Foreign exchange: Banks beef up in eFX
BNP Paribas hires across the board; Citi makes key e-commerce sales hire
"With the hires in place, I am confident that we have a compelling electronic trading offering that will help us to realise our ambitions to become a top-five player in FX"
Eric Auld, BNP Paribas
Barely a day goes by in the foreign exchange market without one bank or another making a key hire or launching a new platform in the world of e-commerce. The race to build in eFX has gathered pace in 2010 (see (see Morgan Stanley hopes for Matrix revolution, Euromoney, March 2010), and banks are wary about getting left behind.
BNP Paribas is one foreign exchange bank that is open about its ambitions to break into the upper echelons of the foreign exchange market. To achieve its goals, it will need to compete with the established leaders in online platforms.
BNP Paribas was one of the big movers in the Euromoney poll last year, breaking into the top 10 globally with a market share of 2.26%, but it did not figure in the top 10 for e-trading.