Wedbush Expands into FXPB
Posted by Colin Lambert. Last updated: April 13, 2023
US financial services firm Wedbush Securities has announced plans to enter the FX prime brokerage space in May 2023 and has hired from Jefferies to staff the new business.
Michael Stone joins the firm to head the unit, which will be part of the newly-named fixed income, currencies, commodities, and securities finance (FICCS) division of Wedbush Securities, led by Bob Fitzsimmons.
Stone has spent the past three decades in FX prime brokerage, as part of the team at ABN AMRO Bank, one of the first entrants in the space; and then at Prudential Bache (later acquired by Jefferies) to create a similar offering.
James Peckham, Ray Cera, and Stephen Lamb, all previously at Jefferies, join Stone in building out the business unit at Wedbush, having joined in recent months. Peckham and Cera were based in the US, Lamb in London
“I, and my team from Jefferies, are very excited to join a firm that is so highly regarded in the futures space, and look forward to building a business that adds value to mid-level corporates and professional trading groups who are perpetually in need of access to high-quality liquidity on reasonable credit terms,” says Stone.
Fitzsimmons adds, “With our launch into FX prime brokerage and having one of the best FX teams in the business, this definitely adds an extra level of service and investment opportunities for our clients.”