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Foreign Exchange

Morgan Stanley loses FX salesman

A Morgan Stanley FX salesman has left the bank to join a French rival.

Stefanos Theodorakakos is set to join BNP Paribas, where he will be working in hedge fund sales, the French bank has confirmed. Theodorakakos will report to Chris Preston, head of FX European investor sales at BNP.

BNP held steady at 11th position in this year’s Euromoney FX Survey, with a market share of 2.63%. With leveraged funds, the French bank ranked 13th, with a market share of 1.65%.

In March, BNP launched Cortex FX, its new single-dealer platform, which it believes will compete with the largest players in the FX market.

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