State Street Secures Nomura’s Harry Xu as VP for Asia FX

State Street, a Boston-headquartered financial services firm, has secured Nomura’s Harry Xu as a vice-president for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) in Asia, Finance Magnates has learned.

The move was made public via Xu’s LinkedIn profile, which shows that he joined the firm in June of this year.

Xu joins State Street from Nomura, where he worked for almost five years, originally joining in June 2014 as a Summer Analyst where he rotated through the equity derivatives, forex, and securitized products desks.

He was then promoted to Emerging Markets trader one year later. In this role, he was a market maker for forex and local rates for both Asia and Latin America.

His main strategies when trading included trend trading using vanilla and exotic options, relative value (RV), bottom-up fundamental economic research, his LinkedIn states.

According to FX Week, Xu was one of several traders in New York that was let go from Nomura as the Japanese-headquartered company started to implement its $1 billion cost-reduction plan in its wholesale unit.

During his career, Xu was also a summer analyst at China Urban Real Estate Association Investment Fund. He worked here for four months from May 2013 until August of the same year.

In addition to his work experience, Xu also holds a Bachelor of International Political Economy from Georgetown University and a Masters degree in Finance from Zicklin School of Business, his LinkedIn profile states.

State Street settles SEC allegations

Xu joins State Street less than a month after the company agreed to pay a $94.3 million civil penalty to resolve the Security Exchange Commission’s (SEC) allegations that it overcharged its asset-servicing clients.

As Finance Magnates reported, the US regulator issued an order filing and simultaneously settling charges against the Boston-based bank in June. State Street neither admitted nor denied wrongdoing under the settlement.