Price Joins TP Icap to Build FX Spot, NDF Franchise
Posted by Colin Lambert. Last updated: December 19, 2021
As reported in Entries & Exits in The Full FX Weekly Round Up last week, Jon Price has joined TP Icap in London as head of e-FX sales and new products. He will report to Steve Anderson, global head of e-FX, new products at TP Icap.
Earlier this year Price left JP Morgan after a more than 18-year career with the bank, predominantly in e-FX sales – as he tells The Full FX he didn’t expect to return to the market. “Having been employed in the foreign exchange markets since 1985, I firmly believed my days in the City had come to their natural end and I was preparing for a blissful retirement,” he explains. “However, I recently received an enquiry from TP Icap to see if I was interested in helping with the launch of their upcoming NDF platform as well as expanding the existing spot FX franchise. It struck me as a fabulous opportunity to be part of an exciting and rapidly developing new product space, alongside the ability to build upon the relationships formed over the course of my career. I was very happy to accept the role and am keen to see where our efforts take us.”
The move by TP Icap to expand its electronic capabilities into NDFs is an interesting one as it will ratchet up the competition levels in what is already a competitive arena even further. Clearly, with a strong voice franchise, the firm has the opportunity to tap into a large pool of existing liquidity across more tenors than the one-month period that tends to dominate existing e-NDF trading.
Anderson, unsurprisingly, sees Price – who is returning to his FX roots in broking by joining TP Icap – as a key element in the firm’s expansion programme. “Having known and worked with Jon over the last three decades, inviting him to join us here at TP Icap was an extremely straightforward decision. He embodies three of the most important attributes vital to our industry – trust, honesty and discretion – and we have no doubt that he will ably assist us in driving the business forward in the coming months.”