The required skillsets on a buy-side FX trading desk are undergoing significant transformation due to technological advancements. Traditional skills, while still essential, are increasingly supplemented by a robust understanding of data analytics, algorithmic trading and technological tools. Traders are now being expected to possess a strong proficiency in programming languages such as Python, R and SQL to effectively manipulate and analyse large datasets.

Moreover, a solid understanding of statistics and machine learning is becoming crucial. These skills will enable the trading desk of the future to build more predictive models, particularly for enhancing pre-trade mechanics such as liquidity provider or algorithm selection. While these technical skills are becoming increasingly important, it is still vital to have a deep understanding of macroeconomics, market structures and securities pricing. Additionally, maintaining strong relationships with liquidity providers is essential for handling larger orders and keeping up with market trends.

Balancing technical proficiency with market knowledge and maintaining relationships enables traders to navigate the complexities of financial markets effectively.  

What advice would you give to others looking to enter the world of FX trading?

Entering the world of FX trading can be both challenging and rewarding. To succeed, it is important to have a thorough understanding of the underlying financial and macroeconomic principles. In addition, expertise in data analytics and programming languages in general will enable you to perform meaningful analysis and automate trading workflows. These capabilities should be complemented by staying informed about market and regulatory trends as well as building a strong network with sell-side banks, trading platforms and technology providers who can provide valuable insights on various parts of the trading process and can therefore lead to further improvements of whole trading workflows.

FX trading desks are the ideal workplace for individuals who are technically skilled, hungry to learn and have a keen interest in financial markets, regardless of their initial disciplines.

How do you see the make-up of the desk evolving over the next 5-10 years?

The make-up of a buy-side FX trading desk is likely to evolve significantly, mainly driven by technological advancements and changing market dynamics. One of the most notable changes will be the increasing integration of data science and analytics into trading operations. We can expect to see a greater number of data scientists and quantitative analysts working alongside traditional traders. As the role of technology will continue to expand, more advanced trading platforms and pre- and real-time analytics will become the standard tools on the desk. These developments will foster collaboration across different functions, as traders will need to work more closely with especially IT.

The desk will likely see a more diverse mix of skillsets and backgrounds which will enhance the desk’s ability to navigate market challenges and capitalise on new opportunities, ensuring sustained success in the future.

What is the best advice you have been given, or could give, for being effective on an increasingly data-driven desk?

The best advice for being effective on an increasingly data-driven desk is to embrace a mindset of continuous learning and adaptability. Stay curious and proactive in acquiring new skills, particularly when it comes to data analytics and technology in general. Also, cultivate strong collaboration skills. Working closely with other team members or even other departments allows you to leverage diverse expertise and develop in depth knowledge. Effective communication and teamwork can bridge the gap between technical and financial knowledge, leading to potentially better decision-making.

Lastly, maintaining the balance between technical and financial skills is essential. While data provides valuable insights, understanding macroeconomics, geopolitics and market dynamics remains irreplaceable. Combining data-driven analysis with traditional trading acumen will make you a more effective and well-rounded trader.

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Legal & General Investment Management (LGIM) promoted one of its own to the role of head of US equity and foreign exchange trading. Gregory Corrigan was selected to take up the reins for US equity and FX trading after eight years at LGIM. Corrigan joined LGIM in 2016 as a trader in equity and FX trading, receiving a promotion to senior trader in 2019. Previously in his career he spent a year and a half at Fideuram Asset Management Ireland as a trader in equity and derivatives and spent nearly three years at ING Eurasia ZAO in money markets roles.

The global head of capital markets at German asset manager DWS, Keshava Shastry, has left the business, according to two people with knowledge of the matter. Shastry, a managing director based in London, had been with the firm for over ten years. While working for the investment manager, he was responsible for institutional clients including central banks, pensions funds and sovereign wealth funds and assisted them with asset allocation and best execution. Shastry was also responsible for leading the investment division’s foray into digital assets and decentralised finance (DeFi).

Andrew Celotto joined Kepler Cheuvreux as an equity high touch trader, having departed from Credit Suisse last September. He most recently oversaw the European mid-cap team at Credit Suisse. In his new role, Celotto will be based in Kepler’s London office. Speaking in a social media post at the time of his departure, Celotto asserted: “After 16 years of buying, selling and crossing European and emerging stocks at Credit Suisse, it’s time for a fresh start. While I’m sad to leave and about how it ended, I’m excited for new challenges and opportunities ahead.”

Stuart Parris was appointed head of sales at Euronext FX, overseeing a global sales team covering the Americas, EMEA and APAC regions. Parris has been with the business since 2018 and has held different senior roles during his tenure, most recently as director, EMEA sales focused on sell-side tier 1 client engagement. Prior to joining Euronext FX six years ago, Parris spent almost eight years at Brown Brothers Harriman (BBH), serving as division head: EMEA FX relationship management. Before that, he was an associate director – FX sales at HSBC global banking and markets, and prior worked for Bank of New York Mellon for over a decade, most recently as VP – FX sales.

Noelle Al Jaweini was appointed acting chief of derivatives at the Saudi Exchange following more than eight years with the business. Most recently, Al Jaweini served as chief of cash markets at the exchange and before that head of markets development. During her career, Al Jaweini has contributed to various industry initiatives, including having served as the first Saudi advisory board member for Bloomberg’s “A Fair Share” – an initiative which advocates for gender equality in the regional financial industry.

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DWS is set to benefit from BOCHKam’s distribution reach in Hong Kong, as well as its product development and servicing offering, whilst leveraging its existing capabilities across active, passive, alternatives, and bespoke solutions.

Vanessa Wang, head of APAC and head of client coverage APAC at DWS, highlighted how the move fits into the firm’s overall strategy: “This collaboration further strengthens DWS’ ambition to grow our institutional, wealth management and retail solutions platforms in Hong Kong. In the last few years, DWS has made significant progress in Asia Pacific. This is augmented by the expanded footprint and increasing number of new strategic alliances and partnerships, as well as the deepening of existing relationships with our partners. 

“Our latest strategic alliance with BOCHKAM exemplifies our growth ambitions in key APAC markets where we synergistically work with like-minded partners to deliver the best outcomes for our clients and stakeholders.” 

Speaking in an announcement, DWS highlighted the large potential Hong Kong represents in terms of its investment market, with this move part of its pursuit of establishing a stronger foothold through a strategic alliance. 

BOCHKAM’s knowledge of the market as one of the fastest growing asset managers in the region will be leveraged to best serve local clients.

SHEN Hua, chief executive at BOCHKAM, said: “We are very delighted to forge a strategic alliance with DWS, one of the top asset managers with extensive investment experience globally. By combining each other’s strengths, this alliance will position both companies well to develop innovative investment strategies that are closely aligned with the evolving needs of investors, resulting in superior outcomes for our clients.”

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In an update on social media, Schalke confirmed that he would be leaving the bank after 10 years. Prior to joining DWS, Schalke also spent 10 years at investment bank Dresdner Kleinwort Wasserstein and two and a half years at Morgan Stanley.

The TRADE learned from sources familiar with the matter that Mark Foley, head of equity trading at Kepler Cheuvreux in London, recently left the business. Foley will join Credit Suisse’s equities high touch trading desk in September and will report to Andy Seccombe. While at Kepler Cheuvreux, Foley also served as deputy head of European trading and had been employed by the broker for nearly 11 years. Prior to joining Kepler, he worked in equity trading at Marex Spectron and Citi.

Elsewhere, TORA appointed William Faulkner for a new outsourced trading role. He joins TORA from Cabrera Capital Markets, where he most recently serving as an equity block trader for EMEA and a sales trader for APAC and EMEA for the last year. Prior to joining Cabrera in 2021, Faulkner spent around 10 years in equity sales trading roles at Citi and UBS in electronic and high touch trading positions. Previously in his career, Faulker also served across GFI Group and Mirae Asset Global Investment in equity trading roles and at Bloomberg’s Tradebook in European equity sales.

The Financial Conduct Authority (FCA) appointed Stephan McGoldrick to be responsible for trading and wholesale conduct policy at the firm, effective from 1 September this year. McGoldrick currently serves at BNP Paribas CIB in a GM regulatory affairs role and has been with the bank for just over a year.

Prior to that, he served at Deutsche Bank for nearly 22 years, most recently serving in its global prime finance transition unit and before that in the bank’s global markets equities division, dealing with market structure and strategic investments. McGoldrick’s career began at NatWest Markets, where he served as a derivatives broker for eight years.

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Aziz Tahir has reportedly been selected to become the next director of EMEA equity trading at DWS, according to sources familiar with the matter.

DWS declined to comment on the appointment.

Tahir takes on the role after originally joining Deutsche Bank’s asset management arm in 2008 as a senior FX and fixed income trader, having also previously served at ING as a mortgage broker for over two years.

He replaces Schalke, who confirmed earlier this month that he would be leaving the firm after 10 years in an update on social media. Prior to joining DWS, Schalke also spent 10 years at investment bank Dresdner Kleinwort Wasserstein and two and a half years at Morgan Stanley.

“I want to thank the many amazing people that I have met and worked with around the world through the years. It’s been a steep learning curve, that’s for sure and I sincerely enjoyed every day. I look forward to our paths crossing again in the future,” said Schalke in his update.

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The German bank said in a statement that Moreau will be replaced by Asoka Woehrmann, although gave no further explanation as to the reasons behind Moreau’s departure.

Woehrmann is currently head of private clients business for Deutsche Bank’s Private & Commercial Bank in Germany. He was formerly chief investment officer for Deutsche’s entire fund platform as global chief investment officer, and was supervisory board member since the partial initial public offering (IPO) of DWS Group.

In a memo written to DWS’s employees globally, Woehrmann said that the IPO had laid the foundation for the future success of the business, but warned that work must continue with intensity amid a challenging market environment.

“[DWS] needs to show how our asset management business adds value,” he added. “We can be proud that we have the necessary tools to achieve this: our global talent pool, broad expertise and our wide range of products.”

Moreau has been CEO of DWS Group since October 2016. He was formerly CEO of AXA France, having first joined the company in 1992, and was in charge of overseeing the global operations of AXA Assistance and AXA Global Direct.

Karl von Rohr, supervisory board chairman of DWS Group, commented that Moreau’s replacement is an excellent choice to secure the global and sustained success of the asset management business at Deutsche Bank.

“Woehrmann knows our company, our clients across the world and the asset management industry like the back of his hand… The supervisory board of DWS Group is looking forward to working together with the new CEO.“

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