Sam Osterman has left his job as global head of FX options at BNY Mellon, a position he held for nearly 15 months. Per an FXWeek report, the Wall Street bank has subsequently begun the search for a permanent replacement.
Sam Osterman originally joined BNY Mellon in January 2018 to head the new options business. At the time, BNY Mellon said his appointment is another step in the transformation of the FX business following the hire of Adam Vos as global head of FX earlier in 2018. His addition was the latest in a series of FX industry veterans in electronic trading, sales and prime brokerage that joined BNY Mellon Markets over the past two years.
Osterman served previously as director and foreign exchange options trader at Barclays, and then he was promoted to global head of G-10 and emerging markets flow options.
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BNY Mellon rolls out more FX products
BNY Mellon has ventured into the FX options space to complements its existing foreign exchange business which consists of FX custody, payments, and hedging.
FX options is just one of a number of new services BNY Mellon Markets has introduced to enable its clients to more efficiently access global currency markets. The comprehensive FX suite leverages the bank’s existing pool of liquidity, collateral, and funding capabilities and opens it up to its global client base.
Earlier last year, BNY Mellon launched a prime brokerage service taking on rivals such as Citi, Deutsche Bank, and JP Morgan. The service enables clients to trade and margin their FX through a counterparty that oversees more than $30 trillion of assets under custody.
The increase in banking regulation, which mandates increased minimum levels of capital and increases in reporting expenses, has resulted in a lot of banks leaving the prime broking space.