Prebon reorganises derivatives business

Chief executive Tony Verrier had managed the business for the past 18 months in tandem with his other responsibilities, a spokesperson told RiskNews' sister publication FX Week.

Separately, the firm is now preparing for further changes due to take place in the first quarter of next year.

James Potter, currently manager of yen forwards, will take over Andy Farrington’s role as managing director of the forward FX and cash division. At that time Farrington will take over some of Verrier’s day-to-day responsibilities. Farrington has managed Prebon’s forwards desk in London since the June 1999 merger of the firm with MW Marshall & Co, where he also managed forwards.

The changes come after a year of expansion at Prebon’s FX forwards group. In October it added three brokers from rival RP Martins. It has also won a series of awards for forwards FX. In November, voters in FX Week’s Awards voted it the best brokerage in FX forwards, ahead of Reuters and Tullett & Tokyo Liberty in second and third places.