Edgewater opens office in Sao Paulo, Brazil to address demand for FX trading and execution

Rick Steves

“Brazil is a tremendous market for us, and one of the fastest-growing participants in currency trading globally.”

Edgewater Markets has announced the opening of the firm’s São Paulo office and extensive new hires to address growing demand for its FX trading technology and execution services across the globe.

The firm will provide technology, trade execution, and liquidity aggregation across foreign exchange (FX) and precious metals from its São Paulo office, based in the largest financial market in the LatAm region.

Charles Achoa will head the São Paulo office

Industry veteran Charles Achoa, whose hiring was announced by Edgewater in October, will run the São Paulo office.

Charles Achoa will contribute to the growth and development of Edgewater Markets’ Latin American presence. The seasoned financial services professional has more than 28 years of experience in sales, derivatives, investment banking and client management.

He joined Edgewater Markets after serving as venture capital investor and financial consultant for Brazilian institutions. He previously played the role of Managing Director and Head of Latin America at RBS’s Global Banking & Markets Group. His career includes stints at major Wall Street firms including Credit Suisse, DLJ, Swiss Bank and Chemical Bank.

Edgewater covers top 5 LATAM currencies: CLP, MXN, BRL, COP, PEN

Edgewater facilitates foreign exchange trading for financial institutions around the world, including the top 5 LatAm currencies: the Chilean Peso (CLP), the Mexican Peso (MXN), the Brazilian Real (BRL), the Colombian Peso (COP) and the Peruvian Sol (PEN). The company recently added several new local providers for MXN and BRL to its robust roster.

The firm’s white-label solutions, customized technology, and liquidity aggregation will be at the service of Brazilian financial institutions looking to advance their technology and access Edgewater’s extensive network of global FX market participants.

“Brazil is a tremendous market for us”

Jose-Antonio Buenaño, Managing Director and Head of Sales, Americas at Edgewater, said: “Brazil is a tremendous market for us, and one of the fastest-growing participants in currency trading globally. Edgewater believes strongly in ‘boots on the ground,’ where our uniquely experienced FX professionals, armed with unparalleled local knowledge, are closest to the markets, developments, and players. With our significant and growing client base in Brazil, we’re excited to have São Paulo join our offices in Santiago, Mexico City.”

Brian Andreyko, Chief Product Officer at Edgewater, said: “We’re excited to be contributing to the growth and development of FX in Latin America, helping domestic markets expand their reach into the global institutional buy-side and sell-side trading communities. Around the world, our approach is not to just sell technology but to truly partner with our clients, ultimately increasing revenue per trade and local market share, and expanding relationships in the FX and commodity markets. Our extensive new hires around the world are now enabling traders and investors to ‘follow the sun’ as never before, while compressing execution costs and maximizing the ability to reach onshore liquidity and inventory.”

Edgewater recently announced 90% year-over-year growth in overall volume traded on Edgewater technology, driven by 300% growth in non-deliverable forwards (NDFs) and a 35% increase in precious metals.

Throughout a year of significant growth, Edgewater has made a substantial number of senior hires globally in technology, operations, sales and support. This includes new Asia- and London-based development teams and operations leadership, a senior sales hire in London, and numerous hires across the front-, middle- and back-office at the firm’s Connecticut headquarters.

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