Fenics Nabs Digital Vega Staffer
Posted by Colin Lambert. Last updated: October 16, 2023
The Full FX understands that Fenics FX has hired Nezha Niyassi as head of EMEA sales for its FX Direct business, she joins from FX options trading platform Digital Vega, where she was also head of EMEA sales.
Niyassi has also worked at Credit Suisse, BNP Paribas and JP Morgan in FX sales-related roles and will be based in London and report to Jeff Pio, MD and global head of sales for Fenics.
Sources familiar with the move say it is aimed at balancing up Fenics’ FX options volumes with the global picture, currently more than half of the activity on its platform emanates from North America, whereas Europe in particular handles a much larger proportion of daily flow. To more accurately reflect the global picture, the firm saw the need to hire in Europe to build its sales effort there, the sources add.
The platform is apparently seeing good growth and has done so since the decision to build out the sales function – initially with Pio who joined in 2021 – was taken, the sources point out, however, that there is a feeling that Europe could easily see a major uplift in activity, by as much as 100% current levels.
Activity in FX options markets is picking up, driven by a rekindled hedge fund interest after years of low volatility, Niyassi’s hire is very much seen as targeting this sector in the European timezone.
The hire comes as Fenics Direct prepares to roll out a new GUI that supports products up to and including first generation exotics. The firm is also hoping to tap into increased competition in the liquidity provider arena, with non-bank firms entering the fray as buy side firms seek to extend their best execution policies to options as well as FX swaps.