Bank of America Merrill Lynch has parted ways with Forex executives Sowen Ng and Doug Horlick as the foreign-exchange market continues to witness upheavals. Moreover, BAML is in the midst of trimming its Forex and investment banking business.
Doug Horlick, who was the Head of Forex Institutional Sales for the Americas, worked at BAML for five years. Previously, he headed FX hedge funds at Goldman Sachs prior to joining BAML and also held senior FX sales positions at Citi from 2004 to 2005.
Sowen Ng is the immediate Head of Asia-Pacific Forex Sales, based in Hong Kong. The decision by BAML to let go of the two is perplexing as the company is witnessing a recovery in Forex trading volumes, especially institutional volumes. It remains unclear whether this is the last layoff BAML has made, or whether it will still continue with its restructuring program.
Meanwhile, the Singapore Exchange added new Asian FX futures contracts on the Japanese yen, the Chinese yuan and the Thai baht as it seeks to expand its list of FX products. The new FX contracts will commence trading on October 20th.
The decision also augurs well with a proposal by the G20 to promote derivatives trading on electronic platforms or exchanges.
In another report, First Derivatives entered into an agreement t sponsor the Asia Irish Business Forum and the Asian Gaelic Games once more this year as it seeks to boost its profile among the Irish diaspora living in Asia, most of whom tend to work in the financial markets industry. First Derivatives will be a Gold Sponsor for the 2014 Asian Gaelic Games that will start on Oct. 10th in Kuala Lumpur. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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