Australia and New Zealand Bank (ANZ) has seen its latest senior hire, this time bringing in FX veteran Paul Scott to the role of Head of eFX. The appointment follows after a lengthy career that has already seen Scott undergo multiple senior roles with different entities.
Scott also founded key market initiatives such as FXSpotStream LLC where he was a board member and its former chairman.
In his new role as head of eFX, Scott will be playing a key role in developing ANZ’s foreign exchange business including trading revenue across all electronic FX products. His capacity also covers the eFX product distribution across all client segments & channels – inclusive spot, forwards, NDFs & Algo offering.
Prior to ANZ, Scott has been a founding director at Market Alignment, which provides algorithmic & electronic trading review to help reduce costs at Australia’s top institutional banks.
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New Hires Amid Hefty Penalties
Prior to his time with Market Alignment, he worked for nearly ten years with Commerzbank AG in a number of other senior roles dating back to 2007. This includes stints as its Head of Asia E-foreign exchange trading and most recently as global head of spot foreign exchange and e-trading.
Additionally, he has also worked at Kaiser Trading as head of trading, focusing on large corporates, as well as a Senior FX Trader at National Australia Bank (NAB), among other stops dating back to 1996, according to information made public on his Linkedin profile.
Scott’s hire constitutes ANZ’s latest appointment in 2018, following on the heels of its recent settlements with Australian regulators over misconduct surrounding some of its traders. This year the Melbourne-based lender has reached an accord to fork over $50 million in penalties and payments after a series of trading incidents stemming back to 2010-2012.
The Australian Securities & Investments Commission (ASIC) has also filed charges against ANZ Bank, the nation’s third-largest lender, part of a groundbreaking legal case that relates to its $2.5 billion share placement in 2015 and the non-disclosure of material information to all shareholders.