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Foreign Exchange

Société Générale loses global co-head of FX trading

The global co-head of FX trading at Société Générale (SG) has resigned his position, according to sources who have spoken to EuromoneyFXNews.

Richard Bailey, who joined the bank in December 2009, resigned last week. He had held the position in conjunction with Dan O’Sullivan, who left the bank in November to join Jefferies Bache in New York. He was not replaced. It is understood that Bailey continued to run the options business globally, and responsibility for spot trading was taken over by Cedric Beaurain, head of spot trading, based in Paris.

Before SG, Bailey had been at Credit Suisse, where he ran G10 option trading in London, and had previously worked at Citi.

Bailey’s departure comes two weeks after SG announced the restructure of its global markets business by merging four separate units into one business called fixed income and currencies (FIC). The FIC group brings together the old fixed income and currencies business, the treasury department, and interest rate and FX derivatives.

The FX division within the FIC group will be now run by Gian-Luca Fetta, who had held the position of global co-head of equity flow since 2009, and has an extensive background in equity volatility products during his 14 years with SG.

Société Générale wasn’t immediately available to comment.

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