Richard Holman Departs Bank of America Merrill Lynch’s FXPB Unit

A longstanding member of a leading US bank's foreign exchange prime brokerage (FXPB) unit has left the institution. London-based Richard Holman, part of Bank of America Merrill Lynch’s (BoAML) FXPB team has departed from the firm, a source close to the matter revealed to Forex Magnates.

Mr. Holman who was a member of the firm's FXPB desk, joined the firm in 2007, according to his LinkedIn profile. Prior to BoAML, Mr. Holman’s profile states that he was at JPMorgan Chase.

Like a number of leading institutions, BoAML has been gradually developing its FXPB desk, the need for multiple providers increased after major hedge funds and banks suffered due to the demise of AIG and Lehman Brothers. Since the merger between the two US banks, the firm has made a number of key appointments in its prime brokerage division. In addition, the bank launched its single Bank FXPB Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, Mercury, in September 2013.

The trading platform comes equipped with a number of solutions for users, including; access to position and trade rolling, trade matching, credit monitoring, live trade search and intra-day valuation reporting.

Peter Klein, Global Head of FX Prime Brokerage and Clearing at the bank, commented about the new platform in a company statement: "We have developed a platform that is dynamic and highly customizable to provide clients with the flexibility and control to manage their bespoke FXPB needs. The features available through our platform are a direct result of research and in-depth client feedback, and provide customers with direct access to the wide range of services we offer."

The FXPB sector has been facing a number of hurdles recently, primarily based around the rising costs and risk associated with credit. Rabobank, a mid-tier player saw a number of changes, including the departure of its former head of desk, Peter Plester.

The contracting PB environment has opened doors for secondary providers acting as aggregators of bank and non-bank Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term. A number of Prime of Prime providers have set up shop, leveraging their PB relationships to service small & mid-size hedge funds and retail aggregators.

Forex Magnates expects to see a number of changes impacting the FXPB space with major banks further tightening their client on-boarding procedures. In addition, non-bank market makers will play a significant role in absorbing rejected bank flow.