HSBC sets up NY prop desk

The UK's HSBC has set up a proprieatry foreign exchange trading desk in New York to be run by Dominic Larche.

Larche rejoined HSBC in July to assume the newly created position, having left the bank earlier this year. In between, he worked at Germany's Westdeutsche Landesbank as head of forwards for just one month, having joined the bank in May. There, he managed a team of two, reporting to Mike East, WestLB's treasurer in London.

In his new role, Larche reports to HSBC's New York-based head of FX Alain Delelis.

Eyup Saltik also joined the UK bank on September 3 as the second member of Larche's team. Further hires are unlikely, Larche told RiskNews' sister publication FX Week.

"Now Eyup’s on board, we have been putting together a strategy," said Larche, although he declined to provide more specific details.

There are no plans to establish corresponding teams in the bank’s other key centres, Larche added.

Saltik was previously chief executive officer of FX software firm Financial Markets Solutions (FMS), which he set up in 1999 to develop internet-based FX trading solutions for financial institutions. The company was acquired by Kinvara Ventures last year and renamed Financial Market Solutions (Canada). Before FMS, Saltik worked in options and proprietary trading at Deutsche Bank in New York.