets trading. Most recently, Scott served in a similar position, initially as an emerging markets options trader, at Nomura from 2016 until he left this month.

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Scott Rosenthal

During his four-year tenure with the UK arm of Asia-headquartered financial services group, he worked in providing liquidity to the client franchise through market-making of both vanilla and exotic currency options, focusing on emerging market currencies in the CEEMEA region.

Prior to taking up his role with Nomura, Mr Rosenthal had been a Foreign Exchange Options Trader at Morgan Stanley where he stayed from 2012 to 2016. However, this was not his first rodeo with the US investment bank as he initially joined Morgan as Spring Intern back in 2010.

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UBS invests in algo technology

EMFX is an important product in UBS’s offering to its global client base which also includes market-making, prime brokerage, post-trade and execution services in the foreign exchange market.

On the FX options front, the bank makes market and provides execution choice across a range of vanilla, exotic and multi-leg products in more than 300 pairs. And the bank in general is looking at foreign exchange as an area to expand. Last year, UBS was the first global bank to launch a new electronic eFX pricing and trading engine in Singapore.

Options volumes surged to nearly $300 billion a day, according to the Bank for International Settlements’ latest survey, mirroring a pick-up in the spot market and reflecting strong trends in OTC sectors.

UBS is not only expanding its FX product suite, but is also investing millions in algo technology as it cuts back on trading teams and relies more on automated strategies to trade more efficiently. Earlier in May, the bank launched ORCA-Direct platform, which is utilizing machine learning technology to carry on FX trades and help clients find the best available liquidity when volatility rises.

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Credit Suisse Adds Chris Fuligni to FX Sales Team in New York

Credit Suisse Adds Chris Fuligni to FX Sales Team in New York

Swiss bank Credit Suisse has onboarded Chris Fuligni from Credit Agricole to join its foreign exchange sales in New York, per an FXWeek report.

The appointments follow a number of senior hires that Credit Suisse has made to its e-FX division in the US, signifying what the bank calls a commitment to the region and focus on building a client-focused franchise. The bank hired Dr. Günter Grimm, former executive director of FX institutional sales at fellow Swiss bank UBS, in May as a forex strategist.

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Chris Fuligni
Source: Linkedin

Phil Tretola and Sam Osterman also joined Credit Suisse as directors in its foreign exchange team. The hires underscore the bank’s efforts to expand its flow business and enhance its currency product coverage. The new recruits report to managing director Mahesh Sinkar, based in New York.

Prior to Credit Suisse, Fuligni worked at Crédit Agricole CIB in FX sales to build out the FX options client business similar to the advanced FXO business done at RBS. He also launched FX derivatives trading business at Bracebridge Capital from ground zero.

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Credit Suisse sued in the US for FX rigging

With around 25 years’ experience working in FX industry, Fuligni has also held several senior roles at major financial institutions including managing director of FX/hybrid derivatives structuring and sales at RBS. During his eight-year tenure with Royal Bank of Scotland, he was responsible for client pricing of all complex option products.

Mr. Fuligni is assuming his new role as the lender lines up more industry veterans at a challenging time for an FX sector, which is being ravaged by regulatory and structural change. Earlier in May, a group of investors has sued Credit Suisse with other 15 global banks for allegedly rigging prices for their own benefit by sharing confidential orders and trading positions.

A New York judge overseeing the litigation narrowed the charges of rigging rates in the foreign exchange market, but refused to dismiss antitrust lawsuits against Credit Suisse Group AG.

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Calypso Taps Sameh Fouad to Head Middle East Operations

Calypso Taps Sameh Fouad to Head Middle East Operations

Calypso Technology Inc., a provider of capital markets and investment management software, has reinforced its ME operations with the addition of Sameh Fouad as its newest Regional Director for the Middle East, Africa, and Turkey.

In his new role, Sameh will be based out of the group’s Dubai office but with regional coverage. He joins the group after nearly two decades in the multi-asset transaction and data processing space, having worked at a number of leading venues in the industry.

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Sameh Fouad

Prior to coming over to Calypso, Fouad worked at DXC Technology, where he was the General Manager for more than two years. He specializes in software and managed services, principally for the financial sector in the Middle East.

Calypso has a growing number of clients across the Middle East. Most recently, it signed Emirates NBD, a Dubai government-owned lender and one of the largest banking groups in terms of assets. The deal allowed Calypso to take a piece in Emirates NBD’s $410 million investment in a multi-year digital transformation plan.

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Sameh drives forward Calypso expansion in the region

The company has been also involved in developing a blockchain application for FX trade matching confirmations with a group of global financial institutions. This is done in collaboration with the R3 consortium, which Calypso joined in 2017.

“Digital transformation is on the minds of most bank CEOs in the region, and the implications of ‘digital’ on the use of data and data security are keeping many executives awake at night,” said Sameh Fouad while commenting on his appointment.

He added that middle eastern companies are now seeking to consolidate multiple systems that have resulted from merger and acquisition activity. As such, Calypso stands here to address these challenges with a cross-asset, integrated, and front-to-back platform, offering what the company claims “one of the highest levels of STP in the industry.”

“I am delighted that Sameh has joined us as Regional Director. He brings a wealth of experience of our industry and his background further strengthens our understanding of the region’s requirements and culture. Calypso is here; we are growing, we are learning. And we are bringing in people like Sameh who have spent their whole career in the region to drive forward that growth,” said Olivier Vinciguerra, managing director, Northern Europe, Middle East and Africa at Calypso Technology.

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