Commerzbank Plans To Expand FX Prop Desk, Options Team
Commerzbank plans to add two professionals to its foreign exchange options team, one in New York and one in Singapore. For New York the bank plans to hire a fx trader to deal in the spot and options market for its global proprietary team, said Edward Voorhees, global head of foreign exchange sales and trading in London.
Voorhees said the so-called strategic team, which began making investments earlier this year, launched last summer, makes its own investments but also trades with the bank's external clients. "It tells clients that the bank is putting its money where it's mouth is," he said. Commerzbank now has an offer out for the spot, which would complete the team's five-person roster, with three in London and one in Singapore.
Additionally, Commerzbank also plans to add a senior fx options salesperson/trader in Singapore, where it has also extended an offer and plans to fill the role soon. The initiative comes as part of last year's consolidation of regional fx trading to Singapore; the firm had previously also had desks in Tokyo and Mumbai. Commerzbank only has one trader in Singapore at the moment, according to Voorhees, who added it executes enough volume to justify another hire.