Trading Places

Milan-based Banca Profilo is set to add two more staff to its fledgling FX operation by the end of the year, says head of FX Alessandro Forconi. Forconi joined Banca Profilo in December 1999 to set up the new foreign exchange trading desk. He was previously at Caboto, where he was head of FX trading.

The bank has been building its forex presence since December, when the bank started trading FX, with the addition of Roberta Farina in March. She was previously at Banca Sella.

Sumitomo Bank has denied that it is cutting back its foreign exchange desk in London.

Philip Martin, joint general manager in London says, "We are not in a retrenchment. People come and go--we are not cutting back."

The departure of Paul Simmons from the bank’s spot FX trading desk at the end of July had fuelled fears that the bank was streamlining its teams ahead of the merger with Sakura Bank. But Simmons is the only trader to have left recently, and the bank is seeking a replacement for his position.

Following the closure of Daiwa Securities Trust & Banking’s FX trading operation and cutbacks at other Japanese banks, Sumitomo Bank was rumoured to be following suit.

The Sumitomo-Sakura tie-up is scheduled for completion in April 2001.

Currenex has appointed three new members to its board of directors. William Hambrecht, founder and chairman of online investment firm WR Hambrecht; Michael Lehman, chief financial officer of software company Sun MicroSystems; and Carlos Monfiglio, vice president of private equity firm THLi, joined the online FX trading company last week.

They join Ken Pelowski, chairman of Currenex board, Gadi Meier CEO of GetThere, an internet marketplace for B2B travel services, and Lori Mirek, president and CEO of Currenex.

"As Currenex continues to expand rapidly worldwide, we are complementing our board with members who have a wealth of experience and understanding of the needs that CFOs, corporate treasurers and asset managers have in today’s competitive environment," says Mirek.