A former Saxo Capital Markets sales executive has joined IG Group in a similar capacity. Richard Elston, who was previously the Head of Institutional Sales at Saxo Capital Markets in London over the past six years, will serve as Institutional Sales Head at IG Group.
Saxo Bank was recently in the news after the exit of its long-serving CEO Torben Kaaber, who was succeeded by Mateo Cassina. Now with the departure of Mr. Elston, who worked for eight years, Saxo has a vacancy to fill in institutional trading desk. Mr. Elston also worked at Saxo as the Head of Bank and Brokerage Sales, and previously held various executive positions at CQG, SuperDerivatives and Standard and Poor’s.
Meanwhile, former Citigroup Forex Chief, Rohan Ramchandani, who was the first person to be dismissed after global investigations were launched over allegations of FX market manipulation early this year, has joined the London Capital Group as the Chief Advisor for FX Spot and Risk Management.
Mr. Ramchandani was sacked early this year on grounds that he colluded to manipulate FX benchmark rates in his capacity as the Head of European Spot FX trading, reported Reuters. However, an investigation is yet to begin and therefore he is yet to be formally charged.
Mr. Ramchandani will only trade in spot FX products that aren’t regulated, and will report to Peter Wells, the Head of FX at LCG.
“Rohan was an opportunity. The hire was a tough call and required an in-depth due diligence on his background and on his role in the probe. I am confident he will be able to help our growth with his competences,” said Charles-Henri Sabet, LCG Chairman. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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