Phil Weisberg to head Thomson Reuters FX; Jas Singh leaving.
One of the themes we’ve covered recently has been that it is becoming clear why Thomson Reuters bought FXall — as Thomson Reuters has seen its leading position in the Forex ECN business erode, FXall has remained the one ECN actually doing more volume this year than last (see chart below).
Well it now turns out that the FXall acquisition was a lot more than just about numbers and volumes. Thomson Reuters has led its head of FX go, and has installed FXall’s senior management to run its overall FX business. Jas Singh, who had been with Thomson Reuters for more than 10 years and who recently was Managing Director of Thomson Reuters’ Marketplaces business, is leaving the company. In his place:
- Phil Weisberg, FXall’s CEO, was named Thomson Reuters’ global head of foreign exchange.
- John Cooley, FXall’s CFO, will lead strategy and business development for Thomson Reuters FX.
- Jim Kwiatkowski, global head of sales for FXall, will run global transactional sales across both FXall and Thomson Reuters.
We expect Weisberg to integrate the two businesses over the coming months, with one brand eventually emerging.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.