Less than a month after news of onboarding Wyman Shing from RBS, Euronext FX has revealed yet another addition to its foreign exchange business. The first pan-European exchange, which operates a major forex ECN service, has augmented its FX business team with the appointment of Ben White as FX Sales Director for the EMEA region.
Mr. White told Finance Magnates that he has joined Euronext’s FX division effective today. Prior to this role, he spent 16 months at State Street’s foreign exchange (FX) business, Currenex, from June 2018 through September 2019.
With around six years’ experience working in FX, Ben has also held several roles at different financial institutions, including the E-FX unit at HSBC Global Banking and Markets.
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Other stops include working as FX Client Associate at Santander Global Corporate Banking and assistant vice president at Currenex Sales EMEA.
Mr. White is assuming his new role as the company lines up more industry veterans at a challenging time for an FX sector, which is being ravaged by regulatory and structural change.
Euronext pushes further into FX space
Founded as a joint venture by the Swiss bank Credit Suisse and FX broker FXCM in 2012, Euronext FX (formerly FastMatch) provides an electronic currency trading platform mostly for institutional clients such as banks, asset managers and hedge funds. The group saw average daily volumes (ADV) of $16.80 in July 2019. However, the exchange’s volumes, which span Belgium, France, the Netherlands, Portugal, and the UK, were recently unable to build on consecutive yearly growth, despite seeing an upward trending movement in recent months
FastMatch was acquired by Euronext in 2017 as part of the exchange’s strategy to diversify its top line and extend its proposition to an additional asset class. The franco-dutch exchange operator has recently completed the acquisition of Norway’s stock exchange Oslo Bors, valuing it at around 6.8 billion Norwegian crowns ($779 million).