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Derivatives

Bank One Exec Takes Top FX Spot

JPMorgan has appointed John Anderson, global head of interest rate derivatives and global foreign exchange trading at Bank One in Chicago, as head of fx trading at the newly merged firm in New York.

JPMorgan has appointed John Anderson, global head of interest rate derivatives and global foreign exchange trading at Bank One in Chicago, as head of fx trading at the newly merged firm in New York. The move is part of a reshuffle of the top brass, which also sees Even Berntsen, head of foreign exchange and commodities trading at JPMorgan in New York, and Chris Harris, principal investment manager at JPMorgan in London, take new proprietary trading roles that will include derivatives.

Anderson will take over responsibility for trading foreign exchange spot, forwards and options. The derivatives house is moving the whole foreign exchange trading operation to JPMorgan's offices in New York, but some sales activity will remain in Chicago. Anderson referred calls to Michael Dorfsman a spokesman, who had no further comment.

Berntsen's move was prompted by a long-held desire for a buyside role, such as setting up a hedge fund, according to an official. While initially his role will be a proprietary one, the firm may consider adding external capital, which would turn the operation into an internal hedge fund, added the official. The exact strategies traded by the new desk could not be determined although Berntsen will continue to report to David Puth, head of currencies and commodities. Calls to Berntsen's office were a;so referred to Dorfsman.

Justin Foley, global head of fx options at Bank One in Chicago, has decided against moving to New York to take a senior role in the merged entity and will be leaving in the coming weeks. Foley said he is in the process of finalizing his future plans.

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