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Derivatives

State Street Beefs Up Fx Biz With New Hires

State Street has added two foreign exchange option professionals to head its Asian and European operations as the Beantown giant looks to expand. Mark Snyder, executive v.p. and global head of foreign exchange and money markets in Boston, said the increased use of options by both real money and leveraged accounts makes it an opportune time to hire. Having regional heads will allow the firm to price more customer requests and cross-asset class strategies.

Max Horgan, deputy co-head of foreign exchange derivatives at HSBC in New York, has joined in Sydney as head of foreign exchange options for the Asia Pacific region, according to Hank Lynch, managing director and global head of foreign exchange options. Horgan reports jointly into Lynch and Stefan Hanke, v.p. and head of foreign exchange trading in Sydney.

Meanwhile Gustave Rieunier, currency options trader at Commerzbank Securities in London, will join next month as head of fx options for Europe. Rieunier, who could not be reached, will report jointly to Lynch and Chris Freeman, manager of foreign exchange trading in London.

Pamela Plehn, spokeswoman at HSBC in New York, declined comment and Neil Brazil, spokesman at Commerzbank in London, said the firm is recruiting a replacement for Rieunier.

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