BNY Mellon’s markets business has appointed a vice president of foreign exchange (FX) sales from BNP Paribas, per an FXWeek report. Joseph Cafe joins BNY Mellon Markets after more than four years with the French lender as VP of Global Markets, where he oversaw the bank’s e-FX sales.
Prior to this, he was a vice president for fixed income, currencies and commodities at Deutsche Bank for just over two years.
BNP Paribas has seen a raft of departures from its FX team to rivals over the past few months, most notably to Japanese investment bank Nomura. This included Nomura bringing in Asa Atwell, who was part of the same FX team at BNP Paribas, as its new Head of FX and Emerging Markets.
With around ten years’ experience working in FX, Cafe has also held several senior roles at major financial institutions including foreign exchange sales manager at American Express.
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BNY Mellon Complements Foreign Exchange Offering
At BNY Mellon, Cafe will report to James Taylor, the bank’s head of FX electronic markets sales. The US investment bank aims to unify the FX sales team globally under one leader and review its currency product suite as it builds out a full-service FX platform to improve client experience.
BNY Mellon has attracted several brokerage staffers from rivals in the last two years as the bank ventures into the space by offering a product that leverages its existing pool of liquidity, collateral and funding capabilities and opens it up to institutional businesses.
Earlier last year, the Wall Street bank named Matthew Berson as head of its FX prime brokerage business which serves a client segment that includes banks, hedge funds, and other buy-side institutions in the $5tn a day global currency market.
BNY Mellon recently expanded its FX trading business with the launch of its FX options products in the US. The bank’s FX business currently offers various derivatives products, including spot, forwards, and non-deliverable forwards. It also launched its FX prime brokerage service taking on rivals such as Deutsche Bank, JP Morgan, and Citi.