Scotiabank Joins FX Initiative of Global Financial Markets Association

The organization now has 25 participants in FX, claiming representation for 85 per cent of the dealer market

Scotiabank has become the latest member of the FX initiative of the Global Financial Markets Association (GFMA). The Global FX Division is aiming to reinforce its broard with a representative from the Canadian bank.

The total amount of members of the Global FX division now totals to 25, which according to the organization is more than 85 per cent of the foreign exchange dealer market.

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New Chair of the Board of the Global FX Division

In addition to Scotiabank, a reshuffling at the GFXD has resulted in the appointment of JPMorgan’s Claudia Jury, who is Managing Director and co-head of Currencies & Emerging Markets as Chair of the board. The Head of G10 Foreign Exchange at Nomura, Nigel Khakoo, was appointed Vice Chair.

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Commenting on the board reshuffling, the Managing Director at the Global Financial Markets Association, James Kemp, said: “Claudia has proved a highly effective Vice Chair over the past year and we are delighted she will now lead the committee as Chair. Nigel has a wealth of market knowledge and is a long-standing member of the Board.”

“This is the first time a Japanese bank has taken a GFXD governance role and it comes at an important time, given the AsiaPac region’s rapid development. Following the completion of his term as Chair, Chris Allington, who was recently promoted to interim Head of Financial Markets at Standard Chartered, now steps down.”

Elaborating on the inclusion of Scotiabank to the GFXD Board, Mr Kemp added: “With our permanent presence in the key regions, North America, Europe and Asia, the Global FX Division seeks to ensure the fullest global representation of dealers in the FX market. We provide a unified global voice for our members as we seek to ensure global harmonization of regulation and a well-functioning, fair and effective market.”

As she joined the board, the Global Head of FX at Scotiabank, Camilla Sutton, is expanding her 10 year career at the Canadian bank.

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