Sam Osterman Resigns from His Role as Head of FX Options at BNY Mellon

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

BNY Mellon

Sam Osterman Resigns from His Role as Head of FX Options at BNY Mellon

May 23, 2019

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.

Exit
Exit

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.

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