Chicago-based futures and clearing giant R.J. O’Brien & Associates (RJO) announced that Tony Dalton has joined the firm today in its New York office as Head of the FX Division. Dalton is widely considered one of the pioneers of foreign exchange (FX) prime brokerage, after building that business for three major global banks.
Phil Fondren will stay in the FX team at RJO: he is now Executive Director, FX Administrator.
RJO Chairman and Chief Executive Officer Gerald F. Corcoran said: “Tony has a truly outstanding record of achievement in FX, as well as in client service. We’re thrilled that he has joined us to assume this important new role as we build on the great FX infrastructure we’ve created in the past several years and seek to significantly expand our institutional cash FX business.”
Mr. Dalton said: “I’m excited to join R.J. O’Brien as it’s such a well-respected company that’s been around for over 100 years. We have a terrific opportunity to leverage that brand among those who already know and trust the company, including a broad cross-section of commodity trading advisors (CTAs) who trade not only futures but cash FX. At the same time, there is strong potential among hedge funds and other institutional investors who trade FX as an asset class. It’s an honor for me to play a role in bridging those two worlds and leading the team to build the FX business to the next level.”
Dalton served as Managing Director, Futures, Options and OTC Clearing at Bank of America Merrill Lynch in New York from 2012 to 2014. He also was senior relationship manager across asset classes for a number of key institutional clients. Dalton joined Bank of America in 2000 to help build its FX prime brokerage business and launched it within five months of joining.
For 12 years he held various leadership roles and grew that global business and its sales operation, assuming the title of Managing Director in 2006. He has played a major role in successfully establishing and building FX prime brokerage businesses since the inception of the product, first at Barclays Bank in the mid-1990s, and subsequently at ABN AMRO in 1998 before taking on the role at Bank of America. He began his career in financial services at MBIA.
Dalton was a senior advisor to the Foreign Exchange and Investments Markets Group of the Federal Reserve Bank of New York as it developed Best Practice Recommendations for FX Prime Brokerage in 2005.
To view the official announcement, click here.