As per a report published in FX week website, Sam Osterman who served as Director of FX Options at US banking firm BNY Mellon has resigned from the organisation. As per information in his LinkedIn profile, Sam joined BNY Mellon at their New York office on October 2017 and had been a part of BNY’s family over the course of last 1 year and 8 months. BNY Mellon Sam as appointed as Director- Head of FX options since the inception of FX options trading program in the bank but it started offering FX options trading services to public only in June 2018. When Sam was appointed at head of the new options business before its debut in January 2018, BNY Mellon stated that Osterman’s appointment to role of head of the program is another step in their process of transforming their FX business division.
The transformation of their FX division began when the bank hired Adam Vos back in 2016 as the global head of their FX division. These moves happened over the course of last two years when it was period in market which saw many industry veterans from electronic trading, sales and prime brokerage roles starting to join BNY Mellon markets. Prior to his tenure at BNY Mellon, Sam served as Director and global head of G10 and EM Flow options at Barclays capital for a course of more than 6 years and prior to Barclays, Sam served as Executive Director and head of NY Options trading and Head of Complex Exotic Trading At Morgan Stanley for a period of nearly 10 years. Since Sam’s departure from the firm, his post remains vacant while the bank continues to search for suitable candidate to fill in his shoes.
BNY Mellon stated that its entry into FX options space was to complement its existing foreign exchange business which was made up of FX custody, payments and hedging services. The comprehensive FX suite leverages the bank’s existing pool of liquidity, collateral and funding capabilities thereby facilitating clients with improves services and access to global market. However, its venture into FX options is not the only new service launched by the bank in the recent past. As a part of the bank’s goal to enable efficient access to global currency market for its clients, the bank also launched prime brokerage service last year entering a market filled with major heavyweights including Citi bank, Deutsche bank and JP Morgan. The prime brokerage service enables clients to margin their FX traders through a counterparty which oversees more than $30 trillion of assets under custody.
Please feel free to let us know what you think in the comments below.