As per the recent announcement made by London based trading and clearing service provider Marex Spectron, the firm has managed to hire two of former Societe Generale’s executives to join its agriculture commodities division. Marex Spectron is popularly known in the market for its voice and electronic trading and clearing service sector which specifically focuses on commodity sector and energy markets. But the firm also deals with other financial assets such as futures and options, fixed income products and forex currency pairs.
As per the announcement, the two executives who joined the firm are David Cohen and Nicholas Burke who served with French headquartered multinational investment banking and financial service provider until the firm closed its OTC commodities business division back in April 2019.
David served as Head of Societe Generale’s Agriculture OTC trading desk for more than three years from the firm’s London office and was promoted to the role of Head of Agricultural Commodities Solutions a role he held until he left the firm.
On the other hand, Nicholas Burke served as Director of OTC Agriculture Sales in Societe Generale and was in charge of leading the firm’s US agricultural commodity sales since he joined the firm. However, they both resigned from the firm back in April when the French banking giant decided to close their OTC and Proprietary commodities business as a part of global cost-cutting exercise leading to termination of nearly 1600 employees at the firm.
As per the statement, Marex Solutions believes that demand for OTC trading services will remain resilient as clients manage to benefit from competitive funding levels of a multinational counterparty which also helps clients achieve a customised exposure to a wide array of underlying assets.
Speaking about hiring former SocGen executives, Nilesh Jethwa – CEO of Marex Solutions commented, “Marex Solutions is fast-growing and is always looking to add the highest calibre of sector specialists. As well-known veterans in the agricultural commodity markets, David and Nicholas bring a powerful combination of experience and business-building skills. Since our launch, agriculture has been central to our offering and we see significant opportunities to further develop this side of our business”.
Over the course of last year, Marex Spectron focused on solidifying its position in the global commodities market which was evident from the firm maintaining top spot on London Metal Exchange listing based on volume and the firm also managed to get listed in LME’s select electronic platform group. When it comes to the energy sector, the firm is one of top three brokers but is recently gaining popularity for its soft commodity offerings from agriculture sector such as Sugar, Coffee, Cocoa, and European grains options.
Please feel free to let us know your thoughts in the comments below.