HSBC, a British multinational banking and financial services holding company, has managed to secure a new recruit in its foreign exchange (forex) operations. According to a report from FX Week this Wednesday, the firm has added Sean Statuto to its team.
Specifically, Statuto has joined HSBC as a senior vice-president of foreign exchange sales in the bank’s institutional client group. According to the report, he is based in New York and reports to Chris Bracco who is also a senior VP but is also head of real money sales.
Before he was employed by HSBC, Statuto was at the Bank of America. Here he was most recently a director in global forex sales. According to a previous report by Euromoney, Statuto joined the BoA back in 2007, joining the bank from the United States Navy.
According to his LinkedIn profile, Statuto studied at Cornwell University from 1998 until 2002. It does not clarify what he studied. As outlined by FX Week both the BoA and HSBC have declined to discuss personnel moves.
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HSBC is Utilising Blockchain to Improve FX Operations
In recent years, HSBC has been developing its forex operations by utilizing blockchain technology. As Finance Magnates previously reported in February of this year, the bank has managed to cut the cost of settling FX trades by a quarter using blockchain technology.
Through its FX Everywhere system, HSBC processes between 3,500 up to 5,000 trades per day. On a daily basis, the process settles trades worth $350 billion, according to the Chief Operating Officer of FX cash trading and risk management, Mark Williamson.
The blockchain-based system that HSBC is using could be a key stepping stone for showing the capabilities of blockchain technology for banks and within the trading space, which has been slow to adopt the technology.
This is largely due to the fact that many firms are wary of the technology that was used to create Bitcoin, with concerns over security, regulation and the impact on existing systems holding back widespread adoption.