Lehman hires new FX forwards trading head

Lehman Brothers has hired Jason Margiotta from rival Merrill Lynch to run its forex forwards trading desk in New York.

Margiotta started his new role on September 19 and reports to Mark Ames, head of the dealer’s US foreign exchange trading operation. Both firms declined to comment on the move.

Margiotta's arrival adds to the high turnover in Lehman Brothers’ foreign exchange division so far this year, with notable senior departures and a number of hires in recent months.

Last month, the dealer hired Ludovic Colin as a vice-president for forex sales to French institutions, based in London.

Senior departures this year include Rafaël Biosse-Duplan, former London-based head of European emerging markets, and London-based global head of spot, Cameron Miller.

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