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Foreign Exchange

Lloyds appoints new head of e-FX algorithmic trading

Lloyds Banking Group has hired a former BNP Paribas chief as its new head of e-FX algorithmic trading, the bank reveals in a statement.

Howard Grubb, who was formerly head of research in electronic FX trading at BNP, and has worked at Goldman Sachs and Barclays Capital, will report to Anders Henrikson, global head of FX trading, and will be based in London. Henrikson said Grubb’s appointment would enhance the bank’s e-FX pricing and risk management capabilities, which underpin Arena, the single-dealer platform Lloyds launched in October.

“Howard’s experience and track record of successfully developing and implementing advanced algorithmic trading tools will be essential as we grow our electronic offerings for clients,” says Henrikson. “We are making a strong commitment in this area.”

Grubb is the latest in a series of senior hires in recent months made by Lloyds as it seeks to boost its presence in the FX markets.

Last month, the bank hired former UBS trader Darren Coote as global head of spot trading, while Bruno Widmer has joined as head of bank and e-sales from Citi.

Other notable hires at Lloyds include Richard Chatterton’s recruitment as e-commerce product manager in July, while in August Keith Underwood joined as head of FX trading for the Americas and Michael Walsh arrived from Royal Bank of Scotland to set up a macro advisory group to service FX clients. In September, Lloyds hired Graham Harris from UBS to lead its financial institutions non-banks team.

In this year’s Euromoney FX survey, Lloyds climbed nine places to 38th position in the global rankings, with a market share of 0.16%.

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