The rapid increase in interest in exchange-traded FX makes its way to London

The expansion and development within the exchange-traded FX sector has taken a massive upturn this year, with some of Chicago’s largest exchange technology firms and derivatives venues looking closely at connecting to platforms which empower the retail trader and allow access to an execution method that had until recently been the preserve of the large […]

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The expansion and development within the exchange-traded FX sector has taken a massive upturn this year, with some of Chicago’s largest exchange technology firms and derivatives venues looking closely at connecting to platforms which empower the retail trader and allow access to an execution method that had until recently been the preserve of the large institutional desks.

An interesting development has taken place, in which the movement toward exchange-traded FX has now arrived on the other side of the Atlantic, as former interbank FX executive Peter Jerrom and institutional FX specialist John Burt have joined RJ O’Brien in London as Senior Vice Presidents in the company’s listed (exchange-traded) FX brokerage operations.

Mr. Burt joins the company after a year and a half at Sigma Broking as Head of Global FX Exchange-based Products, the penultimate position in a 14 year institutional career.

Before joining Sigma Broking, Mr. Burt spent a year at British interdealer broker ICAP in the emerging market and G10 currency futures division, where he executed trades on and off exchange.

Positions at Sunrise, Tullett Prebon, Swiss interdealer broker Tradition and UBS Investment Bank date back to Mr. Burt’s inaugural position in 2002.

Similarly, Mr. Jerrom joins RJ O’Brien from Sigma Broking, where he spent a year and a half as Desk Head for the FX division, responsible for execution on an OTC basis and via CME Group on both the buy and sell side.

Mr. Jerrom’s career also involves almost 5 years at UniCredit Markets & Investment Banking, where he was Managing Director and Global Head of FX Derivatives, based in London, where he managed G10 and CEEMA teams in London, New York, Hong Kong, Munich and Vienna.

Almost a decade at major banks preceded Mr. Jerrom’s tenure at UniCredit, beginning in 1998 where he was an Associate at Citigroup for 5 years, which led to 4 years at Barclays Capital at Vice President level, before becoming Head of FX Exotics at Lehman Brothers until the firm’s demise in October 2008.

David Mudie, Chief Executive Officer of RJO Europe, today made a corporate statement:

“Peter and John are seasoned FX brokers and terrific additions to the team here, reinforcing our commitment to client-focused, best-in-class service. We continue to expand and round out our institutional specialty areas from the UK, and this represents our first London-based emphasis on exchange-traded FX. It’s a great complement to our growing global over-the-counter FX business that Tony Dalton is heading from New York.”

Indeed, the drive to invest more resources into exchange-traded FX in North America has been apparent for some time, however this initiative by RJ O’Brien demonstrates that it is not just the preserve of Chicago’s dedicated platform providers that wish to take their services to a wider audience.

Photograph: Downtown Chicago. Copyright FinanceFeeds

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