Toronto-Dominion Appoints Former RBS Top Executive to Head its Institutional Forex Unit

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Toronto-Dominion Appoints Former RBS Top Executive to Head its Institutional Forex UnitCanadian bank Toronto-Dominion Bank has appointed Adam Steiner to the post of the director of institutional foreign exchange business, confirmed a bank’s spokesman on Tuesday.

Steiner arrives from RBC Capital Markets, where he held the position of the manager of the global macro foreign-exchange sales business. Laurell Mohamed, TD Bank spokesman told Wall Street Journal that Steiner will operate out of New York.

TD also earlier appointed Michael Twaits to the post of the head of global foreign-exchange unit. He previously headed the TD’s fixed-income and foreign-exchange business for Europe and the Asia Pacific area.

TD, which is Canada’s largest bank by asset, is not viewed as a major participant in the $5.4-trillion-a-day foreign exchange market and is neither listed among the top 10 banks based on market share by the Euromoney’s industry survey last year.

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Separately, foreign exchange firm Monex Inc doubled its revenue from brokerage commissions in the financial year ending March 31 from a year ago, despite the fact that total revenues and profit in the first few months of 2014 declined since early 2013.

Monex posted commission revenue of 20,665 million yen, up from last year’s figure of 10,349 million yen. Operating revenue totalled 37, 513 million yen in the fiscal year ending March up from 22,894 million yen a year earlier. However, in the last quarter that ended last month, the company posted the lowest net income and revenue compared to the same period a year earlier. The company’s trading volumes fell 17 percent in February from the previous 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