LSEG FX in Major Hire as Change Continues
Posted by Colin Lambert. Last updated: July 12, 2024
With The Full FX View
LSEG FX has made a major splash in the FX industry, The Full FX understands, by raiding rival Deutsche Börse for one of its most senior FX managers. The move is part of what appears to be broader change at LSEG with two senior managers leaving according to sources.
Multiple sources say that Simon Jones, chief growth officer at Deutsche Börse’s 360T, is leaving the German firm to take up a senior position at LSEG, on the client-facing side of the business. Jones has been with 360T for more than seven years, after joining from outsourced execution firm Pierrepoint FX, where he worked for more than two years; prior to which he spent 15 years at Citi, ending his time there as global head of e-FX trading.
At LSEG, Jones will join former Citi and 360T colleague Gavin Wells, who has also taken up a position at the exchange group, as head of the ongoing FX transformation programme. Wells left 360T at the end of 2023, after four years building the firm’s FX swaps platform, SUN, which was launched earlier that year. The move is a return to the LSE Group for Wells, who spent eight years as head of LCH’s ForexClear and CDS Clear. Prior to that, Wells also spent 15 years at Citi, ending his time there as global head of spot and forward FX.
The Full FX View
This is a serious statement of intent by LSEG – one, it could be argued, that it had to make. The FX business that is now LSEG has been burdened by multiple ownership changes over the past decade which have clearly been a drag on platform development, as witnessed by the protracted roll out of the new FXall platform and before that Matching.
The sense in the industry is that the FX business needed a refresh, and that seems to be the early impression of recently-appointed head of FX, James Pearson, who has planted his flag with the hires of some seriously impressive – and respected – talent in Simon Jones and Gavin Wells. While LSEG inherits an enviable global footprint from the legacy Reuters business, sources have been increasingly critical of the technology behind FXall in particular – criticism that was reinforced by multiple outages over the past couple of years.
The good news for Pearson and his team at LSEG FX is that the business has not overly-suffered in terms of turnover. While it remains significantly lower than its heyday a decade and more ago, volumes have recovered in the past two years – something the new management structure will be hoping to build upon.
At the end of the day, this looks very much like a change targeting not only an accelerated technology rebuild, but, more importantly, a greater focus on the client. Given recent feedback from clients, that will be very welcome. A technology transformation, indeed building a business under new ownership, is never a quick process, but LSEG is giving its FX operation the best possible opportunity by appointing, and attracting, names that will make the broader FX industry sit up and pay attention.
The two additions come at a time when multiple sources also say that two senior managers at LSEG FX, Jill Sigelbaum and Stephen Best, have both left the firm. Sigelbaum has been with the business for almost seven years, initially hired from Traiana as head of FXall, a post she held until the end of 2021, when she was appointed head of strategic development and partnerships. Sigelbaum spent almost 14 years at Traiana, most latterly as global head of FX.
Best, meanwhile, has been with LSEG for three years as head of FX product and president of the firm’s US Swap Execution Facility (SEF). He joined from CME Group, where he worked for six years as head of FX options and then head of FX solutions. Prior to that Best spent almost six years as CEO of FX Bridge, he also held senior roles at State Street, JP Morgan, UBS, Deutsche Bank and RBC.
