The Association for Financial Markets in Europe (AFME) has named James Kemp as the first managing director of its recently formed global FX division.
Kemp was formally the founder and MD of financial markets technology company Stentra.
The FX division of AFME was formed in June this yearand has attracted 17 member banks including Deutsche Bank, UBS, Barclays, Citi and RBS.
Kemp says of his new role: “This is an exciting and challenging time to be taking up a global leadership role in the FX industry. There are some significant issues that the new FX division will need to take up, such as the implications of some aspects of the Dodd-Frank legislation in the US and the European Commission’s proposals on OTC derivatives, central counterparties and trade repositories. All of these have ramifications for the FX industry that may not be intended by legislators, so it is important that our voice is heard.
“The FX industry has worked well in the past with central banks and regulators to make the markets more efficient and reduce risk and I hope that AFME’s new global FX division will play a key role in maintaining that constructive relationship.”