Bank of America Hires Former FXDD Executive, Tokyo Financial Exchange Releases Metrics

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Forex industry newsThe Bank of America has hired Sascha Szyfman as the Area Vice President in its Global Technology and Operations division. Previously, Szyfman worked for three years at FXDD, based in New York.

In his immediate role at FXDD, Szyfman managed the German customer support desk, where he addressed all the concerns of the German-speaking customers. He also coordinated the FX Options department at a time when the Dodd-Frank Act was enacted, prompting him to ensure reports were published in compliance with it and its European equivalent known as EMIR.

Szyfman, while working at the FX Options desk at FXDD, was responsible for trade execution, risk management and liquidity management as well as resolving settlement and trade allocation matters with the relevant parties.

At Bank of America Szyfman will oversee product control at the Global Technology and Operations unit that recently received significant resources as the bank moves to manage risk associated with new technologies.

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Meanwhile, the Tokyo Financial Exchange announced that its Click 365 FX July metrics rose 5.6 percent MoM to 1,710,893 with the daily average standing at 74,384. This compares with a reading of 1,620,533 in June where the average daily trading volume stood at 77,169.

A closer analysis reveals that though the total figure in July was high, the average trading volume per day fell slightly. Much of the movements were attributed to the sentiment in the Australian dollar and British pound and commodity currencies such as Canadian dollar and the Australian kiwi.

The trading volume of the 3-month Euroyen futures last month stood at 195,180, a drop of 24.9 percent month-on-month. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com