IFX expands sales force

Margin forex player IFX plans to expand its sales force in the coming months, as part of a drive to increase its client base, an official told RiskNews ' sister publication FX Week .

Peter Romilly, head of forex in London, said IFX would add one salesperson to work across all IFX’s products, which include spot forex, forex forwards, over-the-counter currency options, forex futures, exchange for physical contracts (EFPs) and equity contracts for difference.

Further appointments in sales are also likely if the firm finds the right individuals. "We have a full complement of people on the trading side," said Romilly, "but if we can find people with the right sales background we will be hiring." The firm seeks individuals from similar environments to that of IFX, said Romilly. "If we hired a bank salesperson the likelihood of them bringing clients would be minimal," he claimed.

IFX is upbeat about its prospects of attracting more clients, given increasing credit issues and risk aversion. "We are in a good position," Romilly said. "We have a great product technologically, better than some of the big banks, and this is an expanding game. Big players are concerned about credit risk, and as a margin player we can access business that banks are unwilling or unable to take on."

The firm has already made two sales appointments in recent weeks. Steve Prior joined from broker GNI in London as head of forex sales and Shani Shamah joined IFX as head of sales across asset classes.

An EFP is an off-exchange futures contract that can be cleared through an exchange after transaction, giving clients access to liquidity in the spot market.

Romilly joined IFX last October after seven years at French futures house Fimat. Prior to that, he worked at Lehman Brothers. Jeff Halley, also formerly of Fimat, joined IFX as chief dealer around the same time.

IFX last week announced a number of additions to its IFX Direct e-trading platform.