Australia and New Zealand Bank (ANZ) is strengthening its eFx business in the region with multiple hires in the senior level position. The latest hire by the company is of FX veteran Paul Scott who has been appointed as Global Head of eFX. Mr Scott has several years of experience in the forex brokerage industry and will help ANZ to grow its business.
Mr Scott will be based in Sydney, Australia and will be responsible for maximising trading across all eFX products including spot, forwards, non-deliverable forwards and client also offering.
Scott began his career in 1996 as a senior FX trader in National Australia Bank. He then moved on to Kaiser Trading, where he went on to become the Head of Trading division. He was also founded key market initiatives such as FXSpotStream LLC, where he was a board member and its former chairman.
Prior joining ANZ, he was Founding Director at Market Alignment, which provides algorithmic & electronic trading review that helps to reduce costs at Australia’s top institutional banks. Prior to this, he was at Commerzbank AG, where he spent almost 10 years of this career and has worked in multiple senior level roles. This includes Head of Asia eFX trading and Global Head of spot foreign exchange and e-trading.
Mr Scott’s hire will be the latest following the settlements with Australian regulator over certain misconduct by some of its traders. The settlement resulted in ANZ to stem out over $50 million in penalties for the incidents dating back to 2011-2012. During the time period, it also fought a case with Australian regulator ASIC which filed charges against the bank for non-disclosure of material information to all shareholders in the $2.5 billion share placement in 2015.