FX Trader Darren Dempsey Joins BNY Mellon as Stone Milliner Shutters

BNY Mellon ‏has named FX veteran Darren Dempsey as a senior principal trader within its foreign exchange business for Europe, the Middle East and Africa (EMEA). In his new position, Darren will be responsible for trading G10 spot across the EMEA region, with a strong focus on enhancing their spot service for clients.

Dempsey joins the Wall Street bank from Stone Milliner Asset Management, the macro hedge fund started by former Moore Capital Management traders. He spent six years at the London-based firm as a Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term trader until it decided back in November to wind down their business following poor performance and client withdrawals.

Stone Milliner oversaw about $3 billion as of the end of 2019, compared with about $6 billion at its peak.

Prior to that, Dempsey worked at Japanese banking giant Nomura Securities in Emerging Markets as a currency trader and left in 2014 just as it held his last position as vice president of EEMEA FX spot and forward trading.

Earlier in his career, Dempsey worked as an analyst and G10 FX spot trader at Lehman Brothers back in 2007 and then joined Barclays in an analogous position for a combined total of nearly three years.

BNY Mellon rolls out more FX products

Just last week, BNY Mellon was the latest bank to announce it builds a pricing and trading engine for sophisticated FX instruments in Singapore, also part of an initiative with the MAS.

The launch is in line with the plans of the Monetary Authority of Singapore (MAS) to develop the country as Asia Pacific’s FX trading hub. The nation’s markets regulator already supports several initiatives from different global banks who are in the midst of establishing their FX e-trading and pricing engines in the city-state.

Earlier in 2018, 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.

BNY Mellon also rolled out its foreign exchange (FX) options products back in 2018 to allow its clients to better hedge currency exposure. The bank‏ ‏has ventured into the options space to complements its existing foreign exchange business, which consists of FX custody, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and hedging.