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Foreign Exchange

Citi announces new eFX trading chief

Citi has announced a new global head of eTrading for FX products across the G10 and EM regions, according to an internal memo seen by EuromoneyFXNews.

The note said that Citi’s Simon Jones would fill the role, as the bank strengthened the management surrounding its electronic trading offering ahead of the forthcoming release of Velocity 2.0, its electronic trading platform. Jones will continue to manage Autotrader, Citi Intelligent Orders, FXWire and the bank’s eTrading activity across all G10 and EM currencies. In addition, he will be responsible for all electronic prices made across linear products, including STIRT and NDFs.

Matt Turnbull, who takes on primary responsibility for ePricing and the eTrading of STIRT products, will have a reporting line to Jones in addition to Dan Aitchison, global head of STIRT.

From the EM side, David O’Shea, Ranil Perera and Tareck Horchani will have reporting lines to Jones as well as to their current managers.

For large currencies, Jones will report to Jeff Feig, head of G10 currencies, and to James Bindler and Jose-Luis Yepez with respect to EM.

Jones joined Citi in 1997 as an analyst on the spot desk in London and moved to New York in 2004 as a senior dealer. He became head of the New York spot desk in 2007 and added electronic trading to his remit in 2008. Jones will be returning to London in this new role.

Citi said it would be announcing a replacement for Jones as head of its New York spot desk in the next few weeks. In the interim, John Ennis will manage the desk.

In the 2011 Euromoney FX Survey, Citi held on to fourth position with an 8.88% market share. It was the world’s leading provider of FX services to non-financial corporations, with a 12.67% market share.

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