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Foreign Exchange

FX market round-up

Bank of America grows FX sales force

Bank of America continued to expand its FX franchise last month with four more hires to its London-based global markets sales platform. Rodolphe Alexis has joined as head of European non-reciprocal bank global foreign exchange sales and joint head of corporate GFX sales. Claude Goulet becomes principal in GFX European sales and Mark Rossi principal in GFX institutional sales. Denis Sédès, previously in FX sales at Merrill Lynch, has assumed the title of principal in GFX risk management advisory.

GAIN keeps gaining

Non-bank FX dealer GAIN Capital announced a number of new senior management appointments and expansion plans last month in response to impressive growth in its institutional and retail FX business. Annual revenues increased 70% each year from 2002 to 2004 and it now handles in excess of $70 billion in total monthly trading volume.

Its heaquarters have now been moved to New Jersey and it plans to open a New York City office later this year to support its rising US customer base, which now accounts for 50% of its trading volumes. New appointments include Chris Calhoun as COO, Andrew Haines as vice-president of application development of its proprietary trading platform and internal/customer-facing applications, and Kenneth O'Brien as vice-president of product strategy.

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