State Street, a Boston-headquartered financial services firm, has secured Nomura’s Harry Xu as a vice-president for foreign exchange (forex) 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.
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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.