The world’s second biggest institutional FX firm controlling about 15% of the global trade flow, Citi is shaking up its FX trading business according to an internal memo sent by Jeff Feig, Global Head of FX, to his markets and securities services’ colleagues at Citi and seen by Forex Magnates.
The memo starts by stating that as eTrading has become more significant to the spot FX business and as the use of technology has become key to the voice trader’s success, there is a need to have a single strategy for eTrading and voice trading. As a result, Richard Bibbey was asked to run the Global Spot FX trading business in addition to his current responsibilities. Richard Bibbey is currently responsible for the FXLM electronic trading business of Citi including Autotrader, Algo Execution and CitiFX Wire. He has previously run Short Term Interest Rate Trading (STIRT) and Spot in Sydney.
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Michael Plavnik was asked to take responsibility for the Global STIRT business of Citi. His job will be to create a global strategy, enhance the technology and ensure team quality. Working with Richard Bibbey, Michael Plavnik will oversee and drive client connectivity and risk taking to maintain tier position with clients as well as the revenue out performance vis-à-vis competitors. Michael is currently head of the London STIRT desk.
According to the memo, as part of an overall effort to increase supervision and management accountability, Andrew Grosso was asked to take on the additional responsibility as Head of FX North America. He will also sit on the Citi Markets North America Management Committee and have a reporting line to Suni Harford. This role is consistent with the role Bernie Sinniah plays in Europe and Itay Tuchman plays in Japan. Andrew Grosso will continue to run the STIRT desk in New York.
Finally, Itay Tuchman, Head of FX in Japan, will have added regional responsibility for the STIRT business in Sydney and the Spot business in Singapore. To this end, he will report to Dan Aitchison, Head of FXLM trading for Asia. Itay has been running the Japan FX franchise since mid-2012 and also has the additional responsibility of the Japan G10 Rates Trading business. He was previously Head of the UK STIRT business and the Asia STIRT business.