FXHedgePool hires ex-Refinitiv Karen Phillips ahead of FX Spot matching service

Rick Steves

FXHedgePool is now accelerating its multi-product strategy starting with an FX Spot matching service for the WM/R benchmark. The firm believes it will reduce market impact, tracking error, cost transparency and operational inefficiencies for the buy-side, while sell-side providers can reduce exposures and monetize underutilized credit lines.

FX HedgePool has added Karen Phillips as Head of Business Development of the peer-to-peer, institutional FX matching platform.

Based in New York, Karen Phillips will lead the firm’s sales and relationship management efforts and report directly to CEO and Co-Founder, Jay Moore.

“Few people can claim to have done so much in their career in FX as Karen”

The new Head of Business Development joins FXHedgePool from Refinitiv, where she spent the past 21 years, most recently as Americas Head of Transactions Sales and Relationship Management for FXall and Matching.

Jay Moore, co-founder and CEO of FXHedgePool, said: “When we set out to fill this role, we were looking for a unique set of skills. Few people can claim to have done so much in their career in FX as Karen, so the choice was obvious. She’s got a long history of building strong relationships and delivering product solutions to meet the ever-changing needs of both the buy- and sell-side and we couldn’t be happier to welcome her to our growing team.”

Karen Phillips, Head of Business Development at FXHedgePool, added: “I am thrilled to be joining Jay and the amazing team at FX HedgePool and look forward to working closely with market participants to continue building innovative solutions for the FX community. I am excited to again be at an early-stage company introducing new technology and ideas to the FX market.”

FXHedgePool prepares FX Spot matching service

The new executive appointment comes on the heels of a an $8 million equity financing round led by Information Venture Partners (Information VP), with participation from Fidelity International Strategic Ventures (FISV) and NAventures, National Bank of Canada’s corporate venture capital arm.

The capital raise is intended to fuel a broader expansion of FX HedgePool, which currently caters to over 30 institutions using the platform.

FXHedgePool is now accelerating its multi-product strategy starting with an FX Spot matching service for the WM/R benchmark. The firm believes the FX Spot matching service will help reduce market impact, tracking error, cost transparency and operational inefficiencies for the buy-side, while sell-side providers can reduce exposures and monetize underutilized credit lines.

The peer-to-peer trading venue is laying the groundwork to bring its model to spot matching for the WM/Refinitiv benchmark by the end of 2022. The move is in response to the growing wish among the company’s expanding community of buy-side participants to provide liquidity to each other.

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