Marex Spectron has hired a new FX team, in a strategic shift where the emphasis will move from FX market-making to adopting an agency model for this part of its business writes Nicola Tavendale.
A spokesperson for the London-headquartered commodity brokers said the three new hires were expected to join the existing team of seven later in August.
All three join as senior vice-presidents, FX sales and will lead the new agency broking desk in London, working alongside the existing team to offer FX services to the broker’s core commodities clients.
FOWi understands the shift in business strategy will only apply to the FX team, which constitutes a relatively small part of Marex Spectron’s commodity and physical energy brokerage.
Peter Snasdell joins from CIBC where he was executive director with responsibility for FX, FX options and precious metals.
He has also worked at Newedge, RBC and BNP Paribas.
Meanwhile, Keith Mash and Paul Spillman join from Newedge, which joined from Calyon and Fimat respectively following the merger that created the firm.
The announcement is the latest indication Marex Spectron appears to be refocusing on its core business model, having closed its FX desk in New York in May.
Its former head of FX, Chris Eagle, was appointed in January 2012 to modernise the unit, achieving notable progress particularly in spearheading its technology platform upgrade.
He left the firm two months ago, his departure coinciding with that of Marex Sprectron’s MD Gavin Prentice.